Financing your college education can be an extremely expensive and challenging task.
Fortunately, the Free Application for Federal Student Aid (FAFSA) exists to help make college more affordable for many American students.
What is FAFSA?
The FAFSA is a free application used to determine your eligibility for federal student financial aid.
This aid can come in the form of grants (need-based gift money), scholarships (merit-based awards), work-study programs (part-time jobs that help pay for college expenses), and federal student loans.
The FAFSA collects information about your financial situation, including your income, assets, and household size.
This information is used by the Department of Education to calculate your Expected Family Contribution (EFC).
Your EFC represents the amount of money your family is expected to contribute towards your college education.
The lower your EFC, the more financial aid you may be eligible to receive.
How to Apply for FAFSA
The FAFSA application process for the 2024-25 academic year is now open. Below is a breakdown of how to go about the application process:
- Gather Required Documents: You’ll need your Social Security number, Federal Student Aid Identification (FSA ID), tax information (yours and your parents’ if you are dependent), and records of any untaxed income.
- Create an FSA ID: Both students and their parents (if applicable) need an FSA ID to access the online FAFSA application system. You can create an FSA ID at [studentaid.gov/fsa-id].
- Complete the FAFSA Online: The easiest and quickest way to apply for FAFSA is online at studentaid.gov/h/apply-for-aid/fafsa. The online application allows for easy correction of any errors and faster processing times. Paper applications remain an option, but they can take longer to process.
- List Your Schools: You can list up to ten schools on your FAFSA application. This allows each school you’re considering to receive your financial aid information electronically.
- Submit Your Application: Once you’ve completed all sections and reviewed your information, submit your FAFSA application electronically or by mail.
FAFSA 2024-25 Deadline
The federal deadline to submit your FAFSA for the 2024-25 academic year is June 30, 2025. However, this is just the federal deadline.
Many states and colleges have their own earlier deadlines for financial aid consideration.