FAFSA Requirements: Everything You Need to Know (2024)

Millions of students fill out the Free Application for Federal Student Aid (FAFSA) with the hope of scoring a portion of the $112 billion in available aid each year. However, depending on whether you meet the FAFSA requirements and eligibility criteria, you may not qualify for certain forms of aid. Here’s everything you need to know about the FAFSA requirements.

FAFSA Requirements and Eligibility

The FAFSA is your ticket to an array of federal financial aid programs such as Perkins Loans, the Pell Grant, and more. However, you may not qualify for some forms of aid. The following FAFSA requirements must be met to be eligible to receive federal financial aid:

Have a high school diploma or equivalent (such as a GED), or completed an approved home-school high school program
Be a U.S. Citizen or an eligible noncitizen. To be considered a noncitizen, you must either:
- Have a green card
- Have a T-visa
- Have a parent with a T-1 visa
- Have an Arrival/Departure record, or
- Have battered-immigrant-qualified alien status
Have a valid social security number
Be enrolled or accepted in a degree program at an eligible school or university
If you are already a college student, maintain satisfactory academic progress. The standards for this vary depending on the school.

If you do not meet all of the above, then you are not eligible to receive federal student aid.

>> MORE: Student loan eligibility: Private and Federal loans

What You Need to Submit the FAFSA

The FAFSA will ask you various questions to determine your financial situation. So, to meet the FAFSA requirements, you’ll need information from different documents. For the 2023-2024 school year, you will need access to the following documents:

Your social security card
Your driver’s license (if you have one)
2021 tax returns
2021 untaxed income records
2021 W-2 forms
Current bank statements

Your dependency status will also determine whose information you’ll need. As an independent student, you’ll only need your documents. But if you are a dependent student, then you’ll need both yours and your parent’s/parents’ documents to fill out the FAFSA.

>> MORE: How to fill out the FAFSA as an independent stude

What Disqualifies You From Getting Financial Aid?

There are certain things that can make you lose financial aid eligibility that you’ll want to be aware of. First, not meeting the above basic FAFSA requirements would disqualify you. For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include:

Not maintaining satisfactory progress at your college or degree program.
Not filling out the FAFSA each year you are enrolled in school.
Defaulting on a student loan.

>> MORE: Most common FAFSA application errors to avoid

What to Do If You’re Denied Financial Aid

If you do not meet the FAFSA requirements, and you are denied federal financial aid, don’t panic. There are many other ways to pay for college.

>> MORE: Different types of financial aid

Explore Grants and Scholarships

The very first thing you’ll want to do is look for scholarships and grants. These forms of aid are essentially free money because you don’t have to pay them back.

We recommend starting your scholarship and grant search with external scholarship websites and search engines. These search engines compile thousands of scholarships in one place, which can help you find both need-based and merit-based scholarships and grants. Additionally, a lot of colleges have their own institutional scholarships and grants, too. Check with your school’s financial aid office for information about which ones you are eligible for.

Dip Into Savings

If you have a savings account, it can be a good idea to dip into your savings to help with college costs. While even a little bit of extra money will help, you should not deplete your savings or leave yourself with little savings for emergencies.

Only dip into your savings if doing so allows you to still have a decent amount saved after doing so. The more money you can put toward school, though, the less you’ll have to take out in loans.

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Ascent

Minimum credit score

Varies

Fixed APR

Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 5/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.

1 – Terms and Conditions Apply

Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.

2 – Cosigner Release

Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.

3 – Autopay Rate Reduction

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.

4 – AutoPay Discount & Lowest Interest Rate

4.39 - 10.39%

Variable APR

1 – Terms and Conditions Apply

2 – Cosigner Release

3 – Autopay Rate Reduction

4 – AutoPay Discount & Lowest Interest Rate

6.09 - 11.33%

Check rate

Earnest

Minimum credit score

650

Fixed APR

Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.64% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

4.39 - 16.49%

Variable APR

5.62 - 16.85%

Check rate

College Ave

Minimum credit score

Mid-600s

Fixed APR

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.

This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursem*nt and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 5/31/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

4.29 - 16.39%

Variable APR

5.59 - 16.85%

Check rate