The FAFSA is Live for 2026-27: What You Need to Know

The 2026–2027 FAFSA (Free Application for Federal Student Aid) is now open—earlier than the usual October 1 date. You can access the form here. Before getting started, I recommend that students create their FSA ID here. Once that’s set up, students should begin filling out the FAFSA before their parents do. When students enter their parent information in their section of the form, the parent will automatically get an invitation to complete the parent portion

What is the FAFSA?

The FAFSA is the form every college and university requires if you want to be considered for financial aid. As the name says, it’s free to complete and is used to determine your eligibility for federal aid. 

Both the student and one parent (or legal guardian) will need to create an account, called an FSA ID, before you can complete the FAFSA. You can set up your FSA ID at the same site. Please be aware that www.fafsa.com and www.fafsa.net are private companies that will charge you—do not use those sites. The FAFSA is always free.

One important note: if your parents are divorced or separated, be sure to check the FAFSA website to see which parent’s information you’ll need to provide.

What is Financial Aid?

Financial aid is need-based, meaning it’s awarded because a student can’t cover the full cost of college on their own. Eligibility is based on family finances, not grades or test scores. Aid can come from the federal government, your state, or the college itself, and is usually offered as a package that may include:

• Grants – The best kind of aid because they don’t have to be repaid. (I remember it as “grants are good.”)

• Work-Study – A federal program that provides part-time jobs for students.

• Loans – Often the largest piece. Students usually borrow these funds and must pay them back after college.

How To Estimate Your Family’s Financial Aid Eligibility 

Financial aid eligibility is based on two things:

• The total cost of attendance for one year (tuition/fees, room/board, books, and living expenses).

• What the government and/or college determines your family can reasonably contribute.

Unless your family can easily pay the full cost of college and you’re certain that won’t change in the future, I recommend submitting a financial aid application. Because costs vary so much from school to school, your aid package will too.

Student Aid Index (SAI)

When you apply for aid, the forms you submit are used to calculate your Student Aid Index (SAI)—the number that represents what your family is expected to contribute. This replaced the old “EFC” in 2023. To get a sense of your SAI, try the Federal Student Aid Estimator.

Net Price

Net Price is what you actually pay after subtracting scholarships and grants from the total cost of attendance. Every college has a Net Price Calculator on its website—this is one of the best tools to estimate affordability as you build your college list. Just search “[College Name] Net Price Calculator” or visit the Net Price Calculator Center.