October FAFSA Prep: What Students and Parents Should Know

For many families, paying for college can feel overwhelming. The good news is that financial aid exists to make higher education more affordable, and the Free Application for Federal Student Aid (FAFSA) is the key to unlocking it.

What is FAFSA?

The FAFSA is a form students complete each year to determine their eligibility for federal student aid. This includes grants, scholarships, work-study programs, and federal student loans. Many states and colleges also use FAFSA information to award their own financial aid packages, making it one of the most important steps in the college application process. You can find more details on loans, scholarships, and work-study opportunities in our article: What Are My Options to Pay for College?

Why is FAFSA Important?

Filling out the FAFSA can open the door to thousands of dollars in aid. Even if you think your family may not qualify for need-based assistance, many schools require the FAFSA for merit-based scholarships too. In short, skipping it could mean leaving money on the table.

When and How to Apply

The FAFSA opens on October 1st each year for the following academic year. Since some aid is distributed on a first-come, first-served basis, applying early increases your chances of receiving the maximum amount of aid available.

Here’s how to get started:

1. Create an FSA ID – Both the student and a parent (for dependent students) need an FSA ID to sign the form electronically.
2. Gather documents – Have Social Security numbers, tax returns, W-2s, bank statements, and records of untaxed income ready.
3. Complete the FAFSA online – Visit studentaid.gov and set aside about an hour to complete the application.
4. List schools – Add every college you’re considering, even if you haven’t applied yet. Schools use this information to put together financial aid offers.
5. Submit early – Don’t wait until deadlines approach. Submitting early ensures you’re considered for the most aid possible.

Tips for Parents and Students

• Double-check your information to avoid errors that can delay processing.
• Use the IRS Data Retrieval Tool to automatically transfer tax information.
• Reapply every year—aid is not automatically renewed.
• Stay organized by keeping a folder of login details, deadlines, and submitted documents.

Filling out the FAFSA might seem intimidating, but it’s one of the most important steps in making college more affordable. By preparing in advance and applying as soon as possible, students and parents can maximize their chances of receiving financial aid and ease the burden of tuition costs.