FAFSA Requirements: Everything You Need to Know

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:

1.) Have a high school diploma or equivalent (such as a GED), or completed an approved home-school high school program

2.) 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

3.) Have a valid social security number

4.) Be enrolled or accepted in a degree program at an eligible school or university

5.) 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 student

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.

Take Out a Private Student Loan

Private student loans can be a great help because you can take out larger quantities of money. Because you do have to pay this money back, you’ll want to use private student loans as a last resort method to fill in the gaps of what you can’t cover. That way you don’t bite off more than you can chew in student loans. When you’re ready to look for student loans, use Sparrow to help your search.

>> MORE: Compare private student loan rates

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.

Look for a Part-Time Job

A part-time job can help you come up with the income to pay for college expenses. Some companies will even offer to pay for part or all of your college costs if you work for them. These can be great opportunities that can get you both work experience and a way to pay for college.

Final Thoughts from the Nest

Filling out the FAFSA can provide you with access to a substantial bit of federal aid money. Knowing about the FAFSA requirements for aid eligibility can help you figure out what you need to do, whether that’s exploring other options or making some adjustments so you can be eligible.
If you do not meet the FAFSA requirements and are unable to secure financial aid, consider exploring private student loan options with Sparrow. With the Sparrow application, you can get matched with private student loans you qualify for from 15+ lenders. This application can help expedite the private student loan search.