Your Ultimate Guide to the FAFSA

Updated: Jul 26, 2021

The FAFSA^® (Free Application for Federal Student Aid) is a form students and their parents fill out in order to apply for federal student aid like loans, grants, and work-study. The application asks for financial information that the federal government uses to determine your EFC, or Estimated Family Contribution. Your EFC is a key factor to determine if you are eligible for financial aid. Even if you don’t anticipate being eligible for federal aid, you should still fill it out, as it’s used to determine state and institutional aid, and some scholarships (even merit-based ones) may even require it.

Why should you fill out the FAFSA ASAP?

The application for the following school year’s tuition becomes available on October 1st. Technically the deadline isn’t until June 30th, but waiting until then could cost you real money. Many states and schools have earlier deadlines for their aid. And in some situations, money can be “first come, first served.” If you don’t get your application in early, you could miss out on aid that could help pay for your education.

Your FAFSA Checklist

Here's what you need to fill out the FAFSA

SSN

Your Social Security number

If you’re not a U.S. citizen, you can use your Alien Registration Number instead.

FSA ID

It takes a couple of days to get one, so apply a few days before you plan to fill out the FAFSA. Parents and students each need their own IDs.

Tax ID

Tax returns

You’ll need tax returns for both parents and students from two years before the academic year you’re seeking aid.

Asset Records

Asset records

Both parents and students will need to gather bank and investment statements and records of any untaxed income.

Schools List

A list of the schools you're applying to

You may not have finalized this list yet, but include any that you’re considering, up to ten. The schools will receive this information and use it to determine your financial aid eligibility.

License

Your driver's license number

You will need to provide this information if you have a license. If you don’t have one, don’t worry about it. You can still submit your application.

Find an hour and fill it out today

Filling out the FAFSA is an important step towards achieving your college goals. It can seem a little overwhelming, but the whole process takes most people under an hour, even if it’s their first time doing it. And the earlier you fill it out, the better. Visit fafsa.gov to start the process.

^{FAFSA^® is a registered trademark of the US Department of Education and is not affiliated with Discover Student Loans.}