Need money for college? Completing the FAFSA is the most important, reliable way to increase your chances of receiving it. You may have heard of the FAFSA before, but what exactly is it and what role does it play in helping you receive financial aid? We break down what you need to know about the FAFSA and why it matters!

What is the FAFSA? Why does it matter?

The Free Application for Federal Student Aid (FAFSA) is a government form that prospective and current college students fill out to be considered for financial aid. You must complete the FAFSA once a year—the year before starting college and each year you’re in college—to be eligible for any kind of federal aid.

When you submit your FAFSA, your family’s income, tax information, family size, and financial assets (such as real estate or stocks) will be taken into consideration. The federal and state governments, in addition to your college, then offer you a certain amount of financial aid based on that information to help cover the costs of your education. The amount of financial aid you can or will receive each year is subject to change based on changes in your family’s income or circumstances. Regardless of what financial changes occur for you or your family in any given year, you must complete the FAFSA in order to receive federal aid for college.

Note: Unfortunately, because FAFSA completion requires U.S. citizenship or eligible noncitizen status (like permanent residence), undocumented students and students without Social Security numbers are ineligible. However, your state may have its own aid application that you can complete instead. Check with your school counselor to see what options there are in your state. 

What forms of financial aid can I potentially receive by filling out the FAFSA?

It's important to know that completing the FAFSA doesn’t commit you to anything—it simply gives you more options to choose from. You are not required to attend any of the colleges you listed on your application. You are also not required to accept all (or any) of the aid you’re offered from colleges in your financial aid offer letters. You can select the aid you want and reject the rest. With this in mind, here are some forms of financial aid you can potentially receive once you've completed the FAFSA:

• Grants: Eligibility for the Pell Grant is determined by completing the FAFSA. Completing the FAFSA is also a requirement for many state or institutional grants, like a grant from your college. Be sure to pay attention to state or college deadlines to remain eligible. 
• Scholarships: Completing the FAFSA is often one of the main requirements to be considered for institutional, state, need-based, and merit scholarships.
• Federal student loans: Eligibility for receiving student loans is determined only once a student has completed the FAFSA.
• Work-study: Completing the FAFSA allows you to be considered for work-study, a federal aid program that allows eligible students to work part-time, on-campus jobs to earn money to help pay for school expenses.

What do l need to complete the FAFSA? How do I get started?

To begin filling out your FAFSA, visit the Federal Student Aid website. Click “Start New Form.” You will be asked for your login credentials and can follow the instructions on the form.

Source: studentaid.gov

Here’s what you need to complete the FAFSA if you’re a dependent student:

• Your StudentAid.gov account (FSA ID).
• Your Social Security number.
• Your parents’ Social Security numbers (if applicable).
• Alien Registration Number (A-Number) for eligible non-citizens (if applicable).
• Federal tax information, tax documents, or tax returns, including IRS W-2 information, for you and your parents from 2 years ago (2026-2027 application will use 2024 tax information).
• Records of your untaxed income, such as child support received for you and for your parents if you are a dependent student.
• Information on cash; savings and checking account balances; investments, including stocks, bonds, and real estate (but not including the home in which you live).
• Net worth of family businesses with 100+ employees. Do not report value of family farm or fishery business.
• A list of up to 20 colleges you intend to apply to (if you’re completing the FAFSA for the first time). You do not have to be accepted to any of these colleges at the time you complete your FAFSA. 

For most families and students, completing the FAFSA takes around one hour. 

When can I start completing the FAFSA?

The 2026-2027 FAFSA opens on October 1, 2025. We recommend completing it as early as possible to maximize the aid you are eligible for. Make sure to double-check the dates before you start filling out the form. You want the FAFSA labeled with the school year for which you need aid (not this current year).

What’s the deadline to complete the FAFSA?

We recommend completing the FAFSA as soon as it opens. FAFSA deadlines vary by state and college. Learn your state's deadline and be sure to apply well before it. The federal FAFSA deadline is June 30th, annually.

Where can I get FAFSA Help?

Check out our list of FAFSA help by state, which breaks down the free virtual and in-person resources available to students completing the FAFSA in your state.