For families with a student headed to college — whether it's their first year or their last — the Free Application for Federal Student Aid (FAFSA) is one of the most important forms you'll fill out all year. It determines eligibility for federal grants, work-study, and federal student loans, and many states and colleges also use it to award their own aid. Filing on time, and ideally early, can make a real difference in what a family is offered.
When the FAFSA Opens
The FAFSA for the upcoming academic year generally becomes available on October 1. [VERIFY current-cycle opening date — recent cycles have seen delays and phased rollouts, so this should be confirmed against studentaid.gov before publishing] Some states and colleges have their own priority filing deadlines that come well before their final deadline, which is why waiting until the last minute can mean missing out on aid that's awarded on a first-come, first-served basis.
What to Gather Before You Sit Down to File
• Social Security numbers for the student and contributing parent(s)
• Prior-prior year federal tax returns and W-2s (the FAFSA generally uses tax information from two years before the upcoming school year)
• Records of untaxed income, current bank statements, and investment account balances
• A list of the colleges the student is applying to or considering
Many families are able to have their tax information pulled in automatically through the IRS data-sharing tool built into the FAFSA process, which can significantly speed up completion — but it's worth having your return on hand as a backup.
A Few Planning Notes
• Assets are treated differently depending on whose name they're in. Assets held in a parent's name are generally assessed at a lower rate than assets held directly in a student's name, which is one reason families sometimes revisit how college savings are titled well before senior year.
• Retirement accounts are generally excluded. Money in retirement accounts is typically not counted as an asset on the FAFSA, which is one of several reasons retirement contributions and college savings strategies are worth coordinating together rather than in isolation.
• Every year is a new form. The FAFSA has to be filed every year a student wants to be considered for aid — it isn't a one-time application.
Bottom Line
The FAFSA window doesn't stay open forever, and early filing can genuinely affect the amount of aid a family is offered. If you have a student approaching college, or if you're trying to figure out how college savings, retirement contributions, and cash flow fit together over the next few years, we're glad to help you think it through before the forms are due.
This material is not intended as tax or financial aid advice. Families should confirm current FAFSA dates and requirements at studentaid.gov and consult a qualified professional regarding their specific situation.