FAFSA

What It Means

The FAFSA, the Free Application for Federal Student Aid, is the U.S. Department of Education's form for applying for federal student aid, such as Pell Grants and federal student loansFederal student loanA student loan made by the U.S. Department of Education, with a fixed rate set by law and federal repayment plans and protections. See more. A student files a new one for each school year. The 2027-28 form covers college or career school attended from July 1, 2027 through June 30, 2028, and it asks about the 2025 tax year.

How Parents Say It

• "Did you submit the FAFSA yet?"
• "We need our 2025 tax return for the FAFSA."
• "Let's sit down and do the FAFSA this weekend."

The Breakdown

Worked example. A family compares one college's aid offer for the 2027-28 year (Buhata's example numbers):

What the result means. That last line is what work, loans or a different school would have to cover. Loans count toward the cost, but they're repaid with interestInterest rateThe yearly percentage a lender charges for borrowing money, not counting fees; the APR adds certain fees to show a fuller cost. See more, so keep them in their own column when you compare offers side by side.

The 2027-28 dates, per the Department of Education

1. The 2027-28 FAFSA is open now; ED called it the earliest launch in the program's history for the second year running.
2. It asks for the 2025 tax information of the student's parents and, where it applies, a spouse or partner.
3. Aid from it pays for school attended July 1, 2027 to June 30, 2028.
4. The federal deadline is June 30, 2028. ED says to file as early as you can, and a college or state may have an earlier date of its own, so ask.

Good to Know

Returning students get last year's answers pre-filled on the 2027-28 form, so check each one rather than clicking through. Workforce Pell began on July 1, 2026: the 2026-2027 Federal Student Aid Handbook says a Pell Grant can now pay for an eligible short-term workforce program, even for a student who already holds a bachelor's degree, though not for one enrolled in a graduate credential program or holding one already. Federal loan rules changed on the same date, and Buhata's federal student loan page covers them. Ask each college's financial aid office and your state's higher education agency for their own deadlines.

Related Terms and Categories

• Federal student loan

  A student loan made by the U.S. Department of Education, with a fixed rate set by law and federal repayment plans and protections.

• Scholarships

  Money for school that a student doesn't repay, usually awarded for grades, skills or abilities by a college, employer, community group or state.

• 529 plan

  A state-sponsored, tax-advantaged account for education costs, where growth is free of federal income tax when spent on qualified expenses.

• Student loan

  Money borrowed to pay for college or career school, repaid with interest after you leave school; it comes from the federal government or a private lender.

• Coverdell ESA

  A tax-advantaged education savings account that can take up to $2,000 a year per child, for school costs from kindergarten through college.

• Private student loan

  A student loan from a bank or other private lender, priced by your credit and governed by its contract rather than federal student loan rules.

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