If you plan on attending college, completing the Free Application for Federal Student Aid (FAFSA) is a critical step. The FAFSA is a tool the federal government, states, and schools use to determine your eligibility for grants, work-study programs, and student loans.
The 2026-2027 FAFSA — the FAFSA you’ll need to complete if you need financial aid for the fall 2026 or spring 2027 semesters — will launch on Oct 1, 2025. Along with other changes to federal financial aid, President Trump’s administration has made some adjustments to the FAFSA, too.
Here’s what you need to know before filling out the 2026-2027 FAFSA:
4 FAFSA Changes to Know for Next Year
1. Real-Time Identity Verification
Currently, it can take several days for the U.S. Department of Education to verify users’ identities. But, starting in August, users who create an account on StudentAid.gov with a valid Social Security number will automatically have their accounts verified right away. This change will allow users to access their IRS tax information and complete the FAFSA faster.
2. Simplified Contributor Invite Process
Previously, students had to enter parents’ identifying information — such as their Social Security numbers — to invite the parent to complete the parental section of the FAFSA. For children who may have limited contact with their parents and may not have those details handy, that requirement could be a hurdle to completing the FAFSA.
The simplified contributor invite process allows students to invite a parent to complete the FAFSA just by entering the parent’s email address. The Department of Education will then send the parent a unique, non-case sensitive code via email. Parents can accept the invite by entering the code on the “Accept an Invite” page through StudentAid.gov.
3. Beta Testing
For the 2025-2026 FAFSA, the Department of Education launched a beta test to test out the form with over 140,000 students. The test allowed the department to catch issues and make fixes before making it available to the broader public.
For the 2026-2027 academic year, the department will use a similar strategy. Beta testing will involve two rounds:
- Beta 1: The first round will be an invitation-only group offered to select school districts and community organizations through in-person and virtual events. This test started August 4.
- Beta 2: After Beta 1 ends, the department will kick off Beta 2 by early September. Any parent or student can ask to participate in beta testing on StudentAid.gov, and the department will admit groups throughout the month. Schools won’t review your FAFSA information until the regular FAFSA dates, but if you want to cross “completing the FAFSA” off your to-do list as soon as possible, participating could be a good idea.
4. New Net Worth Exclusions
Under President Trump’s sweeping One Big Beautiful Bill (OBBB), there are some changes to how assets have to be reported on the FAFSA. Beginning with the 2026-2027 academic year, the Student Aid Index (SAI) — the calculation schools use to determine your eligibility for aid — will exclude the following assets:
- The net worth of a family-owned business with 100 or fewer full-time (or full-time equivalent) employees
- The net worth of farms on which the family resides
- The net worth of a commercial fishing business and related expenses that are owned and controlled by a family
These changes may make it easier for students whose families own small businesses qualify for financial aid.
Filling Out the 2026-2027 FAFSA
Ahead of October 1, here’s what you can do now to prepare for the 2026-2027 FAFSA:
- Locate help: If you think you’ll need help filling out the FAFSA, you can use the FAFSA Help tool. And, the National College Attainment Network has a wealth of resources and workshops that can help you navigate the financial aid process.
- Gather documents: To fill out the FAFSA, you’ll need the following information:
- Your Social Security number
- The Social Security numbers of your parents, if applicable
- Tax returns
- Current balances of checking and savings accounts
- Net worth of businesses, farms, or investments (unless exempt under the OBBB)
- Consider your school options: Start researching colleges now. Think about your intended major, the type of school you want to attend, and what kind of learning environment you prefer.
- Research other aid: You can start researching and applying for other financial aid, such as scholarships and grants, from third-party organizations and companies. The College Board’s Scholarship Search tool is an excellent resource.
