The FAFSA form asks for financial information, including information from tax forms and balances of savings and checking accounts. The 2025–26 FAFSA form asks for 2023 tax information. The 2024–25 FAFSA form asks for 2022 tax information.
Award amounts can change yearly. The amount for the 2024–25 award year is provided below. We'll add the amount for the 2025–26 award year when it's available. The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025).
The FAFSA has a 21-month application cycle that begins on October 1, nine months before the start of the award year, and ends on June 30, the last day of the award year.
The 2025–26 Free Application for Federal Student Aid (FAFSA®) form is now available. You can complete the form to apply for financial aid for attendance at college or career school between July 1, 2025, and June 30, 2026.
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.
What is the maximum income to qualify for FAFSA? There's no income limit that precludes students from qualifying for student aid, so they should complete the FAFSA, regardless of their family income.
There are no FAFSA income limits, meaning there's nothing stopping even the richest college students from submitting a FAFSA. Thanks to the so-called “Simplified FAFSA” unveiled for the 2024-25 academic year, filling out the form is faster and easier than ever.
While there isn't a strict maximum family income limit for Pell Grant eligibility, the grant is typically awarded to students with financial need, particularly those with an annual family income of $60,000 or below.
With the 2024-2025 FAFSA, the term Expected Family Contribution (EFC) will be replaced with the Student Aid Index (SAI) – this is a new need analysis formula that we will use when awarding need-based grants and scholarships.
Grants don't need to be repaid, assuming the requirements are met (maintaining a certain GPA, completing the program, etc.). There are fewer grant options compared to scholarships because grants are mostly based on financial-need.
Administered by the U.S. Department of Education, FAFSA is a form used by students in the U.S. to apply for federal financial aid, including grants, loans, and work-study programs. In reality, there are no specific income caps for federal financial aid through FAFSA.
The 2024–25 Free Application for Federal Student Aid (FAFSA®) form asks for your (the student's) and your family's 2022 income and tax information. enables submitting a FAFSA form before attending school.
Can I still get financial aid after the federal deadline? Unfortunately, once the FAFSA® closes, you won't be able to fill out the form for that academic year. Instead, you may have to find other ways to fund your post-secondary education. This underscores how important it is that you don't miss these deadlines.
Over 17.6 million FAFSA forms are completed each year, according to the Department of Education. However, some of the available money is handed out on a first come, first serve basis. So, it's a good idea to file your application sooner than later to help pay for your education.
Technically, no income is too high for the FAFSA. The U.S. Department of Education recommends filling out the FAFSA yearly, regardless of income. However because FAFSA is needs-based aid, those from lower-income families with a greater financial need get access to more financial aid.
For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school.
Even if your family makes multiple six figures a year, you can still get financial aid. That said, not financial aid is created equal. Ideally, you want free money, or grants not loans. Despite earning a six-figure household income, many parents struggle to pay for their children's education without going into debt.
You can only qualify as an independent student on the FAFSA if you are at least 24 years of age, married, on active duty in the U.S. Armed Forces, financially supporting dependent children, an orphan (both parents deceased), a ward of the court, or an emancipated minor.
How much money could I get from a Federal Pell Grant? Every year, the federal government updates the maximum Federal Pell Grant award amount. For the 2024–25 award year, the maximum Pell Grant award is $7,395.
Any money left over is paid to you directly for other education expenses. If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.
Use the 2024–25 Free Application for Federal Student Aid (FAFSA®) form to apply for aid for July 1, 2024, to June 30, 2025. States, schools, and the federal government have their own FAFSA deadlines.
Final answer: The type of financial aid considered free money is Grants, as they do not require repayment. Options like work-study programs and loans involve obligations and repayments. Students should apply for grants through applications like FAFSA to maximize available aid.
Some states and schools continue to award aid to FAFSA latecomers, but your chances get much slimmer, and the aid is often lower. You may still be eligible for a Federal Pell Grant. If you miss the June 30 federal deadline, you're no longer eligible to submit that year's FAFSA form.