FAFSA for First-Timers: Six Must-Know Facts About Student Aid

Federal student aid consists of grants, work-study programs and loans. Grants don’t have to be repaid, but student loans do.

Here are some important things to keep in mind during FAFSA season:

1) The New FAFSA

With the FAFSA Simplification Act, the FAFSA underwent several changes, including:

• Expanded access to Federal Pell Grants
• Streamlined FAFSA form
• New methodology for measuring ability to pay for college

2) Know the Deadlines

It’s important to know the deadlines, as they vary by state and college. Learn more about federal and state deadlines here.

3) Apply Early

Don’t wait to file! Because federal aid is limited, students who complete a FAFSA early are likely to receive more aid than those who wait. Complete your application as soon as possible.

4) Have Tax Returns Handy

If applicable, both your own and your parents’ prior year tax returns are required to fill out your FAFSA. The IRS Data Retrieval Tool, a time-saving service that prefills some FAFSA questions using tax information on file with the IRS, saves you from manually entering the information.

5) Know Your School Codes

Embry‑Riddle’s code is 001479. By adding a school code to your FAFSA, the results will be sent directly to the university to determine your financial aid award. If you want to add a school later, it’s not too late. They can be added after your application is processed.

6) Complete the FAFSA!

One of the biggest mistakes students can make is not completing a FAFSA. There’s no income cap for federal financial aid, so even if you don’t think you’ll qualify, it’s best to complete an application.

Take the Next Step

Find the FAFSA Application here.

Find Daytona Beach Campus FAFSA Information here.

Find Prescott Campus FAFSA Information here.

Find ERAU Worldwide FAFSA Information here.