Defining FAFSA
What does FAFSA stand for?
The Free Application for Federal Student Aid, or FAFSA, is a form that determines what types of student aid you qualify for. You'll need to provide various documents to determine how much financial aid you'll receive.
What FAFSA is
Most colleges and universities use the information provided on the FAFSA to determine your financial aid package to pay for graduate school or undergraduate school, which includes aid from both the government and your school. The FAFSA covers summer classes if you study over the summer semester, too.
You can list up to 10 schools on your FAFSA application, though you may add or remove schools after you initially submit the form.
FAFSA eligibility requirements are straightforward. To qualify for FAFSA, you must be a U.S. citizen or an eligible noncitizen. You can fill out the FAFSA yourself or with the help of your parents. You never have to pay anyone to complete your FAFSA for you.
Why the FAFSA matters
The importance of FAFSA
Some schools won't consider you for financial aid based on academic merit unless you complete the FAFSA. Individual colleges and states may have different deadlines, so be sure to check with your institution to make sure you don't miss a deadline. You have to fill out the FAFSA for each academic year you want aid.
Apply even if you're unsure
Even if you don't think you're eligible for financial aid, there's no way to know for sure unless you apply. Millions of dollars are left on the table each year by students who don't complete the FAFSA, so it's worth the time it takes to fill out the form. You should apply as early as possible to get the best chance of qualifying for the most FAFSA benefits. Even if you expect to qualify for a merit scholarship or other college scholarships and aid, filling out the FAFSA is worth it.
How to apply for FAFSA
How to fill out the FAFSA
You can either fill out the FAFSA form online or send in a PDF application by mail. If you're applying online, the process is easiest with a Federal Student Aid ID, which is a username and password you can create for free and use to sign the FAFSA. The form should take under an hour to complete.
Have the following information ready:
- Social Security number or alien registration number
- Federal tax returns from the previous school year
- Records of untaxed income
- Cash, savings, checking, and investment account balances
Step-by-step guide to filling out the FAFSA
- Gather your necessary financial documents and create your Federal Student Aid ID. This will allow you to pause your application and log back into your account to complete the FAFSA if you're not able to do so in one sitting. You can submit the FAFSA online or by mail.
- After you submit your FAFSA, you'll receive an email within a few days notifying you that the Department of Education has processed your FAFSA, along with a Student Aid Report (called the FAFSA Submission Summary starting with the 2024-2025 school year). Your information will then be sent to the schools you listed on your form. You'll also want to take note of your Student Aid Index (SAI), or the amount the government has determined you and your family can afford to pay for your education.
- You'll get financial aid offers from the various schools you listed on your form once you're accepted. Review the information given to you and make corrections if necessary.
- Accept financial aid offers from the school of your choice. Begin working with your school's financial aid office to decide your options for covering the remaining costs.
You can check your FAFSA status online by logging into your account with your FSA ID and clicking on FAFSA Submission in the My Activity portion of your dashboard.
You should fill out the FAFSA even if you don't think you'll get aid. The application is quick to complete, and you'll be able to see the options you have to pay for school.
What types of financial aid does FAFSA cover?
There are three kinds of aid available through the federal government: grants, work-study, and loans. You don't need to repay grants or work-study, but you'll have to pay back loans.
- Grants: These are often given based on exceptional financial need or if you belong to a designated group. Learn more about types of federal grants here.
- Work-study: Often given based on when you apply, your level of financial need, and the amount of money your school has available. Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses.
- Loans: Subsidized loans are given based on financial need, while eligibility for unsubsidized and Direct PLUS loans isn't based on financial need. You should consider loans after grants and work-study aid. Interest rates on federal loans are fixed.
Compare Student Loan Offers
3.89% – 17.99% variable and 2.19% – 17.99% fixed (with AutoPay discount) as of Tuesday, September 8th, 2026
late payment of 5% of the amount due, capped at $25
mid-600s
Minimum of $1,000
Pros
Cons
College Ave is a great lender for borrowers who want multiple options for repayment term lengths and are after a low APR. College Ave also offers many options for contacting customer support.
College Ave- Apply through your computer or mobile device
- Customer service available via phone, text, email, and live chat
- Five, eight, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Repayment options available:
- Deferred: No payments for up to six months after leaving school
- Interest only: Only make payments on the loan's interest while in school
- Partial payments: Pay $25 per month while in school
- Full repayment immediately: Start making full payments while still in school
- Loans made through Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC
Fixed rates range from 2.45% - 15.99% APR with all discounts. Variable rates range from 4.39% - 15.99% APR with all discounts.
N/A
Undisclosed
Minimum of $1,000 and up to 100% of school-certified costs
Pros
Cons
SoFi is an excellent lender for borrowers who want a competitive APRs. It's also a great lender for those who don't want to worry about fees.
SoFi Undergraduate Student Loans- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, 15 or 20 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% of school-certified costs
- Loans are originated by SoFi Lending Corp. or an affiliate
4.95% - 14.85% variable and 3.44% - 15.00% fixed (with AutoPay discount, varies by plan)
None
Fair to Excellent
$2,001 - $200,000 ($200,000 aggregate total)
Pros
Cons
Ascent provides a variety of repayment term lengths on its student loans and low minimum interest rates on fixed-rate loans. You may also qualify for a 1% cash-back reward that will be paid to you after graduation.
Ascent- Loan amounts available: $2,001* minimum, up to $200,000 for undergraduates, and $400,000 for graduates
- *The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
- Repayment options available:
- Deferred: No payments for up to nine months after leaving school
- Interest only: Only make payments on the loan's interest while in school
- Partial payments: Pay $25 per month while in school
- Immediate Repayment:Begin making full payments (principal + interest) on the loan right away
FAFSA deadlines: when to apply for maximum aid
The FAFSA for the 2025 to 2026 academic year is currently open. The federal deadline for submission is 11:59 p.m. CT on June 30, 2026. If you need to submit corrections, you must do so by 11:59 p.m. CT on September 12, 2026. State-specific financial aid deadlines vary by state.
Some aid options are limited, so it's recommended you fill out the FAFSA as soon as it becomes available for the best chance at receiving aid.
Common FAFSA mistakes to avoid
Here are several costly FAFSA mistakes to avoid:
- Not completing the FAFSA at all
- Missing the FAFSA deadline
- Inputting the wrong information on the FAFSA (e.g., an incorrect Social Security number or false income reporting)
- Not including every school you're considering
- Forgetting to renew the FAFSA
Many of these FAFSA mistakes can be avoided by staying organized and planning ahead. Mark deadlines on your calendar and set annual reminders to renew the FAFSA every year you plan to attend college.
FAQs
Who should fill out the FAFSA?
Any student planning to attend college, even part-time, should fill out the FAFSA.
Is there a fee to submit the FAFSA?
No, there is no fee to submit the FAFSA.
When can I fill out the FAFSA?
You can typically fill out the FAFSA in October or November for the upcoming school year. It's recommended you apply as early as possible, regardless of the FAFSA deadline.
What if I need help with the FAFSA?
If you need help with FAFSA, contact your school's financial aid office, the Federal Student Aid Information Center, or find resources on studentaid.gov.
Do I need to submit the FAFSA every year?
To remain eligible for federal aid each year of college, you need to fill out and submit the FAFSA every year.
What documents do I need to complete the FAFSA?
To complete the FAFSA, you'll need to provide your Social Security number, your parents' Social Security numbers, tax returns, and records of current assets such as bank account balances and investments.
Interest Rates: Eligibility and Important Details. Fixed rates range from 2.45% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 9/3/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers.Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi.
