Going to college or graduate school is a serious investment in your future — both professionally and financially. Naturally, you’ll want to know how much financial aid you’re eligible for, including student loans, grants, and work-study programs.
The amount of federal aid that prospective and current students receive is based on a variety of factors, and everyone’s financial situation is unique. But familiarizing yourself with the following requirements and questions can help paint a clearer picture of how much FAFSA money you will get.
Table of Contents
Key Points
• Eligibility for FAFSA requires U.S. citizenship, a valid Social Security number, and acceptance in an eligible degree or certificate program.
• Financial aid amount is influenced by dependency status, Student Aid Index number (SAI), and cost of attendance.
• Early annual submission of the FAFSA increases aid opportunities.
• Independent students may receive more aid due to higher assumed financial responsibility.
• Additional financing options include private scholarships, grants, and part-time employment.
What Are the Eligibility Requirements?
Many incoming and current college and graduate students are eligible for federal aid. Among the basic requirements, you must:
• Demonstrate financial need (for need-based federal student aid programs)
• Be a U.S. citizen, national, or eligible noncitizen
• Have a valid Social Security number, unless you’re from the Federated States of Micronesia, Republic of the Marshall Islands, or the Republic of Palau
• Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program
• Maintain satisfactory academic progress in college or career school
How Do I Begin the FAFSA?
The first step to completing the FAFSA is creating your FSA user ID and password. From there, you’ll answer a series of questions covering demographic information, schools you are interested in attending, financial details, and information from parents or guardians based on dependency status.
Filling out the FAFSA may feel intimidating, but a little preparation can save you from common FAFSA mistakes, like leaving important fields blank.
What Factors Affect FAFSA Money?
The application includes questions about demographics and finances for students and sometimes their families to answer. Collectively, this information will determine how much need-based and non-need-based aid students qualify for.
Applying for the FAFSA Every Year of School and on Time
Filling out the FAFSA is not a one-time deal. Students must file the FAFSA each year they are enrolled in college or graduate school.
There are several important FAFSA deadlines to be aware of. The federal deadline for the 2025-2026 academic year is June 30, 2026; for the 2026–2027 academic year, the federal deadline is June 30, 2027. This is the latest date you can submit the form. However, many states and colleges have their own priority deadlines for financial aid, which are typically earlier than the federal deadline.
Generally, the earlier you submit the FAFSA the better. This is because some federal, state, and institutional aid programs, including certain grants and federal work-study funds, are limited and distributed on a first-come, first-served basis.
Dependency Status
For FAFSA, a dependent is a student who does not meet any of the criteria for being an independent student. Generally, you are considered an independent student if:
• At least 24 years old
• Married
• A graduate or professional student (law, medicine, etc.)
• A veteran or active member of the armed forces
• An orphan, ward of the court, or emancipated minor
• Claiming legal dependents other than a spouse
• Homeless or at risk of becoming homeless
Your dependency status affects how much financial aid you’re eligible to receive. In many cases, independent students can be eligible for more financial aid, as they are assumed to be paying their own tuition and living expenses.
Still, dependent students may be eligible for a variety of financial aid opportunities from federal or state governments and colleges through the FAFSA. Most incoming and current undergraduate students are considered dependent. This means that information from parents or guardians, such as tax returns, must be submitted and will affect whether financial aid is awarded and how much.
In special circumstances, students may file for a dependency override. These are awarded case by case, and are typically reserved for students facing exceptional family-related issues or whose parents are unwilling to provide information for the FAFSA.
Student Aid Index
The Student Aid Index (SAI) is a number used by colleges to determine your eligibility for federal student financial aid. It’s calculated using information that you (and your parents) provide on the FAFSA, including student and parent income, student and parent assets, and the family size. It’s designed to determine the total financial resources you and your parents have and the minimum amount needed for your family’s normal annual living expenses.
The financial aid office at your college will subtract your SAI from your school’s cost of attendance to determine your level of your financial need and how much need-based aid you are eligible to get.
You can find your estimated SAI on the confirmation page of your FAFSA form. Once your FAFSA is processed, you’ll see your official SAI within your FAFSA Submission Summary. The SAI range is -1500 to 999999. The lower your SAI, the more financial aid you are likely to qualify for.
Cost of Attendance
Education costs can vary considerably based on merit-based scholarships, in-state vs. out-of-state residency, and other factors. The amount of FAFSA money you receive will also depend on the cost of attendance for your chosen college or university.
The cost of attendance encompasses tuition, fees, room and board, books and school supplies, and expenses associated with child care or disabilities, if applicable. A lower cost of attendance usually translates to less aid, because the funding can be used only for education purposes.
Not sure where you want to apply? Our College Search tool can help.
How Much Money Will I Get From FAFSA?
The amount of FAFSA money you receive cannot exceed the cost of attendance for your chosen college or university.
Before applying, the Federal Student Aid Estimator is a useful tool to estimate the amount of federal student aid you may qualify for.
Assuming that you meet the eligibility criteria and are applying on time, you may receive some form of federal financial aid, especially if your SAI is less than your cost of attendance. Potential sources of federal student aid include the following programs:
Grants
Unlike loans, grants are free money to put toward your education that does not have to be paid back. After completing the FAFSA, students with proven financial need may receive aid in the form of a Federal Supplemental Educational Opportunity Grant or Pell Grant. Opportunity grants are allocated based on need, other aid awarded, and college budgets. Pell Grants change annually but the maximum award for the 2025–26 academic year is $7,395.
Work-Study
Federal work-study programs typically involve a part-time job on or off campus. Wages are typically set by the college but must meet minimum-wage requirements. Work-study schedules are intended to be structured around students’ classes.
Federal Loans
Eligibility for federal student loans is generally broader than for grants and work-study programs. Federal loans are either subsidized or unsubsidized, with subsidized loans being need-based and including interest deferment and grace periods. On the other hand, unsubsidized loans begin accruing interest as soon as they are paid out to borrowers.
Different types of federal student loans exist, and each has a maximum award amount according to dependency status and year of study. Dependent undergraduate students have an aggregate loan limit of $31,000 for all undergraduate study, while independent undergraduates can take out $57,500. Graduate students can borrow up to $138,500 for undergraduate and graduate study combined.
How Else Can I Pay for College?
If financial aid isn’t enough to cover your tuition and other education expenses, there are ways to make college more affordable.
Scholarships and Grants
Besides scholarships granted by your chosen college, there are opportunities offered by private foundations, community groups, and nonprofit organizations. Awards can be given based on academic merit, need, field of study, or participation in a specific sport or activity. An online scholarship search tool can help you unearth available awards filtered by school type, field of study, state, and more.
Try to stay on top of scholarship and grant applications and deadlines as they can come and go quickly. Winning a scholarship or a grant is basically finding free money, and you don’t want that money to go unclaimed.
The Takeaway
When determining how much federal financial aid you’re eligible for, remember that several key factors come into play: your dependency status, your Student Aid Index (SAI), and your school’s cost of attendance.
Filing your FAFSA application early and every year is crucial, as some aid is awarded on a first-come, first-served basis. If federal aid, grants, and scholarships aren’t enough, there are still other avenues to explore to make college more affordable.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
FAQ
How much does FAFSA usually give you?
FAFSA determines your eligibility for federal student aid, not a fixed amount. While the average federal award is $16,360, amounts can vary widely depending on your financial need and the school’s cost of attendance. Also the average award doesn’t include state or institutional student aid, which can also help you pay for school.
How can I check how much money FAFSA will give me?
You can get an estimate of how much federal student aid you may get by using the Federal Student Aid Estimator on the Federal Student Aid website (StudentAid.gov). To see the actual amount of federal (and other) financial aid you are able to get, you’ll need to wait for a financial aid offer from the colleges you apply to.
What does a 12,000 SAI mean?
A 12,000 Student Aid Index (SAI) is an eligibility index number, not a dollar amount that you are expected to pay. A college financial aid office will subtract your SAI (and any other grants or scholarships you’re receiving) from your school’s cost of attendance to determine your financial need. For example, if the school’s annual cost of attendance is $40,000 and your SAI is 12,000, your financial need is $28,000. This number helps the college decide how much need-based aid you may qualify for, including grants, scholarships, work-study jobs, and loans. However, colleges aren’t always required to meet 100% of your financial need.
What is the highest FAFSA grant?
The highest federal grant available through the FAFSA is the federal Pell Grant. The maximum Pell Grant award changes annually; for the 2025–26 academic year, it is $7,395. This grant is awarded to undergraduate students with exceptional financial need and does not need to be repaid.
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