The 2025-26 FAFSA is now open, and if you haven’t completed your form yet, you might be wondering where to begin. In a recent livestream, Jacquie Butler, a senior college planning specialist with EducationQuest, broke down everything you need to know about completing the FAFSA. Here’s a recap of the key takeaways to help students and families navigate this important process.
What is the FAFSA, and why is it important?
FAFSA is an acronym for Free Application for Federal Student Aid. It’s the form students and parents complete to access federal, state, and college-based financial aid. Since some aid is awarded on a first-come, first-served basis, submitting the FAFSA early is highly recommended.
Documents and Information Needed
Before starting the FAFSA, gather the following:
- 2023 Federal Tax Returns and corresponding schedules.
- Balances of cash, checking, and savings accounts.
- Investment values, excluding retirement accounts.
- The net worth of any businesses, ranches, or farms.
- Child support received for all children in the household.
For a complete list, use our FAFSA checklist.
How to Start the FAFSA
Complete the FAFSA at StudentAid.gov. The parent and student must log in using their respective FSA IDs. Each party completes their section of the FAFSA, which is linked through an invitation process.
- If the parent starts first, the student will be invited to complete their section.
- If the student begins, the invitation will be sent to the parent.
Who should go first?
While there’s no right or wrong order, Jacquie recommends that parents complete their section first. This ensures that once the student submits their part, they’ll immediately see estimated results on the FAFSA confirmation page.
Questions to Expect
The FAFSA begins with demographic information, followed by dependency questions. If the student is classified as dependent, parent information will also be required. Parents must provide details about marital status, family size, federal benefits, and child support. Once the parent section is complete, they’ll sign and submit the form, which invites the student to complete their portion.
For tax information, the FAFSA includes a secure process to transfer federal tax data directly from the IRS. The form is intuitive and guides users through this step.
Reporting Assets
Both parents and students will need to report assets such as:
- Cash, checking, and savings account balances.
- Investments, including stocks, bonds, and CDs.
- Net worth of real estate (excluding the primary home).
- NEST 529 Plans for the student completing the FAFSA.
Retirement accounts like 401(k)s, IRAs, and annuities are excluded from asset reporting.
For families who own businesses, ranches, or farms, the FAFSA requires reporting the net worth of the operation. This includes the value of buildings, land, inventory, and equipment minus any debts tied to the business.
What happens after filing?
Students will receive a confirmation email from Federal Student Aid approximately three days after submitting the FAFSA. This email will:
- Confirm the FAFSA was sent to the listed colleges.
- Provide the Student Aid Index (SAI).
- Include a link to review the FAFSA Submission Summary.
Families should monitor their email for updates and next steps. EducationQuest will discuss what to expect in financial aid offers during our next live stream at 7 p.m. CT on Wednesday, Jan. 15.
Tools and Resources
EducationQuest provides free resources to help families complete the FAFSA. Our FAFSA Tools page includes a detailed checklist and a FAFSA demo. Families can also schedule free appointments for personalized assistance.
Join us for our next live stream!
Mark your calendars for 7 p.m. CT on Wednesday, Jan. 15, for our livestream, FAFSA Filed! Now What?! Don’t miss this opportunity to learn about financial aid offers and the next steps in the college planning process.
Good luck with your FAFSA!
By Jeannine Phelan
Assisted by AI