Financial Aid and FAFSA: Frequently Asked Questions

No. We are an independent, privately run educational site. We are not affiliated with the US Department of Education, studentaid.gov, or fafsa.gov, and we do not process FAFSA applications. Always file your actual FAFSA at the official studentaid.gov site.

The Student Aid Index (SAI) replaced the EFC under the FAFSA Simplification Act. It uses an updated formula, can go as low as -1500, and is described by the Department of Education as an eligibility index rather than a dollar amount a family is expected to pay.

No. The FAFSA is free to file directly at studentaid.gov. If any site asks you to pay a fee to submit your FAFSA, that is not the official government form.

Most filers with straightforward tax situations finish in under an hour, especially since income data can usually be pulled directly from the IRS. Gathering your documents beforehand is what actually saves time.

Yes. Financial aid is awarded one academic year at a time, so the FAFSA must be refiled each year you want aid considered, though renewal filings are usually faster since prior information carries forward.

Direct Unsubsidized Loans are generally available regardless of financial need, up to annual and lifetime limits. Direct Subsidized Loans require demonstrated financial need based on your Student Aid Index. Neither is guaranteed for every borrower, and specific eligibility depends on enrollment status and other federal requirements listed at studentaid.gov.

A grant does not need to be repaid; a loan does, with interest. Award letters often list both under a single 'aid' total, so it's worth separating them yourself line by line before deciding an offer is generous.

Most schools have a process, often called professional judgment, for reviewing an award if your family's circumstances have changed since the tax year used on your FAFSA. It isn't automatic, but contacting the financial aid office directly to ask about it costs nothing.

No. The FAFSA, the Student Aid Index, and everything on this site describe US federal financial aid rules specifically. Other countries have entirely different student aid systems, and none of the figures or forms discussed here apply outside the US.

Missing the federal deadline generally closes federal aid for that award year with no late exception. State and school deadlines are often first-come, first-served, so filing after those dates can mean a smaller award or none, even though you can still submit.

It depends on your job stability, whether you might ever want income-driven repayment or Public Service Loan Forgiveness, and how much lower the new rate actually is once fees are included. Refinancing is permanent and gives up federal protections, so it's worth deciding deliberately rather than on rate alone.

Your high school counselor, your college's financial aid office, and the official studentaid.gov help resources are all free. You should never have to pay anyone to file a FAFSA or to get basic guidance on financial aid.