Got a College-Bound Student? Do This ASAP

If you’ve got children or grandchildren headed to college next year, the next few months will be big: Choosing where to apply is one of the most important — and personal — decisions your student will make, and everyone’s path is different.

Thankfully, one part of the process is the same for virtually everyone. Figuring out how to pay for school almost always starts with the same step: filling out the Free Application for Federal Student Aid — or FAFSA, as it’s commonly known.

It’s hard to overstate the importance of this one online form, which opened for the 2026-2027 school year last week.

The FAFSA is required in order to apply for any federal aid (including grants, scholarships, work-study or student loans) and in many cases, state-specific or school-specific aid too. And roughly half of a typical undergraduate’s college costs are covered by some form of financial aid or loans, according to an annual survey from Sallie Mae.

So what? Regardless of your income, if you’ve got a college-bound student in the family, now’s the time to fill out the FAFSA. Not only is aid at the state and college levels often offered on a first-come, first-served basis, but the earlier you submit, the more time you’ll have to get and compare financial aid offers from the schools your student is accepted to. And not all aid is based on your financial situation.

(Over the past two years, delayed launches and other glitches forced some students to make rushed decisions about where to attend, but this year’s version actually came out ahead of schedule.)

Here are some important things to keep in mind:

• The FAFSA won’t consider this year’s tax return: The FAFSA form relies on the tax return from two years prior to the relevant school year (so 2024 for the 2026-2027 school year,) so there’s no reason to wait to file your taxes first. You could lose out on opportunities if you delay.

• If the student’s parents are divorced, just one fills out the FAFSA unless they still live together: Only the parent who provided more financial support during the previous 12 months must provide their information. If the parents support the student equally, the parent with more income and assets should fill out the form unless both parents are going to apply for parent loans. This Who’s My FAFSA Parent? Wizard can help.

• Not all aid is need-based: For example, on average, about 26% of state grants for undergrads are awarded based on factors other than financial need, according to the College Board. And submitting the FAFSA is free and usually takes around 30 minutes to fill it out.

• If you’re at least 24, your parents don’t need to fill out the FAFSA: That’s the age when you’re considered an independent student, so your parents’ financial information won’t be considered. Other criteria include being married or in the military.

• The form has been streamlined: The FAFSA’s undergone changes in recent years that make it easier to complete, like autopopulating data from your IRS tax returns.

FAFSA Tracker (National College Attainment Network)

FAFSA Tips & Common Mistakes to Avoid (National Association of Student Financial Aid Administrators)

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