If you have a student heading to college in the fall of 2027 — or a student already in college — the 2027–28 FAFSA is open right now. The U.S. Department of Education launched it on September 23, 2026, the earliest release date ever. That is good news for families, because filing early is one of the simplest ways to protect your eligibility for aid that runs out.
The form itself looks much like last year’s, but there are a few changes worth knowing about, and the same handful of mistakes still trip up families every year. Here is what you need to know about the 2027–28 FAFSA and how to get it done correctly.
Which Tax Year the 2027–28 FAFSA Uses
The FAFSA uses “prior-prior year” tax information. For the 2027–28 FAFSA, that means your 2025 federal tax return — the one you filed this past spring. Because that return is already complete, there is no reason to wait until you do your 2026 taxes. You can file today.
Assets are different. Cash, savings, investments, and other assets are reported as of the day you file, not as of the end of 2025. That is worth keeping in mind if you are about to make a large purchase or pay a big bill; the timing of when you submit can affect what you report.
What’s New on the 2027–28 FAFSA
Most of the 2027–28 changes are refinements rather than overhauls. The ones families are most likely to notice:
- Small cash balances don’t need to be reported. The instructions now clarify that applicants do not need to count or report cash on hand under $1,000.
- Family businesses and farms remain excluded. Under the 2025 federal budget law, a family-owned and controlled business with 100 or fewer full-time employees, the farm the family lives on, and family-owned commercial fishing businesses are excluded from net worth. This began with the 2026–27 form and continues this year. If you own a small business, this can make a meaningful difference.
- Foreign earned income now counts toward Pell Grant eligibility. Income excluded from U.S. taxes as foreign earned income is added back for purposes of determining Pell eligibility.
- A new Pell Grant cutoff. Students whose Student Aid Index (SAI) is at least twice the maximum Pell Grant are not eligible for a Pell Grant, even if other factors would have qualified them.
- Stronger identity checks. The FAFSA now uses real-time fraud detection. Most families will see nothing different, but some applicants may be asked to confirm their identity before the form is processed. Respond quickly if you get that request.
- A simpler signature page. The signing step has been condensed into a single “Review & Sign” page.
If you are unsure what your SAI means once you get it, our explanation of the Student Aid Index walks through why that number is not what you will actually pay.
Who Has to Be on Your FAFSA
The FAFSA uses the term “contributor” for anyone whose information is required. Every contributor needs their own StudentAid.gov account and must give consent for the IRS to transfer their tax information directly into the form. Without that consent, the student cannot receive federal aid.
For a dependent student, the rules are:
- If the parents are married and filed taxes jointly, one parent is a contributor.
- If the parents are married and filed separately, or are unmarried and living together, both parents are contributors.
- If the parents are divorced or separated, the contributor is the parent who provided more financial support over the past 12 months. If support was equal, it is the parent with the greater income and assets.
- If that parent has remarried, the stepparent’s information is included as well.
Divorced and blended families have the most room for confusion here. If that is your situation, read our guide to filling out the FAFSA for divorced parents before you start.
A Step-by-Step Plan for Filing
Families who sit down prepared usually finish in under an hour. Here is the order we recommend:
- Create StudentAid.gov accounts for the student and each contributor. Do this first. New accounts sometimes need a few days to verify, and you cannot finish the FAFSA without them.
- Gather what you need. Your 2025 tax return, current balances for checking, savings, and investment accounts, and the value of any business or investment real estate you own. You do not report your primary home or retirement accounts.
- Make a list of colleges. You can send the FAFSA to up to 20 schools. Include every school your student is considering, even long shots — there is no cost to add a school, and you can remove it later.
- Start the form as the student, then invite contributors. Each contributor receives an invitation to complete their section and sign.
- Review the FAFSA Submission Summary. After you submit, you will receive a summary showing your SAI and the information schools will see. Check it carefully for errors.
The Deadlines That Actually Matter
The federal deadline for the 2027–28 FAFSA is June 30, 2028. That date is almost meaningless for planning purposes. The deadlines that matter are much earlier:
- College priority deadlines. Many schools want the FAFSA by a priority date, often between November and March, in order to consider a student for their full range of grants and scholarships. Check each school’s financial aid page.
- State deadlines. Many states award grant money on a first-come, first-served basis or set early deadlines. Once the funds are gone, they are gone.
- Early Decision and Early Action. Students applying early often need financial aid forms in by November or December so that an aid offer arrives with the admission decision.
Our rule of thumb is simple: if your student is applying to college this year, file the FAFSA before Thanksgiving.
Don’t Forget the CSS Profile
Several hundred colleges, mostly private institutions, also require the CSS Profile to award their own institutional aid. The CSS Profile asks for far more detail than the FAFSA — including home equity, retirement contributions, and information from a noncustodial parent at many schools — and it has its own fees and deadlines. If any school on your list requires it, read our overview of the CSS Profile and plan to complete it at the same time as the FAFSA.
Common FAFSA Mistakes to Avoid
- Not filing because you assume you won’t qualify. Many colleges require the FAFSA before they will consider a student for merit scholarships or federal student loans. File it anyway.
- Reporting retirement accounts or your home as assets. Neither belongs on the FAFSA.
- Using the wrong parent. In divorced and separated families, the contributor is determined by financial support, not by where the student lives.
- Letting a contributor invitation sit. The FAFSA is not complete until every contributor signs.
- Ignoring the Submission Summary. Errors are much easier to fix before schools package aid than after.
If Your Finances Have Changed Since 2025
Because the FAFSA looks back two years, it may not reflect your family’s current reality. A job loss, a large drop in income, high medical bills, or a divorce after 2025 are not captured by the form. File the FAFSA as it is, then contact each college’s financial aid office and ask about a professional judgment review. Our guide to appealing a financial aid offer explains how to make that request effectively.
The Bottom Line
The 2027–28 FAFSA is open, it uses your 2025 tax return, and the changes this year are modest. The biggest risk is not a confusing question — it is waiting too long. Create your accounts, gather your documents, and submit before the priority deadlines at your student’s colleges.
If you would like help completing the FAFSA or CSS Profile, or want to understand what your SAI means for your college list, College Planning Services can help. See our services or reach out to talk about your family’s situation.