my529’s FAFSA info and FAQ
All you need to know about FAFSA
my529 understands that applying for higher education can be stressful. We are here to help make that process as smooth as possible.
The Free Application for Federal Student Aid, or FAFSA, connects students to qualifying aid, including federal grants, federal student loans, state grants or scholarships, school-specific grants or scholarships, and private grants or scholarships. No matter your situation, it is always worth filling out a FAFSA application to find out if there are ways to help you or a loved one afford your higher education.
Read on to learn about the whys and hows of applying to FAFSA, or skip straight to the FAQ.
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Applying to FAFSA
The incoming FAFSA for the 2026-2027 school year will be released on October 1, 2025. This application period runs through June 30, 2026, meaning you’ll have a few months to fill everything out.
It’s important to note, however, that FAFSA funds are awarded on a first-come, first-served basis, so it’s a good idea to prepare everything you’ll need ahead of time.
The major items you’ll need are Social Security numbers for all parties involved, and your or your family’s tax information. If you’re looking for an in-depth and accessible guide to getting everything you need for your application, check out this video from Federal Student Aid themselves.
For more information about the FAFSA application process, Federal Student Aid offers a full suite of videos going over every detail of the process; or, you can read my529’s FAQ on all things FAFSA. You may also refer to the FAFSA website for additional information: https://studentaid.gov/.
Why FAFSA?
Despite this resource being freely available, Utah has the lowest FAFSA application rate in the country. Why don’t Utahns take advantage of such a useful program? It partially stems from a lack of information — so here’s why filling out a FAFSA application could be more important than you think.
Education after high school can take many forms. Trade school, beauty school, technical school, university, college, even apprenticeships — FAFSA works with all of them. Pell Grants through FAFSA work with any institution that is qualified to accept federal financial aid. (See a list of schools in the U.S. and abroad in several countries.)
Furthermore, if you’re looking to apply for a specific merit-based scholarship, it’s likely that it will require you to complete the FAFSA. See FAFSA as one application with more than one use.
FAFSA can be especially useful for those receiving government assistance, offering that extra layer of support if you already receive Social Security, food, housing, medical or veteran benefits.
Even if your family earns a lot of money, it’s still worthwhile to fill out the application as you may qualify for federal aid.
Frequently asked questions
What is the FAFSA?
Students must fill out the Free Application for Federal Student Aid (FAFSA) to be considered for federal student aid. The federal government offers grants, loans, work-study and other options for aid.
When is the application available?
The 2026-27 FAFSA will be available by October 1, 2025.
Who contributes information for the application?
Students who are dependents will need to supply parent information on their FAFSA. Students who are independent do not have to supply their parents’ information.
How is information supplied to the application?
Your tax information from your 2025 taxes will be transferred directly onto your form by the IRS. This information will be used to determine your eligibility for student aid.
How are 529 accounts used in the application?
Starting in 2024, for both dependent and independent applicants, distributions from a grandparent-owned my529 plan were no longer counted as income to students for the purpose of determining financial aid eligibility.
Do you need a StudentAid.gov account?
Yes, both the student and the parents and/or guardians need to have their own account and password to access and complete the online FAFSA.
What is the Student Aid Index (SAI)?
Student Aid Index (SAI) is the metric by which the FAFSA calculates a student’s eligibility for aid. Family aid received is factored in the SAI.
When is the deadline to apply?
The deadline is June 30, 2026. However, your chances of receiving aid are much higher if you submit the application earlier as financial aid is typically awarded on a first-come, first-served basis.
How does what kind of funds can FAFSA help me receive?
Eligible amounts may be different from a financial aid offer. There are various categories of funds:
- Federal student loans, which need to be paid back with interest.
- Federal grants, which are funds that do not need to be repaid.
- Federal work-study programs, which provide a pool of funds that pay the student for work on campus.
- Scholarships are specific to schools that accept your application to attend.
Most schools send a financial aid offer, possibly consisting of scholarships, grants and other assistance, after they accept a student for admission.
Changes to FAFSA in recent years
FAFSA has undergone several changes in recent years, so you may need a refresher if you’re familiar with the program of years past.
Introducing the Student Aid Index. FAFSA has transitioned to a Student Aid Index (SAI) rather than the Expected Family Contribution (EFC) in evaluation of eligibility of student aid. This new formula no longer looks at how many family members are currently enrolled in higher education.
Grandparent-owned 529s no longer count against the student. Eliminated the reporting required for grandparent or third-party accounts, removing the impact a grandparent-owned 529 account has on the aid award packet.
Federal tax information will transfer directly from the IRS. Consent and approval are required to allow this automatic transfer, but it saves you from having to enter much of the data required in past years.
More schools on list. Recent changes have doubled the number of schools a student can list on the application to receive their information, from 10 to 20.
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