FAFSA

FAFSA summary:

• The Free Application for Federal Student Aid (FAFSA) is a form that current and prospective college students in the United States fill out to apply for financial aid.

• You fill out the FAFSA to apply for federal grants, work-study funds, and student loans. Many colleges also use the FAFSA to determine eligibility for financial aid from the school.

• The FAFSA is free to complete and must be submitted annually for each academic year.

FAFSA definition and meaning

The Free Application for Federal Student Aid (FAFSA) is a form that current and prospective undergraduate and graduate college students can complete. Submitting the FAFSA form lets students apply for financial aid, including federal student loans, grants, and work-study funding. Many colleges also use the FAFSA to determine financial aid eligibility. This free application can be submitted online or by mail. 

Key concept: The FAFSA form is a free application for federal student aid. 

More on FAFSA

FAFSA is an application form, but it’s also part of a bigger process. The form itself is called the Free Application for Federal Student Aid, and filling it out is the first step. Once you submit it, your information gets reviewed, schools can determine what aid you qualify for, and then you can review and potentially accept any financial aid offered to you.

FAFSA: a comprehensive overview 

Any student or future student, no matter their income, who wants to be considered for federal student aid programs can fill out the FAFSA. Submitting the FAFSA lets a student be considered for federal student aid, like:

• Federal grants 

• Federal student loans

• Work-study funds 

Students should also complete the FAFSA form if they're interested in non-federal financial aid. Some states and schools also use the information submitted to determine eligibility for non-federal grants, student loans, and scholarships.

Once you submit your information, your state and schools will be able to access it. They may use it to decide if you can get money from the state or from schools. 

You must submit the FAFSA annually for each academic year. Students who don't submit their FAFSA application by the annual deadline won’t be eligible for federal grants, loans, or work-study funding. 

Key components of the FAFSA 

Students must provide the following information when filling out the FAFSA: 

• Identification information

• Contact information 

• Federal tax return information (including adjusted gross income)

• Federal benefits received 

• Child support received 

• Current balance of cash, savings, and checking accounts

• Records of net worth of investments, businesses, and farms

• Records of untaxed income (if applicable)