FAFSA 2023-2024 Requirements

For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.

For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.

For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.

For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.

Caroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.

Caroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.

Caroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.

Caroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.

| Mortgages and Student Loans Deputy Editor

Updated: Apr 18, 2024, 3:16am

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

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Out of the 2.7 million students that graduated from high school within the first nine months of 2021—the last available data—62% enrolled in college. However, approximately 50% of 2021 high school grads completed the Free Application for Federal Student Aid (FAFSA), according to the National College Attainment Network, meaning most students failed to complete an essential step in applying for financial aid.

Filling out the 2023-2024 FAFSA is critical if you’re enrolling in college during this academic year, and the earlier you fill it out, the better off you’ll be.

What Is the FAFSA?

For the 2020-2021 academic year, according to the most recent data available, approximately 85% of first-time, full-time undergraduate students received financial aid.

To qualify for aid, such as grants, scholarships and student loans, you usually need to submit the FAFSA. The FAFSA is what college financial aid offices and other entities use to calculate your financial need and determine your eligibility for financial aid programs.

By submitting the FAFSA, you could qualify for one or more of the following types of aid:

• Federal grants. Low-income students may be eligible for federal Pell Grants, which don’t have to be repaid.
• Federal student loans. Federal student loans tend to have lower rates and more borrower protections than other loan types and you can use them to pay for both undergraduate and graduate programs. You must fill out the FAFSA to apply for federal student loans.
• State grants or scholarships. Some states have robust financial aid programs, offering grants and scholarships to students based on their financial need and merit.
• Institutional grants or scholarships. Colleges and universities often operate their financial aid programs, and those programs may be awarded based on student financial need as determined by the FAFSA.
• Private grants or scholarships. Nonprofit organizations and private companies may offer scholarships or grants to students, and they often require the student to submit their FAFSA information during the application process.

Tip: Before taking out a loan, use the student loan calculator to find out what your payments and overall loan cost will be.

FAFSA 2023-2024 Eligibility Requirements

If you’re applying for aid for the 2023-2024 academic year—meaning your program start date is between July 1, 2023 and June 30, 2024—you’ll need to fill out the 2023-2024 FAFSA.

Important: For students applying for aid for the 2024-2025 academic year, there have been significant changes to the FAFSA. Instead of being made available on October 1 of the prior year like it’s been done previously, the 2024-2025 FAFSA won’t be available until December 2023.

To complete the FAFSA and qualify for federal financial aid, you must meet the following requirements:

• You must qualify for college by earning a high school diploma, passing the General Educational Development (GED) test or completing a homeschool curriculum approved by your state.
• You must enroll at least on a half-time basis.
• You must enroll at an accredited school that participates in federal aid programs and issues qualifying degrees or certificates.
• You must be a U.S. citizen with a valid Social Security number.
  • There are some exceptions; if you’re a resident of the Republic of the Marshall Islands, Federated States of Micronesia or the Republic of Palau, you don’t need to have a Social Security number.
  • Students who are permanent residents with a valid green card or T-visa may also be eligible.

  The FAFSA must be completed for each academic year you need financial aid. To remain eligible, you must meet your school’s requirements for satisfactory academic progress toward your degree.

  What Do You Need for the FAFSA Application?

  How do you apply for FAFSA? It’s easier than you may think. According to the Federal Student Aid Office, most first-time applicants can complete the FAFSA in under an hour.

  You can save time by gathering the following information and documents before starting the application:

  • Your Social Security number or Alien Registration number
  • Your federal income tax returns, W-2 forms and any other records of money earned (you may be able to get that information online with the IRS Data Retrieval Tool, but it’s a good idea to collect other documentation just in case you need to verify any details.).
  • Bank statements
  • Investment account statements
  • A Federal Student Aid ID (if you don’t have one, you can create an account online)
  • A list of schools you’d like to attend and their codes (you can look up the school codes with the Federal School Code Search tool)

  If you’re a dependent student—and most undergraduate students are, regardless of their living situation—you’ll need to submit the information above on behalf of your parents.

  How Much Do You Have To Make To Qualify for the FAFSA?

  One of the most common questions about the FAFSA is, “What is the income limit to qualify for FAFSA?”

  You may be surprised to learn that there isn’t an income limit; anyone who meets the eligibility requirements listed above can fill out the FAFSA, regardless of how much money they make or what assets their family has. The FAFSA considers many factors, including your family size, so you may be eligible for more financial aid than you thought.

  However, some federal financial aid programs do have income limits, and whether you meet those limits is based on the information you submit on the FAFSA.

  Pell Grants

  For the 2023-2024 academic year and previous years, the FAFSA didn’t have a fixed income threshold. However, about 97% of Pell Grant recipients had total household incomes of $60,000 or less.

  For the 2024-2025 academic year and going forward, Pell Grant eligibility will be based on the student’s dependency status, family size, student or parent adjusted gross income (AGI) and state.

  The award will be based on how the student’s household income compares to the federal poverty guideline. For example, a student who is the child of a single parent will qualify for the maximum Pell Grant award if their AGI is no higher than $41,198—225% of the federal poverty guideline for a family of two. The highest income they can have and still qualify for the grant is $59,508.

  Direct Subsidized Loans

  Direct subsidized loans are federal loans for undergraduate students with significant financial need. With subsidized loans, the government pays the interest that accrues on the loan while you’re in school, during your grace period and any deferment periods—which can help you save money.

  Direct subsidized loans don’t have a specific income limit. However, financial aid offices determine a student’s eligibility for these loans based on the following factors:

  • The student’s cost of attendance
  • The student’s expected contribution
  • Other estimated financial assistance

  Paying for College

  When it comes to paying for college, filling out the 2023-2024 FAFSA is a critical first step. If you haven’t applied yet, there’s still time: The federal deadline isn’t until June 30, 2024 for the 2023-2024 academic year.

  If you aren’t eligible for federal financial aid or reach the annual borrowing limits and need additional funding, private student loans could cover the remaining cost. Get quotes from several private student loan companies to find the best rates, terms and repayment options.

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