FAFSA Basics for High School Seniors and College Freshmen

Unlock Your Financial Aid Potential with FAFSA

Applying for FAFSA, or the Free Application for Federal Student Aid, is a critical step in the college applications process for high school seniors and college students. This application is the first step in securing many types of financial aid for higher education. Whether you're in high school, just starting college, or a parent helping your child through the college application process, understanding FAFSA is key to maximizing your financial aid opportunities.

Why is FAFSA Important?

FAFSA opens the door to a variety of financial aid options, including:

  • Grants: Free money that doesn't need to be repaid.

  • Federal Pell Grants: These grants are awarded based on financial need and do not need to be repaid. They are typically given to undergraduate students who have not yet earned a degree.

    1. Federal Supplemental Educational Opportunity Grants (FSEOG): These grants are intended for students with exceptional financial need. Like Pell Grants, they do not need to be repaid. Limited funds are available, which means not all eligible students will receive this grant.

  • Federal Student Loans: Low-interest loans that must be repaid after graduation.

  • Direct Subsidized Loans: These loans are available to undergraduate students who demonstrate financial need. While students are in school, the U.S. Department of Education pays the interest on these loans, so long as the student is enrolled at least half-time. There is also a standard post-graduation grace period before repayment is required.

    1. Direct Unsubsidized Loans: Unlike subsidized loans, Direct Unsubsidized Loans are not granted based on financial need. These loans are available not only to undergraduate students, but also graduate students. Students who take Direct Unsubsidized Loans through FAFSA are required to pay the interest throughout the entire loan period.

    2. Direct PLUS Loans: These loans are available to graduate or professional students and parents of dependent undergraduate students. They can help pay for education expenses not covered by other financial aid. A credit check is required for these loans, and the borrower is responsible for the interest.

    3. Direct Consolidation Loans: This option allows you to combine all your eligible federal student loans into a single loan with a single loan servicer. This can simplify repayment but may result in losing certain borrower benefits associated with individual loans.

    4. Direct PLUS Loans for Parents: These loans are offered to parents of dependent undergraduate students. Unlike other federal student loans, qualification on Direct PLUS Loans require a credit check. With these types of loans, the parent is the borrower and is responsible for repaying the loan. Interest begins accruing on the date the loan is disbursed. Parents can borrow up to the full cost of their child's education, minus any other financial aid received.

  • Scholarships: Merit-based or need-based funding.

  • Work-Study Programs: Part-time jobs to earn money while studying.

General FAFSA Information

Eligibility Criteria

Most U.S. citizens or eligible non-citizens with a high school diploma or GED can apply. Some colleges may have additional eligibility requirements.

Deadlines

Submit your FAFSA as early as possible to maximize aid opportunities and meet institutional deadlines. The federal deadline is June 30, but many states and colleges have earlier deadlines.

Required Information

You'll need the following to complete your FAFSA:

  • Social Security Number (SSN)

  • Driver's license or state ID

  • Federal income tax returns, W-2s, and other financial records

  • Records of untaxed income

  • Current bank statements

  • List of colleges you're applying to

How to Apply for FAFSA

Creating an FSA ID

An FSA ID is the login for use in signing and submitting the FAFSA. It also allows you to access other financial aid documents and information. Create your FSA ID at fsaid.ed.gov.

State and Institutional Aid Programs

Some states and institutions offer additional aid programs that require FAFSA submission. For Montana residents, programs like the Montana Higher Education Grant and the Baker Grant may be available. Check with your state and prospective colleges for specific details.

Submit Your FAFSA Early

Submitting your FAFSA early increases your chances of receiving more financial aid. Many grants and scholarships have limited funds, so the sooner you apply, the better your chances.

Learn More and Get Help

Navigating FAFSA can be overwhelming, but you don't have to do it alone. Our experienced tutors are here to help you understand the application process, eligibility, and how to maximize your financial aid.

Ready to get started? Get in Touch with Our Tutors for More Information

Useful Resources