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You Can Get Free Money for College — and Help Finding It
The FAFSA qualifies you for federal financial aid. And it's not too late to submit it for this academic year.
Colin Beresford is a former NerdWallet student loans writer. He previously was an automotive business writer for Car and Driver magazine and is a graduate of the University of Michigan.
Cecilia Clark Assistant Assigning Editor | Education financing products, Veteran's benefits, Student and graduate finances
Cecilia Clark is an editor on the loans team. She specializes in student loans and manages product reviews and roundups. Previously, she worked as a freelance writer and developed communications strategies for cybersecurity firms. Cecilia has also worked in post-secondary education, elevator operations management and sales and military nuclear command control, maintenance management and public affairs.
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When can I update my FAFSA application? The redesigned FAFSA for the 2024-25 academic year is available at FAFSA.gov. After major delays, the FAFSA corrections process opened on April 16 to students and families who submitted incorrect or incomplete forms.
You can still submit the 2023-24 FAFSA until June 30, 2024.
If you’re considering going to college this fall — or next — submitting the Free Application for Federal Student Aid, or FAFSA can ensure you’re considered for as much free money as possible.
Completing the FAFSA makes you eligible for federal, state and some school-based aid, including student loans, scholarships and grants. But for many students and families, it can be challenging and time-consuming to fill out the application, and the pandemic only added to that burden.
The National College Attainment Network (NCAN) found a decline in high school students completing the FAFSA during the pandemic. The 2020 high school class had a 52% completion rate, an almost 2% decline compared to the previous year.
The number dropped further to 49.9% for the 2021 high school class. FAFSA completion numbers are still not back to pre-pandemic levels. Compared to 2019, about 70,000 fewer students completed the FAFSA during the 2022-23 academic year.
“We’ve seen disproportionate declines in high schools that are educating more students of color and more students from low-income backgrounds,” says Bill DeBaun, director of data and evaluation at NCAN. “For those students, the pathway to college has never been easy … and these students often need assistance.”
Various circumstances played into the decline in FAFSA applications, some of which were a result of students not wanting to go to college during the pandemic. Those factors include:
Students became disconnected from support networks: Support from community organizations and high school counselors went virtual, limiting its reach.
FAFSA completion became less of a priority: Filling out the FAFSA and enrolling in college were put on the back burner during the pandemic, particularly due to the increase in economic, job and food insecurity, says DeBaun.
Interest in going to college decreased while classes were online: Knowing that college classes were completely online kept some students from filling out the FAFSA and enrolling.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.99-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 7/10/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Variable APR
5.59-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 7/10/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Credible lets you check with multiple student loan lenders to get rates with no impact to your credit score. Visit their website to take the next steps.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
4.15-15.49%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 7/12/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Variable APR
5.37-15.70%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 7/12/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Credible lets you check with multiple student loan lenders to get rates with no impact to your credit score. Visit their website to take the next steps.
Where to find help to fill out the FAFSA
Completing the FAFSA can be a confusing process, particularly if you’re the first in your family to do so. But for students who have questions or want help filling out the FAFSA, there are resources — and often, they're free.
“For high school seniors, there’s help out there. You have to ask for it and sometimes look for it, but there are organizations in communities that want to help students get this money for college,” says Traci Lanier, vice president of external affairs at 10,000 Degrees, a college access organization that supports students before and after enrolling in college. “Just get [the FAFSA] in because it’s free money and you don’t want to leave money on the table.”
College access community-based organizations
College access community-based organizations work to help students reach college, and that process includes filling out the FAFSA. These organizations offer support at FAFSA completion events, where you can ask questions and ensure you’re filling out the application correctly. They may also offer individual advising.
If there isn’t a college access organization hosting in-person events in your community, many offer online resources to help guide you.
Financial aid offices
Besides a community-based organization, “the best place for students to go is the higher education institution they want to enroll at,” says Maggie McGrath, director at College Now Greater Cleveland. “The financial aid office has people on staff that are ready to help walk them through [completing the FAFSA]. They know all of the ins and outs.”
In some cases, the financial aid office can point you to a local college access organization if you can’t find one, says Lanier. And although the FAFSA is best submitted early, it can be completed up to the time classes start, and sometimes after that, depending on the institution.
The Federal Student Aid Information Center
The Department of Education offers help completing the FAFSA through the Federal Student Aid Information Center. The Center offers live chats as well as phone support if you have questions on any part of the application.
Why you should fill out the FAFSA
The FAFSA is your ticket to being considered for federal financial aid, including aid you don’t have to repay, like scholarships and grants.
For those looking to enroll in college in 2024, it’s important to submit the FAFSA as soon as possible because many colleges award aid on a first-come, first-served basis. For the 2024-25 award year, the FAFSA filing period opens in December 2023. The deadline for the 2023-24 FAFSA is June 30, 2024. When deciding how to pay for college, exhaust all free money before accepting loans. If you need to take out loans, use any federal loans first before taking out private student loans.