FAFSA
What is FAFSA?
It is the Free Application for Federal Student Aid. The FAFSA is required for all federal financial aid and most state and institutional aid. You will need to complete the form each year you plan to attend college/technical school.
FAFSA has recently undergone major changes which will impact the Class of 2024. For this school year only, FAFSA will open late December. Read more here:
Forbes - New FAFSA To Launch By End of Year
The new FAFSA is being called the Better FAFSA. Frequently asked questions/answers here:
www.ncan.org/page/better-FAFSA-FAQs
Regardless of your income, all families should complete FAFSA annually. With the exception of Fall 2023, FAFSA becomes available on October 1st each year. Go here to apply. The sooner you complete the FAFSA, the more financial aid you may receive. View student aid deadlines here. It is important to know the federal and state aid deadlines set by the colleges you are interested in. Visit the colleges' financial aid websites for detailed information.
The FAFSA may take a little while to complete — but it’s worth it! Before you begin your application, pull together some of the information you and your family may be asked for, including:
Detailed instructions on creating your FSA ID (also here):
While completing the FAFSA form, you must list at least one college to receive your information. The schools you list will use your FAFSA information to determine the types and amounts of aid you may receive. It is best to list your colleges in alphabetical order.
Your Student Aid Index (SAI) is the dollar amount of financial aid that the government calculates you are eligible to receive. The information on your FAFSA about you and your family's financial situation will determine your SAI. The FAFSA Submission Summary will detail the information you included on the application and your SAI. You will receive your FAFSA Submission Summary once you submit FAFSA.
There are several different types of aid you can receive, but completing FAFSA is a requirement to be considered for these. Here is a breakdown:
Financial Aid Definitions
Learn the terms, acronyms and language that are commonly used to describe financial aid:
https://nextsteps.idaho.gov/resources/financial-aid-glossary
Quick Overview on Applying for Financial Aid
More help with FAFSA:
Federal Student Aid Youtube Videos
Federal Tax Information on the FAFSA
It is the Free Application for Federal Student Aid. The FAFSA is required for all federal financial aid and most state and institutional aid. You will need to complete the form each year you plan to attend college/technical school.
FAFSA has recently undergone major changes which will impact the Class of 2024. For this school year only, FAFSA will open late December. Read more here:
Forbes - New FAFSA To Launch By End of Year
The new FAFSA is being called the Better FAFSA. Frequently asked questions/answers here:
www.ncan.org/page/better-FAFSA-FAQs
Regardless of your income, all families should complete FAFSA annually. With the exception of Fall 2023, FAFSA becomes available on October 1st each year. Go here to apply. The sooner you complete the FAFSA, the more financial aid you may receive. View student aid deadlines here. It is important to know the federal and state aid deadlines set by the colleges you are interested in. Visit the colleges' financial aid websites for detailed information.
The FAFSA may take a little while to complete — but it’s worth it! Before you begin your application, pull together some of the information you and your family may be asked for, including:
- Your FSA ID (Create your IDs here.) You should do this step a few days before you plan to complete FAFSA as it takes a few days to process.
- Your Social Security number (your parents’ Social Security numbers if you are a dependent student)
- Your driver’s license number (if you have one)
- Student and parent income tax returns
- Earnings statements (W-2 forms, recent paycheck stubs)
- Bank and investment account statements
- Records of untaxed income like Social Security, contributions to a 401(k), or tax-deferred pension
Detailed instructions on creating your FSA ID (also here):
- To create an FSA ID, each person needs to go to studentaid.gov and click “Create Account” in the upper right-hand corner. The application is available in English and Spanish.
- Determine if or which parent is considered a Contributor (help to determine who is a Contributor) for the FAFSA. Each person will need the following:
- Full name and social security number as they appear on social security card(if applicable)
- Date of birth
- Valid email address and phone number
- Immediate access to your email account
- Your residential address
- Please note: If you have a sibling who attended college before you, your parent or guardian may already have an FSA ID.
While completing the FAFSA form, you must list at least one college to receive your information. The schools you list will use your FAFSA information to determine the types and amounts of aid you may receive. It is best to list your colleges in alphabetical order.
Your Student Aid Index (SAI) is the dollar amount of financial aid that the government calculates you are eligible to receive. The information on your FAFSA about you and your family's financial situation will determine your SAI. The FAFSA Submission Summary will detail the information you included on the application and your SAI. You will receive your FAFSA Submission Summary once you submit FAFSA.
There are several different types of aid you can receive, but completing FAFSA is a requirement to be considered for these. Here is a breakdown:
- Pell Grants—need-based grants. The money doesn’t have to be repaid (unless you withdraw from school before finishing an enrollment period).
- State Aid—primarily available to students who attend college in their state of residence.
- Institutional Aid—provided by public and private colleges/universities to help their students pay for tuition and fees.
- Federal Work-Study Programs—offered by colleges to help their students earn money by working part-time.
Financial Aid Definitions
Learn the terms, acronyms and language that are commonly used to describe financial aid:
https://nextsteps.idaho.gov/resources/financial-aid-glossary
Quick Overview on Applying for Financial Aid
- Create an FSA ID - https://studentaid.gov/fsa-id/create-account/launch (takes a few days to receive ID - please plan ahead)
- Login to https://studentaid.gov/h/apply-for-aid/fafsa
- Enter personal information and school choice.
- Enter financial information.
- Submit. You will receive a confirmation page showing all of the values entered and an Student Aid Index (SAI) when officially submitted.
More help with FAFSA:
Federal Student Aid Youtube Videos
Federal Tax Information on the FAFSA
FSA ID Handout
Ready to get started on your FAFSA? Create your FSA ID today! This is the login you’ll use to submit your FAFSA application online. This form can help you keep track of the information needed to log in later (also attached as a PDF):
fsa-id_handout.pdf |
Wyatt - great resource to help with fafsa!
The Idaho State Department of Education has encouraged schools to let our students know about Wyatt, a resource to help with completing your FAFSA. Please check it out below!