Most people take less than an hour to complete and submit a new Free Application for Federal Student Aid (FAFSA®) form. This includes gathering any needed documents or data, completing and reviewing the application, and reading the important information on the "Confirmation" page.
Some of the most common FAFSA errors are: Leaving blank fields: Too many blanks may cause miscalculations and an application rejection. Enter a '0' or 'not applicable' instead of leaving a blank. Using commas or decimal points in numeric fields: Always round to the nearest dollar.
It typically takes 3–5 days to process a 2023–24 FAFSA form that was submitted electronically. The student can check the status of their FAFSA form immediately after submitting it online. The U.S. Department of Education processes a paper FAFSA form within 7–10 days from the date it was mailed.
When you file the FAFSA, you have an 85% chance of receiving some type of 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.
Federal Student Aid data shows that approximately 17.8 million FAFSAs were submitted during the 2020-21 application cycle. Over the last decade, the average grant aid per full-time undergraduate student has doubled, going from $5,190 in 2001 to $10,590 in 2021.
If you submitted your FAFSA form online, we'll process your form within one to three days. If you submitted a paper FAFSA form, your form will be processed within 7 to 10 days.
To check the status of your Free Application for Federal Student Aid (FAFSA®) form, do the following: Log in to check the status of your FAFSA form. Find your application status under “My Activity,” which displays after you log in if you've started or completed a FAFSA form.
If you are a first-year, first time federal student loan borrower, you will likely have a longer delay in receiving your financial aid. There is a 30-day delay from the first day of classes, before some schools will be able to pull these funds for these specific students.
Filling out the Free Application for Federal Student Aid (FAFSA®) form can be a straightforward and easy process. Below are some tips to help you along the way.
Students should not just leave the section blank. Put something there like “0” or “N/A” because too many blank spaces could cause the FAFSA to be rejected. Too often students mistype or miswrite an answer. Social security numbers (SSN), parent marital status, and nicknames are three of the most frequent pitfalls.
Despite common misconceptions, there are no income limits for eligibility through Free Application for Federal Student Aid (FAFSA). From 2017-2018 to 2021-2022, the number of applicants for federal student aid in the United States decreased from 18.97 million to 17.53 million.
Why is the 2024-2025 FAFSA delayed? The latest delay for the 2024-2025 FAFSA is the result of errors in updating the indexing formula for the Student Aid Index (SAI), a figure used to determine how much aid students qualify for.
Financial aid funds will typically start to disburse (meaning post to your tuition and fees account balance) 10-14 days after the “Last day to drop with a refund” for your latest starting classes.
This includes grants, scholarships, work-study funds, and loans. How long will it take? It takes most people less than one hour to fill out the FAFSA form, including gathering any personal documents and financial information needed to complete it.
To see your aid, log in to your StudentAid.gov account using your account username and password combination (also called your FSA ID). Select “View Details” in the My Aid section of your account Dashboard. You can view your loan types and servicer(s) for each loan under the Loan Breakdown section of the My Aid page.
It's best to apply as close to the opening date, October 1, as possible. Federal Student Aid, the government provider of student financial assistance in the US, hands out grants, loans, and more on a “first-come, first-served” basis, meaning there's more money to work with at the very start of a new FAFSA cycle.
Check the status of your form by logging in to your StudentAid.gov account and selecting your FAFSA submission from the “My Activity” section of your account Dashboard. If you submitted a paper FAFSA form, you can check its status after it has been processed (roughly 7–10 days from the date mailed).
The FAFSA application season typically starts on October 1, and the FAFSA deadline is typically June 30, or the end of the academic year, whichever comes first. The FAFSA deadline for the 2024-2025 academic year is June 30, 2025.
Depending on your year in school, your status and your financial need, it's possible that you can get enough financial aid to cover the entire cost of your attendance. However, in many cases, there are limits.
Average Student Loan Payments
As of May 30, 2023, the average monthly payment for federal student loans was estimated to be about $500 per month when adjusted for inflation. However, the final number depends on the type of loan, loan amount, interest rates, and repayment plan.