Should college students consider personal loans?
If student loans don’t cover everything you need as a college student, a personal loan might be an option.
The Free Application for Federal Student Aid, known as the FAFSA, is your key to unlocking hundreds or thousands of dollars in aid to pay for college. If you’re a college-bound senior or a current college student, this guide is your one-stop-shop for all things FAFSA, including what to know, how to fill it out and how to troubleshoot common errors.
Keep in mind that individual states, as well as colleges, universities and trade schools, may have different deadline dates. Check with your state and school to make sure you meet the correct deadline.
Some federal aid sources, like grants, are awarded first-come, first-served, so the earlier you fill out the FAFSA, the better.
The Student Aid Index (SAI) replaced the Expected Family Contribution (EFC) to determine a student's financial aid eligibility and need in 2023, but schools had up until the 2024-2025 school year to make that change. With EFC discontinued entirely, all schools will use SAI for 2025-2026.
The sibling discount, which took into consideration how many siblings attended college simultaneously, is not available in SAI. Students with a higher financial need will get a lower SAI that can go as low as -1,500, which will increase their opportunity for grants and other aid.
“Contributor” is a new term being used for any person who should provide personal and financial information on the FAFSA. This includes the student, as well as their spouse, biological or adoptive parent or their parent's spouse or partner, depending on their parent's relationship and living situation. Each contributor needs their own FSA ID.
Additionally, the FASFA form for the 2025-2026 academic year provides only two options for question #11, which is about the applicant's sex. The applicant can only choose male or female. “Nonbinary" and “Prefer not to answer” were removed in February 2025 to comply with the President's Executive Order.
Students who have already submitted a FAFSA for 2024-2025 or 2025-2026 do not need to make any corrections. Students who have yet to submit their FAFSA or need to make other corrections will need to respond to the updated question with the updated answers.
By filling out the FAFSA, students gain access to potentially thousands of dollars through grants, student loans and more.
From its opening date to its deadline, the time given to submit the FAFSA for each academic year lasts 21 months. Although you’ll have plenty of time to fill it out, it’s always best to do it as soon as possible, since some aid is awarded on a first-come, first-served basis.
If student loans don’t cover everything you need as a college student, a personal loan might be an option.
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Firstmark is a division of Nelnet, but it services only private student loans.
Many FAFSA questions center around who in the family needs to be included on the form, especially when the student comes from a nontraditional family. It’s important to understand what information is required, based on your particular circumstances and family dynamic. The Department of Education has a FAFSA Parent wizard that helps students identify who to include on their form. The following information can also help:
Federal financial aid may not cover your entire cost of attendance, so it's not uncommon for students to turn to other resources when financing their higher education.
Those resources may include: