FAFSA 2027-28: What Families Need to Know This Year

"We probably won't qualify for anything, so should we even bother with the FAFSA?"

I hear this every year, and my answer is almost always YES. The FAFSA (Free Application for Federal Student Aid) is the form colleges and many states use to decide financial aid, and some scholarships require it even when they have nothing to do with income. If you want the basics first, start with What is the FAFSA and how is it used?

Here's what to know for this year.

When it opens

The 2027-28 FAFSA is for students starting college in the fall of 2027, which means this year's seniors. It opened on September 23rd (October 1st is their typical target date). Some state and college aid is first come, first served, so plan to file in the first few weeks after it opens rather than waiting until spring. NOTE: Though completing the FAFSA early is important for some colleges/scholarships, I generally recommend giving the form a couple of weeks after opening before completing it in case there are software issues that have to be worked out.

Which tax year it uses

The FAFSA uses your tax information from two years earlier, so the 2027-28 form uses your 2025 tax return. That's good news, because you can file before you do your 2026 taxes.

What you need before you sit down

• A StudentAid.gov account for the student and for each parent who has to provide information. Set these up a few days ahead of time, since new accounts can take a little while to verify.
• Your 2025 tax return (the form pulls most tax data directly from the IRS once you give consent).
• Current balances for savings, checking and investments (not retirement accounts).
• The list of colleges your student is applying to, so the results get sent to each one.

Block out an evening. Most families finish in an hour or two, but the account setup is where people get stuck.

What changed in the last few years

The FAFSA went through a major overhaul in 2024. It is shorter, it pulls tax data straight from the IRS, and the old "Expected Family Contribution" was replaced by the Student Aid Index (SAI). If you read older articles, keep in mind that some details may have shifted since then. 

Why file even if you won't get need-based aid

• Many state scholarship programs require a FAFSA on file. Check your state's student aid agency for its deadline. Here in Tennessee, the FAFSA is used for both the TN Promise and the TN Hope scholarships.
• Some colleges require it before they award their own scholarships.
• Circumstances change. If a job loss or medical expense hits during the year, having a FAFSA on file makes it much easier to ask a college to take another look.
• Federal student loans, if you decide to use them, require it.

Common mistakes

• Waiting until spring and missing first come, first served money
• Forgetting to add every college to the list
• The parent and student using the same account (each person needs their own)
• Not checking the email address on file, so you miss requests for more information

The FAFSA is one piece of the plan

The FAFSA tells colleges about your finances. It doesn't tell you which schools are most likely to give your student merit money, which scholarships to apply for, or what deadlines matter most. That's the part of the plan where most families need help.

If you'd like to talk through your student's situation, book a one time Private Planning Session and we'll build that plan together.

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