How to apply for financial aid

By Carolyn Morris | Published on March 2, 2026

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The world of higher education is full of acronyms.

There’s the Scholastic Aptitude Test (SAT) and American College Test (ACT) college entrance exams, the results of which largely determine your chances of gaining admission to the school of your choice. Once you arrive on campus, you’ll be seeking a Business of Administration (BA) or Bachelor of Science (BS) degree. And if you choose to continue your studies beyond undergrad, you’ll need to take one of the several admissions tests such as the Graduate Record Examination (GRE), Law School Admission Test (LSAT), or Medical College Admission Test (MCAT) before you can pursue a Master of Arts (MA), Master of Science (MS), Juris Doctor (JD), Doctor of Medicine (MD), or other postgraduate degrees.

You get the idea.

When it comes to reducing your future student loan burden and getting help paying for college, there’s another acronym of equal – if not higher – importance: the FAFSA, or Free Application for Federal Student Aid. But financial aid goes beyond just the FAFSA, and it’s important to understand all the options available.

What is financial aid?

Financial aid refers to any financial assistance that helps students pay for college or vocational training. The main categories of financial aid include grants, scholarships, work-study programs, and loans, each with its own set of requirements and benefits. It covers a wide range of costs, including tuition, fees, room and board, books, supplies, and even transportation. Financial aid can come from various sources, such as the federal government, state governments, colleges and universities, private organizations, and employers.

What is the FAFSA?

The FAFSA is a free application that helps determine your eligibility for different types of federal financial aid, including grants, work-study programs, and federal student loans. It’s also used by many states and colleges to award additional aid.

The U.S. Department of Education provides over $150 billion each year in federal student aid, and completing the FAFSA is crucial to access these funds. Many states and schools also have limited aid resources, so applying early can make a big difference. It’s also worth noting that the FAFSA has recently undergone some significant changes.

What you need to file FAFSA to receive financial aid

According to StudentAid.gov, “you’ll need the following to complete a Free Application for Federal Student Aid (FAFSA®) form:

• Your Social Security Number
• Your A-Number (if you're not a U.S. citizen)
• Federal income tax returns; records of child support received; and your current balance of cash, savings, and checking accounts (Note: You must provide consent and approval to disclose your federal tax information to be eligible for federal student aid.)
• Bank statements and records of investments (if applicable)
• Records of net worth of investments, businesses, and farms
• Records of untaxed income (if applicable)
• An FSA ID (account username and password) to log in to StudentAid.gov and start the FAFSA form electronically

If you're a dependent student, then your parent(s) will need most of the above information.

If you’re a married student who did not file a joint tax return with your spouse, then your spouse will need most of the above information.

5 Tips to Help You Easily File Your FAFSA

Below we’re sharing six essential tips to help you avoid some common missteps and make the most of your FAFSA.

1. Know when the FAFSA filing deadlines are – and file as soon as possible

The federal government has a finite amount of financial aid available – and allocates many funds on a first-come-first-served basis. That means you should complete the FAFSA as soon as you can to help maximize your potential award.

Set calendar alerts or put sticky notes on your door—whatever it takes to keep you on track.

Here are the major deadlines you need to know:

• When you can begin filing FAFSA— For the 2026-2027 academic year, the FAFSA becomes available on October 1, 2025.
• Deadline for filing FAFSA — The filing deadline will remain June 30, 2027, for federal aid, but students should still be mindful of earlier state and institutional deadlines that may apply.

State and school deadlines can vary for school-specific aid. Contact any schools you’re considering to make sure you submit those forms on time, too.

You can find all the official deadlines, including your state, at the FAFSA website.

Pro tip: There are ways to pay for college even if you miss the FAFSA deadline.

2. You can submit your FAFSA more than once

If you’re applying to more than 10 schools, which is the limit on the number of entries per application, you’ll need to submit the application twice. Make sure to review the process on the official FAFSA website.

After you have submitted your FAFSA online, you’ll need to wait for the Submission Summary to confirm that your schools have received your information before updating and sending again. Once you have received the confirmation your first 10 schools received your information, you can make corrections to your FAFSA to update it with additional school codes. Then you’ll re-submit your application—and you’ll receive an additional Submission Summary.

Pro-tip: As this process might take some time, make sure to list the schools with the earliest deadlines in your first round, then you can add additional schools with later deadlines in the second round.

3. Include your parents on your FAFSA forms

For undergraduates, even if you pay your own bills and file your own taxes, you might still be considered a dependent student for the purposes of federal student aid since the definition differs from that used on federal income tax returns. You will need to include your parents’ financial information regardless of whether they will contribute to your education costs.

According to FinAid.org, “the federal government views paying for college as the responsibility of the parents, even though thousands of students have the same experience that you have described.”

They go on to explain that you can only qualify as an independent student on the FAFSA if you are any one or more of the following:

• At least 24 years of age
• Married
• On active duty in the U.S. Armed Forces
• Financially supporting dependent children
• An orphan (both parents deceased)
• A ward of the court
• An emancipated minor

4. Don’t leave blank fields on your FAFSA forms

While it’s recommended you submit the FAFSA online, a paper FAFSA form is available.

Leaving a field blank is the most frequent mistake made with the printed option. Doing so means the FAFSA processor will assume you forgot to answer, which could render your form incomplete and cause potential delays to your award letter.

Rule of thumb: If the question doesn’t apply to you, write in a zero. (Or opt for the online form, which is easier and faster than the paper version.)

5. Resubmit every year to receive the maximum aid possible

One common misconception about FAFSA is that you only need to submit it once. In reality, if you want to continue receiving financial aid throughout your education, you must resubmit your FAFSA form each academic year. This annual renewal process is essential because your financial situation can change, and FAFSA uses your most current financial data to calculate eligibility. Not resubmitting could mean missing out on additional funds or certain types of aid entirely.

Each year, make it a priority to update and submit your FAFSA as early as possible to ensure you qualify for the maximum aid available. Remember that some grants and scholarships operate on a first-come, first-served basis, so delaying could reduce your chances. Keeping track of your FAFSA submission deadline and renewing early ensures you won’t miss out on financial support that can significantly ease the cost of college.

Financial aid is a great place to start your education funding search, but it may not cover all your education expenses. Students should then turn to scholarships and grants before moving into loans, as you don’t need to pay back a scholarship or grant!

Other types of financial aid and other funding sources

Financial aid encompasses a wide range of funding options that help students cover the cost of their education. Understanding the full spectrum of financial aid can significantly reduce reliance on student loans, making higher education more affordable. Here’s a closer look at the different types of financial aid available and additional funding sources to consider:

Grants

Grants are typically need-based awards that do not need to be repaid, making them one of the most attractive forms of financial aid. These funds are often provided by federal and state governments, as well as colleges and universities.

The most common federal grant is the Pell Grant, which is awarded to undergraduate students demonstrating significant financial need. Other federal grants, such as the Federal Supplemental Educational Opportunity Grant (FSEOG), offer additional assistance to students with exceptional needs.

State grant programs may focus on specific demographics, fields of study, or income levels, with varying eligibility criteria. It's important to apply early, as some programs have limited funds. You can search for funding for your specific state to locate relevant information.

Scholarships

Scholarships are financial awards that do not require repayment and can be based on various factors, including academic achievement, talent, financial need, or other criteria. There are two main types:

• Merit-based scholarships: Awarded for accomplishments such as high grades, athletic performance, artistic skills, or leadership. These scholarships may be offered by schools, private organizations, or businesses.
• Need-based scholarships: These are awarded to students who demonstrate financial need, similar to grants, and may come from schools, nonprofits, or government programs. Scholarships can be one-time or renewable for multiple years, depending on the provider’s terms.

In addition to federal and institutional scholarships, private scholarships are available from various organizations, companies, and community groups.

Websites like Scholarships.com, and the College Board Scholarship Search can help students find scholarships that match their backgrounds and interests.

Work-study programs

Work-study programs offer part-time job opportunities for students to earn money while attending school. These jobs are often on campus, making them accessible and convenient.

The Federal Work-Study Program is a need-based program that provides funding based on factors such as the time of application, level of financial need, and available funds at the school. Income earned from work-study does not typically affect a student’s eligibility for other financial aid.

Student loans

While grants and scholarships are considered “gift aid” that does not require repayment, student loans must be repaid with interest. Loans can come from federal sources or private lenders:

• Federal Direct Subsidized Loans: Need-based loans where the government covers interest while the student is in school at least half-time, during the grace period, and during deferment.
• Federal Direct Unsubsidized Loans: Not based on financial need, with interest accruing from the time the loan is disbursed.
• Federal Direct PLUS Loans: Available to graduate students and parents of dependent undergraduates, requiring a credit check and carrying higher interest rates.
• Private student loans: Offered by banks, credit unions, and other financial institutions. These loans may have higher interest rates and fewer repayment options compared to federal loans, often requiring a co-signer.

Private student loans are another avenue to go down for education funding. Some colleges will point to a preferred lenders list, but students and parents should do their own research as well to pick the right lender for their situation.

State financial aid programs

Many states offer additional financial aid programs for residents, including grants, scholarships, and loan repayment assistance. These programs can prioritize students from low-income backgrounds, those pursuing high-demand fields like healthcare or education, or specific demographics. State aid deadlines may differ from federal deadlines, so check early to maximize eligibility.

Institutional aid

Colleges and universities provide their own financial aid packages, which can include scholarships, grants, and work-study opportunities. Institutional aid is typically awarded based on financial need, academic performance, or talent in areas like athletics or the arts. Some schools have generous aid policies that cover significant portions of tuition for qualifying students.

Employer tuition assistance

Many companies offer tuition assistance programs for employees pursuing further education. These programs may cover a portion of tuition costs or specific courses relevant to the company’s industry. Employees should check with their human resources department for eligibility requirements, such as maintaining a minimum grade point average or agreeing to stay with the company for a set period after completing the program.

Military financial aid and veteran benefits

Active-duty service members, veterans, and their families can access education benefits through programs like the GI Bill, Tuition Assistance (TA), and the Yellow Ribbon Program. These benefits often cover tuition, housing, and other expenses, and may extend to spouses and dependents.

Crowdfunding and educational grants

Some students seek financial support through crowdfunding platforms like GoFundMe or Kickstarter, especially if they have a compelling story to share. Additionally, educational grants may be available through private foundations or professional organizations for students engaged in specific fields of study, research projects, or community service.

Income-share agreements (ISAs)

Some institutions and private organizations offer Income-Share Agreements, where students receive funding in exchange for a percentage of future earnings for a set period. While ISAs don’t accrue interest like traditional loans, repayment amounts vary depending on the student's income. Understanding the terms is crucial, as ISAs may not be ideal for all career paths.

Community and professional organization scholarships

Local community groups, rotary clubs, and professional associations often award smaller scholarships to students in their area or field. These can be beneficial for covering additional expenses like books and supplies. Organizations such as the American Medical Association (AMA) and American Bar Association (ABA) may also offer scholarships for students pursuing careers in specific industries.

Student exchange and study abroad programs

Students interested in studying abroad should explore scholarships and financial aid specifically for international education programs. Some universities partner with foreign institutions to offer exchange programs at the same tuition rate as the home school, and scholarships for study abroad experiences may be available.

Whatever you do, don’t skip filing your FAFSA

Making the most of your FAFSA is impossible if you fail to submit it in the first place. Even if you think your parents earn too much money for you to qualify, you should still fill out the form. It’s worth the extra effort to avoid leaving free money on the table!

Students of all income levels can qualify for many types of financial aid that don’t depend on your family’s wealth. And if you still need help covering your education costs, consider exploring private student loan options.

Explore student loans with Earnest to find flexible solutions designed to fit your budget and help you achieve your educational goals. Learn more about how our customizable repayment plans and competitive rates can make paying for college more manageable.