Looking to submit this year's FAFSA? Here is how the application works and its eligibility (2024)

FAQs

How does submitting FAFSA work? ›

After you and your parent (and/or any other required contributor) sign and submit the FAFSA form, the form will be considered complete and will be submitted for processing. If you submit the FAFSA form, you'll see a confirmation page that displays your completion date, data release number, and next steps.

Your EFC (2023–24 FAFSA form) is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school.

What are the FAFSA income limits? A common myth is that students from high-income families won't qualify for FAFSA funding. In reality, there's no maximum income cap that determines your eligibility for aid. Although your earnings are a factor on the FAFSA, only some programs are based on need.

Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.

The verification process involves submitting documents such as tax transcripts and W-2 forms so the financial aid office at your college can see that the information on these documents matches your FAFSA application.

It is not the financial aid itself. However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.

Eligibility Requirements. Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

What Are the FAFSA Income Limits for 2024? Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

What income is too high for FAFSA? There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.

Will I get financial aid if my parents make over 100k? ›

In conclusion, even with a household income of $100,000, it is still possible to receive financial aid. To maximize your chances, ensure that you apply for as many different aid programs and scholarships as possible, both at the college level and from outside sources.

FAFSA requirements and your eligibility

Have a valid Social Security number. Be enrolled or accepted for enrollment in an eligible degree or certificate program. Maintain satisfactory academic progress in college if you're already enrolled. Standards for satisfactory academic progress vary by school.

If you don't meet baseline eligibility requirements, or if you've previously defaulted on a loan, you may not be approved for a federal student loan. You must maintain "satisfactory progress" in school to be approved for student loans. You can take steps to regain or improve your eligibility for student loans.

There are a few common reasons why the Federal Processor will reject an application: Missing signatures, inconsistent marital status with income, taxes paid are equal to or higher than adjusted gross income, citizenship questions are blank, marital status and family members blank, etc.

To qualify for federal financial aid for college, a student must prove that they are capable of pursuing higher education. Without a high school diploma, GED, completion of a state-approved homeschooling program, or enrollment in an eligible career pathway program, you will not receive federal aid.

The calculation uses information from your tax return as well as the net worth of your assets. Some FAFSA applicants may need to manually provide their tax information. Learn more about where to find tax information.

If you submitted your Free Application for Federal Student Aid (FAFSA^®) form, you can expect the U.S. Department of Education (ED) to process your form based on the method of submission: Forms submitted electronically are processed within one to three days. Paper forms are processed within 7–10 days.

Generally, your grant or loan will cover a full academic year and your school will pay out the money in at least two payments called disbursem*nts. In most cases, the school must pay at least once per term (semester, trimester, or quarter).

The FAFSA guarantees access to federal student aid programs and some state programs. It does not guarantee need-based financial aid at the school of your choice.