2024-25 FAFSA Guide

The cost of college has increased in recent years. In-state students attending four-year public colleges pay an average of $28,840 to fund their education, according to College Board. The cost nearly doubles for out-of-state students. 

Filling out the Free Application for Federal Student Aid (FAFSA) is the first step to sourcing financial aid so you pay less out-of-pocket costs toward your education. The 2024-25 FAFSA has a few changes from prior years, so understanding those changes, and the application’s various deadlines, is paramount.

Key FAFSA dates

• 2024-25 FAFSA becomes available: Dec. 31, 2023
• Application processing: Processing of forms will begin in the first half of March 2024.
• FAFSA deadline: The federal FAFSA deadline is June 30, 2025, by 11:59 p.m. Central Time (CT). Check the FAFSA deadline for your state and school in advance. States and schools sometimes have their own deadlines for state or school-sponsored financial aid programs.
• FAFSA corrections/updates, if needed: Sept. 14, 2025, by 11:59 p.m. CT 

FAFSA overview 

The Free Application for Federal Student Aid, commonly called the FAFSA, is a dedicated application for students applying for federal student aid funding. Submitting an application is completely free.

Certain types of federal aid are awarded to students who demonstrate financial need. Need-based aid can include Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), subsidized Direct Loans, and work-study.

However, not all federal aid is need-based. Students who don’t demonstrate financial need can still get money for school through programs such as unsubsidized Direct Loans, Direct PLUS Loans, and Teacher Education Assistance for College and Higher Education (TEACH) Grants. 

Aid awards can be used for college, career school, or trade school expenses. The money can help cover all, or a portion, of your tuition and fees for the academic year, housing, technology for school use (such as a laptop), transportation, child care, books, and supplies. 

What’s new with the 2024-25 FAFSA?

• Streamlined form: The 2024-25 FAFSA has fewer questions to answer. For example, you don’t have to enter tax information manually, and questions about Selective Service registration and drug convictions are omitted. 
• Contributors: This new term applies to any person (like a parent, stepparent, or spouse) who must be on your FAFSA. Each contributor must create their own Federal Student Aid (FSA) ID; this step can now be done without a Social Security number. 
• Automatic federal tax information transfer: The IRS will transfer your tax return data to your FAFSA. This new change also requires signed consent and approval from the student and their contributors, if applicable. The student is ineligible for federal student aid without this consent and approval.
• New formula to calculate aid: The Student Aid Index (SAI) is a new aid eligibility formula that determines your eligibility for need-based financial aid. It replaces the Expected Family Contribution (EFC). Unlike EFC, SAI does not factor in the number of family members currently attending college. 
• You can list more schools: When completing an online FAFSA, you can send your FAFSA to up to 20 schools, instead of 10.

Related: How to pay for college: 6 strategies

5 steps to complete the FAFSA

Submitting your FAFSA for the 2024-25 academic year is more straightforward than in past years. Here are five simple steps for submitting your FAFSA.

Step 1: Determine your dependency status

Understanding your dependency status isn’t commonly referred to as the first step when completing the FAFSA. However, every step moving forward relies on this insight to completely and accurately fill out your application. 

Independent students only need to submit their own personal and income information. However, if you’re considered a dependent student by the Department of Education’s definition, you must include the same information for one or both parents, depending on your situation.

Step 2: Create an FSA ID

Although you can complete and mail a paper FAFSA, many students choose to fill out and submit their FAFSA online. To do so, you’ll need to create an FSA ID, your account username and password for StudentAid.gov. FSA IDs are also used as your online signature for the electronic FAFSA.

You’ll need your Social Security number (SSN), physical permanent address, non-school-based email address, and mobile device ready. If you’re a dependent student, your 2024-25 FAFSA contributors (such as parents) must also create their own FSA ID using their own email address.

Step 3: Gather your supporting documents

You’ll need to reference many details regarding your finances when completing your FAFSA. For example, your personal tax return, income sources (like child support records, bank account balances, and net worth of assets like investments or business values). 

Parents of dependent students also need to supply the same information mentioned above. You won’t need to submit these documents with your FAFSA; you’ll only use them for reference when filling out your application.

Step 4: Fill out your FAFSA

To start completing the 2024-25 FAFSA, log in to StudentAid.gov using your FSA ID. Toward the beginning of the application, you’ll invite each of your FAFSA contributors to provide their information, consent and approve the IRS to transfer their federal tax information to StudentAid.gov, and provide a signature. As a student, you’ll also need to complete these steps.

Follow the application prompts, including filling out sections about your personal circumstances and finances. Dependent students need to have every contributor on their FAFSA complete their respective sections. Then, you’ll list up to 20 schools that will receive your FAFSA.

Step 5: Sign and submit your application

Finally, you’ll review the information you and your contributors entered on your 2024-25 FAFSA form. Once everything is accurate, move on to the signature page. Here, you must sign to acknowledge the FAFSA’s terms and conditions. Each contributor must also review their section of the FAFSA and the form; otherwise, it’s considered incomplete. 

Upon submitting the FAFSA, you’ll receive a full confirmation page and email detailing the submitted information and your estimated Student Aid Index (SAI). 

Common FAFSA mistakes to avoid 

Whether you’re submitting the FAFSA for the first time, or you’re renewing it for subsequent education years, it’s easy to overlook details along the process. Here are mistakes that students often make that you should be aware of:

• Using an outdated FAFSA form: Ensure you’re using the correct application for the academic year that you need financial aid.
• Typos in personal information: Errors regarding your personal information, like a mistyped Social Security number, require a correction that delays the processing of your application.
• Entering incorrect income and/or tax data: Writing or typing the wrong financial information, or accidentally swapping your information with your parents’ information, can cause delays in processing. 
• Not selecting more schools on your FAFSA: Even if you know which school you plan to attend, it’s a good idea to add as many schools as you’re considering (and backup schools) in case anything changes. For 2024-25, you can list up to 20 schools.
• Not submitting a FAFSA at all: Take advantage of the opportunity for federal financial aid to avoid unnecessary out-of-pocket costs. 

What happens after I apply? 

After submitting your application, you’ll receive your FAFSA Submission Summary with your Student Aid Index (SAI). The SAI replaces the Expected Family Contribution (EFC) used in the past. 

The Department of Education will review your application and determine your eligibility for certain aid programs. FAFSAs submitted for the 2024-25 school year are processed starting in the first half of March 2024. Generally, the process can take one to 10 days, depending on whether you submitted an electronic or paper FAFSA. 

Schools use the Department of Education’s assessment, and your SAI, to determine which aid awards you’re eligible for and how much. Depending on your eligibility for federal aid, you may want to research external scholarships and private student loans to fill any gaps in your college funding. 

Application deadlines 

There are three critical deadlines to remember when submitting your FAFSA:

• Federal deadline: This deadline determines whether you qualify for federal student aid programs, such as the federal Pell Grant and Direct Loan program. To meet the federal deadline, submit your FAFSA by 11:59 p.m. CT on June 30, 2025.
• State deadline: Your state might also use your filed FAFSA to determine your eligibility for state-funded financial aid. You can find a list of state FAFSA deadlines on StudentAid.gov, or by asking your school’s financial aid office.
• School deadline: Your educational institution might also have its own FAFSA deadline. Contact a financial aid administrator at your school ahead of time to ensure you don’t miss it.

FAQ

What is the FAFSA used for? 

The FAFSA is the official form for students to apply for federal student aid for their higher education expenses. It’s completely free, and can help students and their families determine eligibility for various aid, like federal loans as well as grants that do not require repayment. States and schools also use it to assess eligibility for their own financial aid programs.

Who is eligible to receive federal student aid? 

Generally, students who have a valid Social Security number and are U.S. citizens, U.S. nationals, or eligible noncitizens can apply for federal student aid. Additionally, students must be eligible for higher education and be accepted or enrolled in an eligible program at a qualifying school. You must maintain satisfactory academic progress to be eligible for future aid.

What is the deadline for the FAFSA?

The deadline for the 2024-25 FAFSA is June 30, 2025. The Department of Education must receive applications by 11:59 p.m. Central Time (CT) on this date.

How much financial aid can I get with FAFSA?

The aid amount students are eligible for through the FAFSA varies based on the school’s reported cost of attendance, the student’s enrollment level, year in school, financial aid received from other sources, and income and assets. If you’re a dependent student, your parents’ income also influences how much federal aid you can qualify for.

Related: How much can I borrow in student loans?