Completing the FAFSA®

When you complete the FAFSA, you give yourself options to help prepare for the future. Even if you think you don’t qualify for any federal need-based grants and you don’t want federal student loans, you’ll still want to complete the FAFSA because it may be used to determine your eligibility for scholarships and other programs. You won’t know what you could receive in financial aid until you complete the FAFSA.

The FAFSA opens up educational opportunities without requiring a commitment. As you consider your future, you will have other options available to you. With completion of the FAFSA, you will find out if you qualify for need-based federal financial aid and meet the basic requirements for federal student loans and other types of financial aid. You will also find out if you qualify for need-based federal financial aid and meet the basic requirements for federal student loans and other types of financial aid.

Anyone considering attending college should complete a FAFSA, including high school seniors, students pursuing advanced degrees, and adult learners.

The FAFSA can be completed the year before your anticipated college attendance, or during the same year of attendance. However, you should complete the FAFSA as soon as possible to be considered for all funding opportunities and to meet any financial aid priority deadlines set by the college or university.

Normally, the FAFSA becomes available on October 1st of each year for the following academic year. (For the 2024-25 academic year, the FAFSA will be delayed due to changes in the federal financial aid process.) Check with your representative or with Mapping Your Future to find out more about when to complete the FAFSA.

To begin your application, go to studentaid.gov.

First – Create your account, called your FSA ID. This will give you access to certain information online, which allows you to sign your FAFSA form and promissory notes electronically.

Second — Gather the information you will need to complete your application:

• Student and parents’ social security numbers
• Alien registration number (if you are not a US citizen)
• Federal tax information or tax returns
• Student and parent(s) records of assets. This includes savings and checking account balances, as well as the value of investments such as stocks and bonds and real estate (except the home in which your family lives).
• List of colleges you are interested in attending

Financial aid offers will be sent to you by each college once you have completed the FAFSA and been accepted. These letters outline how much the college will cost and what kind of financial aid package you’ll receive for one year, including:

• Grant, Scholarships, Work-study, Federal student loans.
• Cost of attendance (COA), an estimate of what you can expect to pay for tuition and fees, room and board, books and supplies, and personal expenses for one year.
• Expected Family Contribution (EFC), an index number that colleges use to determine financial aid eligibility. Starting in the 2024-25 school year, EFC will become the Student Aid Index (SAI).
• The remaining amount, or funding gap, that you’ll have to make up from other sources.

Students and parents should review these offers carefully. And if multiple financial aid offers are being compared, it’s important to analyze each offer to determine which college is offering the most financial aid.

High school representatives are excellent resources available to high school students and parents needing support when completing their FAFSA. Reach out at any time if you need a helping hand.

Each year, many high schools schedule evening events to help prepare students and parents for completing the FAFSA. Most events occur in the fall but some happen in the spring as well. These can either be attended in-person or online. Ask your school representative about opportunities to attend.

Each college has a Financial Aid Office that is responsible for preparing and communicating information on financial aid. These offices help students apply for and receive student loans, grants, scholarships and other types of financial aid. While college admissions representatives are often the main contacts for prospective students and their families, never hesitate contacting a college financial aid office if you have a financial question.

Families and students can get the answers to college planning and financial aid questions free by contacting Mapping Your Future via email (feedback@mappingyourfuture.org) or phone (1-800-374-4072). Mapping Your Future is a nonprofit organization, funded by the South Dakota Community Foundation.