Wealth Insights

Applying for FAFSA Checklist

By Hightower Advisors / October 1, 2025

Each October 1, the Free Application for Federal Student Aid (FAFSA^®) opens for college students to apply for federal aid. While federal aid is not necessarily first come first served, it is advised that you apply as early as possible to increase your child’s chances for preferred aid packages from the schools of their choice.

Review our checklist to help make sure you have what you need when your child applies.

Create or login to an existing StudentAid.gov account
- Each person required to provide information on the FAFSA form, including the student, the student’s spouse, a biological or adoptive parent, or the parent’s spouse, must create a StudentAid.gov account (FSA ID) before they can access and complete their section of the online FAFSA®.
- Note: Parent and spouse contributors without a Social Security number (SSN) can create a StudentAid.gov account to fill out their portion of your FAFSA® form online.
Gather required documents
- Your Social Security card and driver’s license, and/or alien registration card if you are not a US citizen
- Federal income tax return from two years prior to the academic year you’re applying to (i.e., for the 2026–2027 FAFSA, you will need to use your 2024 tax return)
- Records of child support received
- Current balances of cash, savings, and checking accounts
- Net worth of investments, businesses, and farms
- What Counts as an Investment for FAFSA^®:
  - Real estate (not including the home in which you live or real estate owned by a business)
  - Rental property
  - Vacation homes
  - Trust funds
  - UGMA and UTMA accounts
  - Money market funds and mutual funds
  - Certificates of deposit
  - Stocks, stock options, and bonds
  - Securities and tax shelters
  - Installment and land sale contracts (including mortgages held)
  - Qualified education benefits or education savings accounts (for the student)
  - Each parent’s SSN if they have one (for the 2025–26 FAFSA form only)
  - Records of non-taxable income (e.g., veteran’s benefits, SSI)
  - Records of unusual family financial circumstances (e.g., death or divorce)
Determine dependency status
- Dependent Student: Receives substantial financial support from parents. Both student and parent financial info must be submitted.
- Independent Student: Must meet at least one of the following criteria:
  - Born before January 1, 2002 (for 2025–2026 FAFSA)
  - Married as of the FAFSA filing date
  - Enrolled in a master’s or doctorate program
  - Active duty military (not for training) or a veteran
  - Has children or dependents receiving more than half their financial support
  - Was an orphan, in foster care, or a ward of the court after age 13
  - Is/was an emancipated minor or in legal guardianship
  - Is/was an unaccompanied homeless youth or at risk of homelessness
Prepare a list of schools the student wants to apply to
- You can list up to 20 schools online or up to 10 schools on a FAFSA® PDF.
- Tip: Use the Department of Education’s Title IV school codes to speed up this step. Find the 2025–2026 code list here.
Sign and submit the FAFSA® form
- Processing Time:
  - Online submissions: 1–3 days
  - Paper submissions: 7–10 days (manual processing)

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