FAFSA Requirements 2024

The Free Application for Federal Student Aid is necessary for any American student seeking financial assistance for college, undergraduate or postgraduate studies. 

If you understand the FAFSA requirements 2024, it will ensure that you have a smooth application process and increase your chances of receiving aid. 

FAFSA Requirements 2024

The FAFSA has specific criteria to determine eligibility for federal student aid.

These are details of the main requirements for the 2024-2025 academic year:

  1. U.S. Citizenship or Eligibility: You must be a U.S. citizen, permanent resident, or certain non-citizen eligible categories.
  2. Valid Social Security Number (SSN): You will need a valid SSN to create a Federal Student Aid (FSA) ID, which is required to complete the FAFSA form. A recent change allows individuals without SSNs (dependents of certain non-citizen immigrants) to have their parent or spouse create a StudentAid.gov account to complete their portion of the application.
  3. Need for Financial Aid: You must demonstrate financial need for college by having a low enough expected family contribution (EFC). The Department of Education calculates your EFC based on your and your parents’ (if you are dependent) financial information.
  4. Enrollment Status: You must be enrolled at least half-time (six credit hours for undergraduates) in a degree or certificate program at a Title IV eligible institution.
  5. Selective Service Registration (Males Only): Males ages 18-25 must be registered with Selective Service to be eligible for federal student aid.
  6. Academic Progress: You must be making satisfactory academic progress according to the standards set by your school.

What Do You Need for the FAFSA Application?

To complete the FAFSA application, you will need the following:

  1. FSA ID: Both you and your parents (if you are dependent) will need an FSA ID to sign electronically.
  2. Federal Tax Information: You and your parents will need your most recent tax returns (normally two years prior) or provide consent for the IRS Data Retrieval Tool to populate your tax information.
  3. Financial Information: This includes bank statements, investment records, and any untaxed income.
  4. School Information: You will need the school codes for the colleges or universities you are considering attending.

How Much Do You Have To Make To Qualify for the FAFSA?

There is no income cut-off for FAFSA eligibility. The Expected Family Contribution (EFC) is calculated based on your and your parents’ income, assets, and family size. 

Students with a lower EFC will generally qualify for more federal student aid.

These are some more reasons to consider:

  1. Dependent vs. Independent Student: Your dependency status impacts the application process. Dependent students will need to provide their parents’ financial information. Generally, students under 24 and unmarried are considered dependent.
  2. Verification: The Department of Education may select your FAFSA application for verification. This requires submitting additional documentation to confirm your financial information.
  3. State and School Aid: The FAFSA primarily determines your eligibility for federal student aid programs. Many states and colleges offer their own financial aid programs with separate application processes. Be sure to research and complete any additional applications required by your chosen schools.

Filling the FAFSA form is the first step towards securing financial aid for your college education. 

The application process can seem challenging, but with careful preparation and the resources available on the Federal Student Aid website (https://studentaid.gov/), you can complete the process successfully. 

Don’t hesitate to contact your school’s financial aid office if you have any questions or need further assistance.