If your student is heading to college next fall, the Free Application for Federal Student Aid (FAFSA) should be on your radar—right now.
October is the month when the FAFSA opens, and with recent changes to the form and formula, this year’s process may look different than what you’ve seen in the past. But don’t worry—early preparation is the key to avoid panic and maximize the aid your student receives.
Here’s a practical guide to help you get organized and ready.
Step 1: Understand What’s Changed
The FAFSA overhaul is not just cosmetic. Several changes directly impact how your family’s financial information is assessed and how much aid your student may receive.
Here are a few of the most important updates:
- EFC is now SAI: The Expected Family Contribution (EFC) has been renamed the Student Aid Index (SAI). While the formula is similar, the language shift aims to reduce confusion—this number doesn’t reflect what you’ll actually pay.
- Multiple kids in college? The sibling discount is no longer automatic. If you have more than one child in school at the same time, colleges are no longer required to divide your SAI between them. However, some financial aid offices may still use discretion, so it’s worth asking.
- The FAFSA is shorter: In most cases, the form will have fewer than 40 questions thanks to the new IRS Data Exchange, which automatically pulls in tax information.
- Custodial parent rules have changed: For divorced or separated families, the parent who provides the most financial support—not the one the student lives with—is the one who fills out the FAFSA.
Step 2: Create Your FSA IDs Now
Every FAFSA contributor—student and parent—must have an FSA ID. And this year, each contributor must log in separately, even if you’re using the same computer. Create your FSA ID now so it’s fully active and verified when you’re ready to file.
Go to studentaid.gov/fsa-id to get started. You’ll need:
- A valid email address
- A mobile phone number
- Your Social Security Number
- Answers to security questions
If parents file taxes separately, each parent may need their own FSA ID.
Step 3: Gather Your Documents
To fill out the FAFSA, you’ll need:
- 2024 federal tax returns
- W-2s and records of untaxed income
- Bank and investment account balances
- Records of child support received or paid
- Information on your family size and number in college
Step 4: Know Your Deadlines
While the FAFSA opens in October, many schools have priority financial aid deadlines in November or December.
That means:
- Students applying Early Action or Early Decision need to file the FAFSA early
- Missing a priority deadline could reduce institutional aid eligibility—even if you qualify on paper
Mark deadlines for each college on your student’s list and start early.
Step 5: Look Beyond the FAFSA
The FAFSA is just one part of the aid picture. Your student may also need to submit:
- The CSS Profile, used by many private colleges (opens October 1)
- Institutional aid applications or portals for school-specific scholarships
- Private scholarships, many of which have fall deadlines
Need help navigating all of it? That’s exactly why we offer personalized guidance and free educational resources.
Don’t Let Confusion Cost You Aid
The earlier you start, the more confident you’ll feel—and the more opportunities your student will have to receive meaningful aid. The FAFSA may look different this year, but the strategy remains the same: File early. Stay organized. Know your options.
Need help? Access our on-demand webinars, register for an upcoming workshop, or request a one-on-one consultation with a College Funding Coach®.
Watch an on-demand walk through of the FAFSA