As college tuition costs continue to rise, parents and students are left struggling to find ways to pay.

That’s why, along with scholarships, the Free Application for Federal Aid (FAFSA) is an option many incoming and current college students can depend on to help pay for college.

FAFSA 101

FAFSA is an application that determines a student’s eligibility for all federal financial aid, including loans and work-study programs, as well as grants and scholarships (which you don’t have to pay back!). The application is free and opens on October 1 each year for college students to apply for financial aid for the next school year.

Students planning to enroll in college should complete their FAFSA application each year they will be attending a college or a university. There is no age limit on who can apply for and receive federal aid, so even adults attending college can complete an application.

Some common misconceptions about FAFSA that keep students from applying are that good grades are required or that their family makes too much money.

FAFSA awards financial aid based on a student’s financial needs and circumstances, not by GPAs. Families with high income may qualify for some federal aid, especially if they have several family members in college.

Even if you don’t get a large portion of grant money to attend college, you can still apply for federal student loans as part of federal aid.

So if you’re headed to college next year and want to minimize your debt, fill out the FAFSA ASAP. Not sure how to start? Here are five things you’ll need before you start your application:

FSA ID

The easiest and fastest way to fill out the FAFSA is online at fafsa.gov. To get started, you’ll need your FSA ID, which is your username and password. Note: parents of dependent students will need to create their own FSA ID to sign their child’s FAFSA form online.

Names of Schools You Want to Attend

Don’t worry, you don’t need to be 100 percent sure about your college options. Enter up to 10 schools that you’re considering. If you change your mind later, you can easily remove the school from the list. Didn’t get accepted? The school can just disregard your FAFSA application.

Personal and Financial Information

You knew this was coming… To complete the FAFSA, you have to spend some time entering data. Personal information includes items like your social security and driver’s license numbers. However, dependent students also have to enter their parents’ tax return info from last year.

Dependency Status

If you’re in high school and live at home, you’re most likely considered a dependent. That means you need to report information about your parents. But here’s where it gets more complicated. Even if you live on your own and support yourself, you still may be considered a dependent for the purposes of the FAFSA. Make sure you review the application guidelines and determine what category best describes you.

A Secure Connection

It probably goes without saying, but if you’re filing your FAFSA online, make sure you do it over a secure Internet connection. In other words, don’t use public WiFi. Libraries, coffee shops, outdoor spaces—open connections are much more vulnerable to hackers. If your personal information is stolen, it could lead to identity theft and put you and your parents in financial jeopardy.

Once you’ve applied, you’ll get your Student Aid Report and subsequently award letters from each of the colleges for which you’ve been accepted (these contain how much financial aid you’re eligible to receive). If you find that you still need more, we’re here to help!

If You Need More Assistance

AFFCU is proud to offer thousands of dollars in scholarships each year to graduating high school seniors. Learn more about our scholarships here.

We’ve also partnered with Sallie Mae® to provide student loans with competitive rates. Find out more by visiting the student loans section of our website.