Filling out the Free Application for Federal Student Aid (FAFSA) is an important step along the path to college. The FAFSA opens the door to various types of financial aid, including grants, work-study, and federal student loans.
Unfortunately, misconceptions around the FAFSA can cause many students to miss out on aid for college. According to Inside Higher Ed, about 1.6 million seniors didn’t submit the FAFSA in 2025.
Let’s bust some common FAFSA myths that could keep you from getting financial aid. Here are 11 misconceptions to clear up before you apply.
Myth 1: My family makes too much money to qualify for financial aid
According to Trellis Strategies’ Student Financial Wellness Survey, 49% of students who didn’t submit the FAFSA said they didn’t think they qualified for aid. But there’s no income cutoff for financial aid, and your family’s income is only one piece of the puzzle.
The FAFSA also considers other factors, like your family size and assets, when determining your financial need. Plus, it unlocks non-need-based aid like Direct unsubsidized student loans, which could come in handy if you need to borrow money for college.
Many colleges and states also use the FAFSA information to award institutional or state grants and scholarships, which may not have a financial need requirement. Rather than assuming you’re not eligible, it’s worth submitting the FAFSA to find out what aid might be available to you.
Myth 2: The FAFSA is long and complicated
Filling out the FAFSA can be daunting, especially if it’s your first time. Some students (15%) said they didn’t fill it out because it was too time-consuming, while another 15% said they didn’t have enough information about how to apply. But it’s not as complicated as it looks.
In fact, the FAFSA had a major overhaul for the 2024-25 year, and the number of questions was reduced from over 100 to just 36 for some applicants. The revamped form also makes it easy to transfer tax data directly from the IRS via the FUTURE Act Data Direct Exchange (FA-DDX), so you don’t have to enter it manually.
According to Federal Student Aid, people now typically finish their section of the FAFSA form in 12 minutes or less. If you get stuck, you can also email, chat, or call through the Federal Student Aid Information Center or contact your school’s financial aid office for help. This estimate is for an individual contributor’s section; completing the entire FAFSA may take longer if multiple contributors need to provide information.
Myth 3: I have to wait until I’m accepted to college to submit the FAFSA
You don’t have to wait until you get into college to submit the FAFSA. In fact, many students submit the FAFSA around the same time (or even before) they apply to college.
The FAFSA usually opens around October 1 each year for the following year. The 2027-28 FAFSA became available on September 23, 2026. It’s wise to complete the FAFSA as soon as you can, since some aid is awarded on a first-come, first-served basis. You can check StudentAid.gov for the current FAFSA form and deadlines.
When you fill out the FAFSA, you can list any colleges you’re considering, even if you haven’t applied or been accepted yet. On the online form, you can list up to 20 schools. You can update this list later if your plans change.
The colleges you list will receive your FAFSA information, which they’ll use to put together your financial aid offer if you’re accepted. You might get your financial aid award letter around the same time as your acceptance letter.
Myth 4: I don’t need my parents’ information because I’m paying for college myself
Even if you’re paying for college yourself, you might still need to include one or both of your parents’ information on the FAFSA. Parental information is required if you’re considered a dependent student according to federal rules.
You’re likely a dependent if you’re under 24, unmarried, and don’t meet the other criteria for being an independent student. If you’re over 24 or meet other criteria, you’re an independent student and can fill out the FAFSA on your own.
If you have unusual family circumstances, you might get approved for a dependency override from your school. This would allow you to fill out the FAFSA as an independent student and still access aid without your parents’ input.
Myth 5: There’s no rush to submit the FAFSA because I have until June
Knowing when to submit the FAFSA can be one of the more confusing parts of the process, since the FAFSA has multiple deadlines. In fact, it has three — school deadlines, state deadlines, and the federal deadline.
The federal deadline goes all the way until June 30 of the academic year. But if you waited this long, the school year would be over and many types of financial aid would have run out.
Instead, you want to submit the FAFSA by your school and state deadlines, which fall well before the school year begins. You can find your school’s deadline on its website and your state’s deadline on StudentAid.gov.
The best practice is to submit the FAFSA as soon as possible after it opens. Some grants, scholarships, and other financial aid programs have limited funding, so submit the FAFSA early before any of this aid runs out.
Myth 6: The FAFSA is the only financial aid application I need to fill out
The FAFSA is the only application you need to complete for federal student aid, but some colleges ask for an additional application called the CSS Profile. The CSS Profile, which is administered by College Board, can help you get institutional aid at some schools.
It asks for additional information about your family’s finances and circumstances. Not every college requires it, so find out if your schools do so you don’t leave any financial aid on the table.
Myth 7: I don’t need to review my information before I submit the FAFSA
It’s always wise to double-check your information for any mistakes before you hit submit. This holds true for your tax information, even though the FAFSA can automatically import it using the IRS direct data exchange tool.
As you’re reviewing the form, confirm that you and your parents, if applicable, have filled out all the required sections. Taking a few extra minutes to review everything can prevent processing delays or issues with your financial aid eligibility. Required contributors also need to provide consent and approval for federal tax information to be transferred from the IRS, even if they did not file a tax return.
Myth 8: There’s nothing I can do if my family’s financial situation has changed
The FAFSA pulls in federal tax information from two years prior to the award year. For instance, the 2027-28 FAFSA will use your 2025 tax information.
If your family has experienced a major financial change, that information may no longer match your circumstances. You can’t change the tax information, though.
Instead, you can ask your school’s financial aid office to review your financial aid eligibility. You may have to provide documentation as part of this review process.
Your school will decide whether to adjust your financial information and recalculate your eligibility for aid.
Myth 9: My Student Aid Index tells me how much financial aid I can get
After you submit the FAFSA, you see your FAFSA Submission Summary that contains your Student Aid Index (SAI). The SAI is a number that colleges use to determine your eligibility for need-based financial aid.
But it’s not a measure of how much financial aid you can get or how much your family is expected to contribute. It’s just one factor that schools use to put together your financial aid award.
The actual amount of financial aid you can get will vary by school. If you get offers from multiple schools, compare them carefully to see what your net cost of attendance will be at each institution.
Myth 10: I only need to submit the FAFSA once
The FAFSA isn’t a one-time application. You’ll need to submit it every year you want to receive aid. Since your financial circumstances can change, your eligibility for aid can change too.
The good news is that subsequent FAFSAs, called renewal FAFSAs, probably won’t take as long to fill out as they did the first time around. Some information may be prefilled from years prior, but you should review all questions and update your information each year.
Myth 11: Once I submit the FAFSA, I’m done
There are still a few steps to take after you submit the FAFSA. The first is reviewing your FAFSA Submission Summary, which you’ll get after your FAFSA is processed.
Read over all your information to check for errors. You may be able to make corrections if you spot any mistakes.
You should also keep an eye out for any communications from the schools you listed. A school may ask for additional information or documentation as it puts together your offer.
Some FAFSAs require more verification, meaning you’ll need to upload additional documents. This doesn’t always mean you forgot something, as some FAFSAs are selected for verification at random.
Don’t let FAFSA myths stand in your way
Everyone should fill out the FAFSA, regardless of their family’s income. This important form opens the door to all different types of financial aid, including grants, scholarships, work-study, and student loans.
Aim to submit your FAFSA as early as possible, and reach out to your college’s financial aid office if you have any questions. Completing the FAFSA each year can go a long way toward making college more affordable.
If you still have a gap in funding after exploring financial aid options, College Ave offers private student loans to help cover remaining college expenses. Explore your options and find a loan that fits your needs.
