Parent PLUS loans vs. private student loans for parents
The right parent student loan depends on your priorities and financial situation.
The Free Application for Federal Student Aid, known as the FAFSA, is your key to unlocking hundreds or thousands of dollars in aid to pay for college. If you’re a college-bound senior or a current college student, this guide is your one-stop-shop for all things FAFSA, including what to know, how to fill it out and how to troubleshoot common errors.
Keep in mind that individual states, as well as colleges, universities and trade schools, may have different deadline dates. Check with your state and school to make sure you meet the correct deadline.
Some federal aid sources, like grants, are awarded first-come, first-served, so the earlier you fill out the FAFSA, the better.
The Student Aid Index (SAI) replaced the Expected Family Contribution (EFC) to determine a student's financial aid eligibility and need in 2023, but schools had up until the 2024-2025 school year to make that change. With EFC discontinued entirely, all schools will use SAI for 2025-2026.
The sibling discount, which took into consideration how many siblings attended college simultaneously, is not available in SAI. Students with a higher financial need will get a lower SAI that can go as low as -1,500, which will increase their opportunity for grants and other aid.
“Contributor” is a new term being used for any person who should provide personal and financial information on the FAFSA. This includes the student, as well as their spouse, biological or adoptive parent or their parent's spouse or partner, depending on their parent's relationship and living situation. Each contributor needs their own FSA ID.
Additionally, the FASFA form for the 2025-2026 academic year provides only two options for question #11, which is about the applicant's sex. The applicant can only choose male or female. “Nonbinary" and “Prefer not to answer” were removed in February 2025 to comply with the President's Executive Order.
Students who have already submitted a FAFSA for 2024-2025 or 2025-2026 do not need to make any corrections. Students who have yet to submit their FAFSA or need to make other corrections will need to respond to the updated question with the updated answers.
By filling out the FAFSA, students gain access to potentially thousands of dollars through grants, student loans and more.
From its opening date to its deadline, the time given to submit the FAFSA for each academic year lasts 21 months. Although you’ll have plenty of time to fill it out, it’s always best to do it as soon as possible, since some aid is awarded on a first-come, first-served basis.
The right parent student loan depends on your priorities and financial situation.
Get your credit in the best shape possible before applying.
Pell Grants help low-income students pay for tuition, fees, supplies and more.
Make sure to choose the right type of student loan for your needs.
A new FAFSA takes less than an hour to complete, while a renewal takes about 30 minutes. To fill it out, you’ll need your FSA ID, Social Security number or Alien Registration Number, driver’s license and most recent federal tax information. If you’re a dependent student, you’ll also need your parents’ (aka contributors') Social Security numbers and tax information.
The right parent student loan depends on your priorities and financial situation.
Get your credit in the best shape possible before applying.
Pell Grants help low-income students pay for tuition, fees, supplies and more.
Make sure to choose the right type of student loan for your needs.
The Department of Education will process your FAFSA in three to 10 business days, then send both you and the schools listed on your FAFSA Submission Summary. Your actual award offers will be included in the financial aid award letters you receive from the colleges that accepted you.
Due to high rates of student loan delinquency, nearly 60 percent of America’s HBCUs could lose access to federal aid.
Forgiveness at the end of an IDR plan will be taxable beginning in 2026.
Data shows credit dip for student loans borrowers.
Congress might cap federal student loans limits, which could have consequences.
Many FAFSA questions center around who in the family needs to be included on the form, especially when the student comes from a nontraditional family. It’s important to understand what information is required, based on your particular circumstances and family dynamic. The Department of Education has a FAFSA Parent wizard that helps students identify who to include on their form. The following information can also help:
Federal financial aid may not cover your entire cost of attendance, so it's not uncommon for students to turn to other resources when financing their higher education.
Those resources may include:
We're sorry, there are currently no available offersTry adjusting the filters to see more results. | |||
Lender conversion and compensation impacts how, where and in what order products appear in the above table |
We appreciate your feedback
Thank you for taking the time to share your experience.