Navigating FAFSA
Contributed by Speak Up for Kids Student Intern Team — This article was developed through the combined efforts of multiple student interns, each bringing unique skills and perspectives to support life skills education for foster youth.
Overview
FAFSA, or Free Application for Federal Student Aid, is an important resource students can use to apply for loans to help them finance their college careers. This form determines a student’s eligibility to receive financial aid. Below we’ll discuss what FAFSA is, how it works, and how to apply.
What is FAFSA?
Federal Funding:
The FAFSA form itself is from the U.S. Department of Education, and grants students access to federal student aid.
FAFSA is required for federal student loans, and many institutions use it to determine how much financial aid a student receives.
What it Gives You
There are several different types of aid FAFSA can offer:
Loans - Money that you borrow to pay for school that must be paid back later
Work Study - Part-time jobs that can help you earn money to help pay for school
Grants - This is money awarded to students with immense financial need that doesn’t have to be repaid
How Does FAFSA Work?
Filling Out The Form - First students and parents fill out the FAFSA form online, which can be located at studentaid.gov. In this form you’ll list the colleges you’re applying to so your aid can be calculated for each individual institution.
Calculation - The Department of Calculation calculates a Student Aid Index based on your family’s income (prior-prior year, so the 2026-2027 FAFSA form would use information from 2024) assets like investments or stocks, and size of your immediate family and how many other members are in college.
Awards - Schools will then use the Student Aid Index to determine the level of financial need you have and send an aid offer, which can consist of various types of aid.
Accept or Decline - Once you receive your award, you can either accept or decline it. Some colleges may require additional steps to receive your award, so make sure you’re knowledgeable about the process of claiming your financial aid awards relative to each institution you applied to. In most cases, funds will be sent directly to the college to cover tuition and fees first with additional aid being refunded to cover living expenses.
Important Things to Note
There is no maximum income cutoff for applying. Regardless of your family’s financial situation, all students are encouraged to apply.
FAFSA does have deadlines. It’s crucial to apply for aid as soon as possible after it opens as some types of aid are awarded on a first-come first-served basis. You can view the 2026-2027 FAFSA Application Deadlines here.
How to Apply
Gather Required Information - There’s specific information you’ll need to have when applying for FAFSA. You’ll need your Social Security Number, Federal Income Tax returns for 2024, and records of untaxed income.
Fill Out the Form - go to fafsa.gov to begin filling out the form.
Grant Consent - You need to provide consent to transfer tax information to the FAFSA form.
List Colleges - List all the colleges you want to receive your information.
Submit - Sign the form using your FAFSA ID.
Summary - Once you submit the form, you’ll receive a Submission Summary which will include your Student Aid Index.
Final Thoughts
FAFSA is a form students can fill out from the Department of Education that can be used to receive different types of financial aid, such as Loans, Work Study programs, or Grants.
FAFSA operates by students Filling Out the Form and listing which schools they want to apply to. Next, your Student Aid Index is calculated, which is based on tax information. Then schools will use that Student Aid Index to determine the Awards you receive with their institution, which can include different types of financial aid. Finally, a student can Accept or Decline the offer, and most of the time funds are sent directly to the school with any residual being used for living expenses. Keep in mind that FAFSA has Deadlines that need to be met.
Students can complete the FAFSA form by Gathering Required information like their Social Security number and tax information. Next, they Fill Out the Form and Grant Consent for their tax information to be sent to FAFSA. Then, students can List the Colleges they’re applying to and then Sign and Submit the form. Finally, a student will receive a Summary that includes their Student Aid Index.
