Having recently graduated from Wichita State University last December, I know firsthand how quickly college expenses add up. It’s an exciting time, but there are also lots of forms, deadlines, and decisions to make. Financing college or any higher education can feel daunting for sure, but there are resources available.
If you have a student heading to college, now is the time to check one important item off the list. The 2027–28 Free Application for Federal Student Aid (FAFSA) is now available, and families are encouraged to complete it as soon as possible.
The FAFSA is used to determine eligibility for federal financial aid, including grants, work study, and federal student loans. Many states and colleges also use FAFSA information when awarding their own financial aid. There is no income cutoff for submitting the FAFSA, so even if you are unsure whether your family will qualify, it is worth completing the application.
Pay Attention to Deadlines
The federal deadline for the 2027–28 FAFSA is June 30, 2028, but that should not be your target date. Many colleges and universities and some states have much earlier priority deadlines for institutional and state-based aid. Check the deadlines for each school your student is considering as well as your state of residence.
What You Will Need
Each required FAFSA contributor will need their own StudentAid.gov account. Before starting, it can be helpful to have the following information available:
• 2025 federal tax information, if applicable
• Child support records, if applicable
• Current cash, savings, and checking account balances
• Records of investments and other reportable assets
• Social Security numbers or other identifying information, as applicable
Much of the federal tax information can be transferred directly from the IRS after the required consent and approval are provided, but having your records nearby can still make the process easier.
A Few Changes to Know About
Beginning with the 2026–27 FAFSA, families generally no longer need to report the net worth of a family-owned business with 100 or fewer full time or full time equivalent employees, a farm on which the family resides, or a family owned and controlled commercial fishing business and related expenses. This change may simplify the FAFSA and could affect the assets considered when determining a family's Student Aid Index.
There are also changes to federal student loan rules that began July 1, 2026. These include new borrowing limits and the elimination of Grad PLUS loans for new graduate and professional student borrowers. Parent PLUS borrowing is generally capped at $20,000 per year and $65,000 over a student's undergraduate education, with limited transition rules for certain existing borrowers.
Don't Put It Off
The FAFSA can feel like an overwhelming part of the college planning process, but getting started now can help you avoid the rush of approaching priority deadlines. If you have not completed the 2027–28 FAFSA yet, now is a great time to knock it off your list.