Prepare to Pay for College (FAFSA and StudentAid.gov Account)
Step 3 | 25 minutes
Instructions
In this activity you’ll learn some basics about the FAFSA and create your StudentAid.gov account (username and password) so you’ll be ready to go when you’re a senior. Complete the reading, watch the videos, and then you'll be prepared to create your StudentAid.gov account in the Step 3 Action Item.
Reading
One of the smartest ways to make college affordable is to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is a free online form to determine if you are eligible for federal and state student financial aid. For example, the federal Pell Grant can be over $7,000 per year. The FAFSA is also used by colleges to see if you qualify for their institutional grants.
The new version of the FAFSA typically comes out every October 1, and it's best to fill it out as soon as you can so you won't miss out on available aid. One of the best things you can do now as a high school junior is to go ahead and create your StudentAid.gov account. This is the username and password that you'll use to log into certain U.S. Department of Education (ED) online systems, including the FAFSA. In addition to your own StudentAid.gov account, it's likely that you'll need to have at least one parent or guardian also create a StudentAid.gov account. FAFSA calls everyone who contributes information to a student's FAFSA form a "contributor".
Video - FAFSA Overview
Video - Creating Your StudentAid.gov Account
Action Item
Typically, both the student and one parent will need to each create a StudentAid.gov account. Your action item for Step 3 is to create your StudentAid.gov account (the username and password that you'll use to sign your FAFSA).
Create Your StudentAid.gov Account
Additional Resources and Tips
For Students
You may also want to check out FAFSA assistance resources on CFNC.org as well as information on grants and scholarships.
Find lots of great FAFSA videos on the StudentAid.gov YouTube channel.
For Parents
Quick Tip: the information required to complete the FAFSA and the NC Residency Determination Service (RDS) are similar, so you and your student can save time by completing them at the same time.
The US Department of Education significantly changed the FAFSA form in 2024. They introduced the term "contributors" which is anyone (student, student's spouse, student's biological or adoptive parent, or student's parent’s spouse) who is required to provide information on the FAFSA form, sign the FAFSA form, and provide consent and approval to have their federal tax information transferred directly from the IRS into the form.
You can read "Reporting Parent Information" on StudentAid.gov to learn more, and take advantage of the StudentAid.gov YouTube channel.