Sallie Explains What Students and Families Need to Know About This Year’s FAFSA^® and How to Get Started

The 2027-28 Free Application for Federal Student Aid (FAFSA^®) is now open, giving incoming and current college students extra time to apply for financial aid for the 2027-28 school year.

Completing the FAFSA^® is the first step to accessing federal, state, and school-based financial aid for college, including grants, scholarships, work-study, and other aid. Some aid is limited or awarded on a first-come, first-served basis, so filing early can make a real difference for students and families and ultimately, could mean paying less out of pocket for college. That said, only 25% of families know the form opens in the fall.

Why Should More Families Complete the FAFSA^®?

Just about every family who completes the FAFSA^® qualifies for some form of financial aid, yet many never file. More than a quarter of families (26%) skipped the FAFSA^® last year, often because they believed their income was too high to qualify, lacked the required application information, or missed a deadline. As a result, critical financial aid, including millions in scholarships and billions in Pell grants can go unclaimed.

“Think of the FAFSA^® as the front door to financial aid,” said Rick Castellano, vice president, Sallie. “Whether you’re heading to college for the first time or returning for another year, filing early can help uncover scholarships, grants, and other aid that can make college more affordable. And with this year’s form expected to be faster and easier to complete, families can get a clearer picture of their options sooner.”

What’s New About the 2027-28 FAFSA^®?

Several updates make this year’s FAFSA^® process simpler, including:

• A shorter form that can be completed by most families in under 12 minutes.
• A real time estimate of federal aid eligibility for students and families directly after submitting the form, along with their FAFSA^® Submission Summary and Student Aid Index (SAI).
• Pre-filled information for returning students and reusable parent information for families with multiple children applying, to avoid having to enter the same details repeatedly.
• Simple contributor invitations that allow students to send a parent or contributor a code to complete their portion of the form.
• Automatic transfer of tax information, reducing paperwork and the amount of information families need to track down.

Tips for Completing the 2027-28 FAFSA^®

• Gather your information before you start. Check the list of information required for the FAFSA^® and have it ready.
• Create your StudentAid.gov account. Students and anyone else contributing information need an account to complete and sign the form. Setting one up early can help avoid delays.
• File even if you don’t think you’ll qualify. Many grants and scholarships require a completed FAFSA^®, and eligibility is often broader than families expect. Students and families looking for help can register for Sallie’s free FAFSA^® webinars and access the 2027-28 FAFSA^® Guide for step-by-step support.
• Know your deadlines. Federal, state, and school aid deadlines are all different. Some grants, scholarships, and state aid programs have limited funding or priority deadlines, so submitting the FAFSA^® as early as possible can help students and families qualify for more aid.
• Keep looking for other ways to pay less for college. Filing the FAFSA^® every year is just one step. Families can explore additional opportunities through Scholly^® Scholarship Search by Sallie and find tips and resources to help lower college costs.

For more free resources on filing the FAFSA^® and planning and paying for college, visit Sallie.com.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Financial Literacy

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