• The Free Application for Federal Student Aid (FAFSA®) is an important document that can help students access financial aid for college, including grants, student loans, scholarships, and work-study programs.
  • Submitting the form early and accurately is a key to maximizing access to eligible funds. 
  • After submitting the FAFSA, students receive a FAFSA Submission Summary, which schools use to create a financial aid package.

With the cost of higher education on the rise, many students and families need help covering tuition and other expenses. The Free Application for Federal Student Aid (FAFSA®) is an important first step to securing financial aid.

While completing the FAFSA form may seem intimidating, it’s worth the effort. Doing so may create opportunities to access federal student aid, grants, scholarships, and work-study programs that can make college or trade school more affordable. Learning how the FAFSA works, and the key deadlines involved, may help students secure the funds needed to reach their higher education goals.

What Is FAFSA?

Students and their families can complete the FAFSA form to apply for financial aid from the federal government, states, and most colleges. It helps institutions calculate a student’s financial need and plays a significant role in determining how much financial assistance they may receive. Many colleges also use FAFSA information to award their own scholarships or institutional aid.[1]

Who Should Fill Out the FAFSA Form?

Anyone planning to attend college or trade school should consider completing the FAFSA, even if they believe they do not meet the income requirements to qualify for financial aid. Students who submit the FAFSA may find they’re eligible for more aid than expected.

The FAFSA may benefit students from all types of financial backgrounds. Those from low-income families may qualify for need-based aid such as Pell Grants, which usually don’t need to be repaid. Students from middle-income families may receive access to subsidized loans or work-study programs based on their FAFSA results. Since some scholarships are often awarded through information provided in the FAFSA, even students from high-income families could benefit from completing the application. 

The Role of Parents in the FAFSA Process

Parents play an important role in completing the FAFSA, especially when the student is a dependent. The form requires information about family income and assets, which students may have trouble completing without parental assistance. 

Financial aid can help students cover tuition and other expenses, which may reduce the need for loans. For parents, financial assistance may help prevent dipping into savings or retirement funds to pay for their child's education. Grants and scholarships, which don’t have to be repaid, may ease the financial burden even further and significantly lower out-of-pocket costs.

The FAFSA may also give parents access to Parent PLUS Loans, which are federal loans available to parents of dependent undergraduate students. While parents must repay these loans, they often come with more favorable terms compared to private loans.

How To Fill Out the FAFSA Form

The FAFSA form may seem intimidating at first, but the process is straightforward. Start by gathering your financial information and important documents. This includes the following for both the student and parents (if applicable):[2]

  • Social Security numbers
  • Federal income tax returns for the previous two years
  • W-2 forms
  • Records of untaxed income (such as child support received, interest income, or veterans’ noneducation benefits)
  • Bank statements and investment records
  • FSA ID

Next, fill out the FASFA form, completing all information carefully and accurately. Keep in mind that even small errors may cause delays or reduce eligibility for aid.

Avoid These Common Mistakes

Understanding the most common FAFSA mistakes may help you avoid them. When completing and submitting the form, watch out for these errors:

  • Missing deadlines: Each state and school has different FAFSA deadlines. Carefully check these and submit the form as early as possible to maximize available aid..
  • Entering incorrect tax information: Make sure to use the tax information for the exact year requested by the FAFSA.
  • Leaving fields blank: If something doesn’t apply, enter “0” or “not applicable” instead of leaving it blank. Unanswered questions may cause delays or other issues.
  • Not signing the FAFSA: Be sure both the student and one parent (if applicable) electronically sign the form using their FSA IDs.
  • Listing only one school: List several potential schools to ensure all options receive the FAFSA information.
  • Not correcting mistakes: If there’s an error after submitting the FAFSA, use the FAFSA correction tool to make updates as soon as possible.

Take the time to complete the document correctly and avoid common mistakes. Doing so will help make the process smoother and may increase the chances of securing financial aid.

Understanding FAFSA Deadlines

Missing FAFSA deadlines may limit or even eliminate access to certain types of financial aid. There are multiple dates to keep in mind, so it’s important to stay organized.

The federal FAFSA deadline typically falls at the end of June for the academic year you’re applying for. For example, the deadline for the 2024–2025 school year is June 30, 2025. Each state sets its own FAFSA deadline, which can sometimes be much earlier than the federal deadline.[3]

Some financial aid programs have limited funds and are distributed on a first-come, first-served basis, making it critical to submit the FAFSA form as early as possible. This may increase the chances of maximizing available aid, including state grants and scholarships that may have early cutoffs. Submitting the FAFSA form early also allows for more time to correct any mistakes or submit additional documents as needed.

Tips for Meeting Deadlines

Since deadlines play a critical role in eligibility for financial aid, students and families may benefit from taking additional steps to make sure they’re not missed. Consider these tips:

  • Mark your calendar: As soon as you know the deadlines for federal, state, and school submissions, put them on a calendar with reminders a few weeks ahead.
  • Submit as soon as possible: The FAFSA typically opens for submissions on October 1st each year. However, this may change. Visit studentaid.gov to confirm the current deadlines. Submitting early can boost your chances of getting aid.
  • Double-check submission confirmation: After submitting, confirm that your FAFSA has been processed and received by the schools listed. Keep an eye out for emails or notifications that may alert you to any issues.
  • Plan for unexpected delays: From finding documents to dealing with technical problems, unexpected issues may delay the process. Starting early leaves room for unexpected delays without missing the deadlines.

Benefits of Completing the FAFSA

Completing the FAFSA is an important step in securing a range of financial aid, which can offset the cost of college and eligible trade programs.

Types of Aid Available

Grants are typically need-based and usually do not require repayment. One of the most well-known is the Pell Grant, which is awarded to students with significant financial need.[4] States and individual schools may also offer need-based grants.

Federal student loans are a common way to pay for education expenses. Subsidized loans are need-based, with the government covering the interest while the student is enrolled in school. Unsubsidized loans are not need-based, and students are responsible for all interest. Federal student loans come with flexible repayment options and typically have lower interest rates and more favorable terms compared to private loans.

Scholarships are awards that do not require repayment. They’re typically given based on merit, talent, or specific criteria such as academic achievement, community service, or athletic ability. Scholarships can come from colleges, private organizations, or government programs. Some, but not all, are need-based and use FAFSA information to determine eligibility.[5]

FAFSA and Work-Study Programs

The FAFSA may also provide access to work-study programs, which give part-time jobs to students with financial needs. Work-study positions are often on campus. However, some are off-campus and related to the student’s field of study, giving them both financial support and valuable work experience. Work-study earnings don’t typically count against future financial aid eligibility, making it an excellent way to help manage school expenses without adding to debt.[6]

What Happens After You Submit the FAFSA?

Submitting the FAFSA starts the process of applying for financial aid. However, several additional steps are required before funds are disbursed.

1. FAFSA Processing

Once you’ve submitted the FAFSA, it goes through a review process. This typically takes three to five days if submitted online or up to 10 days if submitted by mail.[7] During this time, the information is reviewed for accuracy, and the system checks for any potential issues, such as incomplete sections or missing signatures.

2. FAFSA Submission Summary

Once the FAFSA is processed, you’ll receive a FAFSA Submission Summary, which provides a summary of all the information submitted on the FAFSA. The summary also includes the Student Aid Index (SAI), a number used by the college to calculate financial aid and eligibility. 

3. School Review

The schools listed on the FAFSA will receive the information. Each school will assess your eligibility for financial aid and maybe begin creating a financial aid package.

4. Financial Aid Offers

Finally, you’ll start receiving financial aid offers or award letters. Note that you may not receive an offer for financial aid from every school listed on the FAFSA. Many colleges and trade schools only send offers to students who meet eligibility requirements and have completed the required steps with the school’s financial aid office.

Maximize Your Financial Aid Options With the FAFSA

For many students, completing the FAFSA form is a critical step toward receiving financial aid for college. Remember, completing this form is important even if you don’t think you’ll qualify for federal financial aid.

If you’ve exhausted your federal aid options and scholarships, private student loans may help cover the remaining expenses. PNC Bank offers private student loans with competitive interest rates, flexible repayment options, and additional resources to help borrowers plan for repayment after graduation. Explore your options or connect with our team to learn more.