Et cetera : Prepare to File Your Application for College Financial Aid

Rob Denson
Iowa Student Loan Liquidity Corporation board member

Families who will have students in college for the 2025-2026 school year should take the first step in the financial aid process now.

The Free Application for Federal Student Aid, or FAFSA, for 2025-2026 is now available.

Students and their parents should fill it out as soon as possible to ensure the best consideration for available college funding, which may be limited. For incoming freshmen, submitting earlier rather than later may also mean more opportunity to compare financial aid offers from multiple institutions before the final decision must be made.

The information on the FAFSA is used to determine eligibility for federal financial aid, like work-study and federal student loans, as well as aid from the state and the college itself. These include grants and scholarships that do not need to be repaid.

Iowa Student Loan Liquidity Corporation, which funds college as ISL Education Lending, encourages all students to complete the FAFSA even if they don't feel they qualify for financial aid. Nearly all students are eligible for some federal student loans, and the college may require the FAFSA to be submitted before awarding scholarships or other aid, whether or not it has an income requirement.

The student as well as contributors - the student's spouse, a biological or adoptive parent, or the student's parent's spouse - complete the FAFSA.

To get started:
* Locate or create a studentaid.gov account for every contributor who will be completing the FAFSA. If you already have an FSA ID, you can use that account username and password to access the account. Otherwise, start with your name and Social Security number at https://studentaid.gov/fsa-id/create-account. (Contributors without a Social Security number can still create an account to complete their portion of the FAFSA).
* Gather 2023 state and federal tax returns, income records and other financial information.
* Log in at https://studentaid.gov/h/apply-for-aid/fafsa to start the form.

After completion, you will be able to direct the FAFSA to be sent to your college. Freshmen for 2025-2026 can send the FAFSA to multiple institutions. Each college will then use the results to determine financial need, or the gap between the cost of attendance and available savings and earnings.

If you need help with the FAFSA, contact your college's financial aid office or set up an appointment at no cost with ICAN at www.ICANsucceed.org. ICAN can also help new college students compare financial aid offers from multiple institutions.

Filling out the FAFSA is just one of the many steps to the college planning process. ISL, a nonprofit that helps families pay for college, offers several additional online resources and award programs.

To learn more about programs that can help pay for college, visit www.IowaStudentLoan.org/Scholarships.