How to Navigate the FAFSA to Pay for College

If your child plans to attend college soon, figuring out how to pay for their education is likely top of mind in your household.

You’re not alone if you’re feeling overwhelmed. According to a 2024 College Ave survey, fewer than half of parents with a child in college (44%) felt prepared to pay their child’s first tuition bill. But help is available.

For many families, completing the Free Application for Federal Student Aid (FAFSA) is a critical first step in accessing the financial resources needed to manage the rising costs of higher education. Students seeking federal loans and grants must complete the FAFSA to determine their eligibility for aid. Additionally, many states and colleges use FAFSA information to award additional financial assistance.

If you’ve been putting off tackling the FAFSA because you’ve heard it’s complicated and time-consuming, you’re in luck. The U.S. Department of Education rolled out a streamlined and simplified FAFSA last year.

The form for the 2025-2026 academic year is available now. If you haven’t already done so, you may want to submit it as soon as possible. While the federal deadline for the 2025-2026 school year is June 30, 2026, many schools and states have their own—often much earlier—FAFSA deadlines. For example:

• Indiana: April 15, 2025
• Pennsylvania: May 1, 2025
• Florida: May 15, 2025
• Michigan: July 1, 2025
• Ohio: October 1, 2025

Missing your deadline could mean losing out on grants, scholarships, and other aid offered on a first-come, first-served basis.

Tips for Completing the FAFSA

One way to minimize the time it takes to finish and submit the FAFSA is to gather up all necessary information before starting. Required details will vary depending on whether you are a parent or student, but generally include:

• Social Security and driver’s license numbers
• Tax returns (for the 2025-2026 school year, you’ll need your 2023 tax information, which may be transferred directly from the IRS)
• Records of child support received
• Current bank statements for savings and checking accounts
• Net worth of investments, businesses and farms
• The name of at least one school to receive your FAFSA information for determining student aid

Each person providing information for a FAFSA—including students, parents, and stepparents—must create their own StudentAid.gov account to access the applicable sections of the online form. While a paper application is available, completing and submitting the FAFSA online is the fastest and most convenient method.

If you have questions, use the tools on the FAFSA website or contact the Federal Student Aid Information Center via call, email, or live chat. Be sure to keep any notes that may be helpful for future submissions, as most schools require a new FAFSA annually.

Once you submit the FAFSA form, you will receive a confirmation email with information about your eligibility for aid and the next steps.

 What If You Don’t Qualify for Federal Aid?

While it’s true you must demonstrate financial need to be eligible for many federal student aid programs, don’t assume your family won’t qualify for any assistance due to a high income. The government also provides non-need-based options, such as:

• Federal Direct Unsubsidized Student Loans
• Direct PLUS Loans for Parents

Federal loans often offer better borrower benefits, such as lower interest rates and income-driven repayment plans, compared to private student loans. So it’s worth taking the time to submit the FAFSA form each year to explore all available options.

Additionally, if your family’s financial situation changes significantly after submitting the FAFSA—due to job loss, medical expenses, death, or divorce—you can contact your school’s financial aid office to request an adjustment.

Ready to Stop Stressing and Start Planning?

At Octavia Wealth Advisors, we understand that managing the high cost of college often requires a combination of personal savings, gifts, loans, grants, scholarships, work-study programs, and part-time jobs. Effectively integrating these resources requires proactive planning, persistence, and knowing where to start.

Feel free to contact your Octavia advisor any time for guidance and support. By beginning early and integrating education goals into your overall financial plan, you can help create a more stable financial future for your family.