Getting ready for college is exciting, and figuring out how to pay for it is a big part of the process.

As you and your parents think about tuition, room and board, meal plans, books, and other expenses, one of the first steps is completing the Free Application for Federal Student Aid (FAFSA®). But what is the FAFSA, and how does it work?

If you’re heading to college in the 2027-28 school year, the 2027-28 FAFSA is the form you’ll need. Below is all the information you need to know before you start.

Free Application for Federal Student Aid (FAFSA)

So, what is FAFSA? The FAFSA is a free government form that helps determine your eligibility for federal student aid. Schools and the government use the FAFSA to see how much financial support you could get to fund your education, such as federal grants, work-study, and federal student loans. Many states and colleges also use the information on it to decide who gets their own grants and scholarships.

Most of the financial questions on the FAFSA are filled in directly from you and your family’s federal tax information. Each person who provides information on your form, such as you and your parents, gives consent for the IRS to share their federal tax information with the U.S. Department of Education. This consent is required even if they didn’t file taxes.

Completing the FAFSA can help you find grants and federal student loans you can’t get anywhere else. Before getting started, it’s important to understand both the federal FAFSA deadline and your state’s FAFSA deadline so you don’t miss your chance to qualify for aid. You can learn more about when to apply for the FAFSA.

What are federal student loans?

Federal student loans are loans the government provides through the Federal Direct Loan Program. With federal student loans, you borrow money directly from the U.S. Department of Education at a fixed interest rate.

One benefit of federal student loans is that you only need to start making payments after you graduate, leave school, or drop below half-time enrollment.

There are a few different federal student loans available. Direct Subsidized Loans are need-based and open to undergraduate students who meet specific criteria. Direct Unsubsidized Loans are available to undergraduate, graduate, and professional students, no matter their financial situation.

Keep in mind that unsubsidized loans begin accumulating interest right away, so depending on your financial circumstances, you may want to consider making payments while in school. Even small payments while you’re enrolled can help keep your balance from growing.

Federal law changed some of these loans starting July 1, 2026. For new federal loans made on or after that date, repayment options include the Tiered Standard Plan and the new Repayment Assistance Plan (RAP), which bases payments on income. Existing borrowers may retain access to other plans, depending on their circumstances.

Another federal option is the Direct PLUS Loan for parents, often called a Parent PLUS Loan. This loan is available to parents of dependent undergraduate students, and parents apply separately from the FAFSA. For loans first disbursed on or after July 1, 2026, Parent PLUS borrowing is capped at $20,000 per year and $65,000 total per student. New Parent PLUS loans are generally limited to the Tiered Standard Plan and are not eligible for income-driven repayment or PSLF.

Can federal aid fully cover my entire tuition?

This is a common question. Depending on your financial situation, the federal aid you qualify for may cover all your college expenses. Your school, and the government, consider several factors after you submit the FAFSA. If you find that your federal aid isn’t enough to cover all your school-related expenses, you can apply for other scholarships and opportunities from your school, your state, or outside organizations. We cover more options for paying the rest at the end of this post.

How does FAFSA work?

Now that you know what FAFSA is, you might wonder, how does FAFSA work? The main goal of the FAFSA is to determine how much financial aid a student like you is eligible to receive. This includes need-based and non-need-based aid. Some examples of the financial aid you may be awarded include:

• The Pell Grant
• Federal Supplemental Educational Opportunity Grants (FSEOG)
• Subsidized federal student loans that are based on need
• Unsubsidized federal student loans that most students qualify for regardless of need
• Federal Work-Study
• State-based financial aid, including grants, scholarships, and loans
• School-based financial aid, including need-based grants and scholarships
• School-based merit aid, because many schools require the FAFSA to be on file before any aid awards are distributed

To help determine your aid, you’ll answer questions about your and your parents’ income and assets. You’ll also provide general information, like names, contact information, and Social Security numbers, for you and your parents.

Once your FAFSA is processed, you’ll receive a FAFSA Submission Summary. This summary shows your estimated eligibility for federal aid and your Student Aid Index (SAI). The SAI replaced the Expected Family Contribution, or EFC, starting with the 2024-25 FAFSA. It’s an eligibility index number, not a dollar amount you’re expected to pay. Schools use your SAI to calculate how much need-based aid you can receive, and the lower your SAI, the more need-based aid you may qualify for. An SAI can be as low as -1,500, which indicates a high level of financial need.

One important note: You must complete the FAFSA each year. Your financial aid award amount may change over time, depending on your financial situation and any income changes in your home.

FAFSA eligibility and requirements

Many students who fill out the FAFSA will be eligible for some aid. The exact amount and type of aid depend on many different factors. However, there are some general requirements each student needs to meet:

• Students must be U.S. citizens or eligible noncitizens.
• Students must be enrolled in an eligible certificate or degree program at a college or university.

To see the full list of requirements, read our guide to FAFSA eligibility.

Benefits of FAFSA

While the FAFSA’s primary benefit is providing you with grants and federal loans, there are some additional reasons to apply. Some schools, states, and outside organizations offering scholarships or grants may ask for your FAFSA information to help determine if you’re eligible for other types of aid.

Since some grants and scholarships are awarded on a first-come, first-served basis or have early deadlines, the earlier you fill out your FAFSA, the sooner you can submit it to other organizations asking for these details. The FAFSA is scheduled to open by October 1 each year, so applying early can improve your chances of being awarded additional grants and scholarships.

Remember, federal loans are not the only aid offered to students. The Pell Grant is a common federal grant for undergraduates and is usually awarded to students with exceptional financial need. Best of all, the Pell Grant doesn’t need to be paid back. Students must fill out the FAFSA every year to stay eligible for federal student aid, including the Pell Grant.

Knowing your potential sources of financial aid is an important part of your financial wellness journey. Be sure to look into local, state, and national resources for financial aid.

How to fill out the FAFSA

The FAFSA might seem complicated, but if you have all your information close by, including your tax information, you should be able to fill it out easily. Here’s how to get started.

Step 1: Go to https://studentaid.gov/fafsa and log in with your StudentAid.gov account username and password (your FSA ID). If you don’t have one, create an account first.

Step 2: Choose to start a new form for the correct award year, and select your role as a student, parent, or preparer.

Step 3: Follow the onscreen prompts. If your parents need to provide information, you’ll invite them by email, and they’ll log in with their own StudentAid.gov accounts to complete their sections and give consent.

Step 4: Review your answers, sign, and submit. Your FAFSA isn’t complete until everyone who needs to has signed and submitted their sections.

What will I need to fill out the FAFSA?

To fill out the FAFSA, you need to provide certain information about yourself, along with information about your parents’ finances if you’re a dependent student. According to the Federal Student Aid website, you might also need:

• A StudentAid.gov account (FSA ID) for you and each parent or contributor who needs to provide information.
• At least one college or university you plan to attend. You can find their school codes with the Federal School Code Search.
• Your Social Security number (SSN), if you have one, and applicable immigration information if you’re an eligible noncitizen.
• Your federal income tax returns, W-2s, and other income records. The 2027–28 FAFSA uses 2025 tax information, which is generally transferred directly from the IRS after you and your contributors provide consent.
• Bank statements and investment records, if applicable.
• Records of untaxed income, if applicable.
• Consent from you and each required contributor to share federal tax information from the IRS, even if you or your contributor didn’t file a federal tax return.

Deadline for filing the FAFSA

Completing everything by the FAFSA deadline benefits you and your parents. Here are the key dates for the 2027-28 FAFSA:

• 2027-28 FAFSA opened: September 23, 2026
• Federal deadline to submit: 11:59 p.m. CT on June 30, 2028
• Deadline to submit corrections: 11:59 p.m. CT on Sept. 12, 2028

If you still need aid for the current 2026-27 school year, you can submit the 2026-27 FAFSA until 11:59 p.m. CT on June 30, 2027.

The federal deadline is the last possible day to file, but it’s not the one to plan around. State and school deadlines are often much earlier, and they vary widely. Some states set deadlines in the spring, and some award aid until funds run out. Check your state’s deadline on studentaid.gov and ask each school you’re applying to for its priority deadline.

The FAFSA is scheduled to open by October 1 each year, and in recent years it has opened a little earlier. We recommend submitting your FAFSA soon after it opens. Doing this gives you the best chance to get the most aid you’re eligible for, since some state and school aid is awarded on a first-come, first-served basis.

What happens if I miss the FAFSA deadline?

The federal deadline for the 2027-28 FAFSA is June 30, 2028, and you can’t submit a FAFSA for that school year after the deadline passes. If you miss a state or school deadline, though, you should still submit the FAFSA as soon as possible and contact your school’s financial aid office. You may still qualify for federal aid like the Pell Grant and federal student loans, but you could miss out on some state or school aid.

We encourage you to write the due dates down on your calendar and set reminders for yourself. Make sure the reminder repeats every year, so you’re ready when the next FAFSA opens.

To get the most aid you may be eligible for, consider completing the FAFSA as soon as possible after it opens.

Also, if you need to make corrections on your FAFSA, send them as soon as possible. For the 2027-28 school year, corrections need to be submitted by 11:59 p.m. CT on September 12th, 2028.

Will I get more federal aid if I finish the application as early as possible?

Finishing the application early will potentially help you receive aid from more sources, as your school may award scholarships and other need-based assistance to those who apply first. It also gives you more opportunity to appeal if you feel you deserve more financial aid than you were awarded. If you wait too long, the funding may be gone.

What happens once I’ve submitted the FAFSA?

After you’ve submitted the FAFSA, you may have to submit additional verification information or financial aid forms. It’s a good idea to contact the school you plan on attending to check if they need any further information.

Most FAFSA forms are processed immediately, but some take one to three days. Once your FAFSA has been processed, you’ll receive a FAFSA Submission Summary with information about the federal aid you may be eligible for. The amount of aid you receive depends on the college or university you plan to attend.

After your college acceptance letters start to roll in, each school will send you a financial aid offer. This will list the grants, federal loans, and work-study you are eligible to receive. If your financial situation has changed, your aid offer may not reflect those changes, so be sure to contact your school’s financial aid office to ask about an appeal and understand your options.

Frequently asked questions

What is the FAFSA?

The FAFSA, or Free Application for Federal Student Aid, is the form you fill out to apply for federal student aid. Filing it can unlock federal grants like the Pell Grant, Federal Work-Study, and federal student loans. Many states and colleges also use your FAFSA information to award their own grants and scholarships, so it can help you qualify for more free money. You’ll need to file a new FAFSA for each school year.

When does the FAFSA open and close?

The 2027-28 FAFSA opened on September 23, 2026, and the federal deadline to submit it is 11:59 p.m. CT on June 30, 2028. The FAFSA is scheduled to open by October 1 each year. State and school deadlines are usually much earlier than the federal deadline and vary by state and school, so check yours and plan to file soon after the form opens.

How much does it cost to file the FAFSA?

Filing the FAFSA is completely free. You can submit it at no cost on studentaid.gov, the official U.S. Department of Education website. Be careful of websites or services that charge a fee to file the FAFSA for you. You never have to pay to apply for federal student aid. If you need help, your school’s financial aid office and studentaid.gov both offer free support.

Do I make too much money to file the FAFSA?

No. There’s no income cutoff to file the FAFSA, so you should file no matter how much your family earns. Some federal aid, like Direct Unsubsidized Loans, isn’t based on financial need. Many schools also require the FAFSA before they’ll consider you for their own scholarships, including merit-based awards. To learn more, read our guide to FAFSA eligibility.

How long does the FAFSA take to process?

An online FAFSA is usually processed immediately once everyone has signed and submitted it, though some forms take one to three days. After it’s processed, you’ll receive your FAFSA Submission Summary, and the schools you listed will receive your information. For more detail, see how long the FAFSA takes to process.

Do I have to file the FAFSA every year?

Yes. You need to file a new FAFSA for every school year you want federal student aid. Your family’s finances can change from year to year, and the FAFSA uses updated information each time to determine your aid. Filing every year also keeps you eligible for state and school aid that uses the FAFSA. Set a yearly reminder so you can file soon after each new FAFSA opens.

Stay up to date with the best student loan information

Ascent is proud to offer you more opportunities to finance your education. In addition to our private student loans and scholarship opportunities, we offer free financial wellness resources to set you and your family up for financial success during college and beyond. Our webinar library has on-demand sessions on FAFSA, scholarships, and student loans you can watch anytime.

If your financial aid offer doesn’t cover everything, a private student loan can help fill what’s left after federal aid, grants, scholarships, and savings. See how Ascent’s undergraduate student loans work.