If you’re a prospective MBA student researching how to fund your program, you’re likely frequently asking questions about the FAFSA. Often, students ask not only what it is, but how it works, and who is eligible.
The FAFSA—or Free Application for Federal Student Aid—is applied for via a form. You must complete this form in order to qualify for aid such as federal grants, work-study funds, and loans. The form is free, easy, and a valuable source of MBA funding.
Below we have compiled the most frequently asked questions surrounding the FAFSA.
FAFSA: the Frequently Asked Questions
Incoming MBA students frequently ask questions about the FAFSA’s submission process and what they should include.
The Process
Q: How soon should I file the FAFSA?
A. Deadlines vary for each state and school, so do your research and submit early.
Q: How often should I fill out the FAFSA?
A. You will need to fill out the FAFSA every year that you are enrolled in your business school. This is because your eligibility for federal student aid is determined each year, because the financial situation of you and your family can change each year, and because the FAFSA form is tied to a specific academic year.
Q: Will any data carry over from the 2023-24 FAFSA form to the 2024-25 form?
A. No, because the two forms are significantly different.
Q: Where can I view the status of my FAFSA form?
A. You can check the status of your FAFSA form at StudentAid.gov. You should login, navigate to your Dashboard, head to the “My Activity” page, and select the FAFSA form for the appropriate year. You can view the application status there.
Q: I need proof that I have submitted my FAFSA form. Where can I find it?
A. If you submitted your FAFSA online, you will have received a confirmation email immediately after doing so. You can use this email as proof of submission. If you submitted via the paper FAFSA form, you will receive a FAFSA Submission Summary within three to five days of processing (if you included your email address). You can also view confirmation that the federal processor in the ISIR received your form under the “Application Receipt Date” field.
Q: Can I submit my section of the FAFSA online if my contributor is submitting their section via the paper form?
A. You must choose either the online or the paper form to submit your FAFSA. The online route is the faster option, and is highly recommended.
The Content
Q: What if I think my family makes too much money?
A. The FAFSA is used to determine federal student loan eligibility as well as federal grants or work-study funds. Even if your family income is too high for the latter, you might qualify for the former. Plus, the FAFSA takes only 15 minutes to complete—so there’s no harm in giving it a shot.
Q: What is a contributor and when do I need one?
A. Anyone who is required to provide information on your FAFSA form is called a contributor. This might be your spouse, for example. Contributors will provide information, sign the form, and provide consent for the IRS to directly transfer their federal tax information to the FAFSA form. Contributors on your form are not in any way responsible for financing your studies.You can read more detail on contributors in the “2024-25 FAFSA Specifications Guide, Volume 5 — Edits and Rejects”.
Q: What common mistakes do people make when filling out the FAFSA?
A. The biggest mistake is not filling out the FAFSA at all—it is always worth submitting, just in case. Apart from that, remember that when filling out the FAFSA:
- You don’t need to know which school you will study at, but you do need to list schools of interest.
- You don’t need to have completed your taxes for last year—you’ll use information from two years ago.
- You can simplify the process by transferring your IRS data automatically.
- You must use your legal name.
What to Anticipate Receiving
Alongside your enrollment status, your eligibility for federal student aid depends on two things. First, your Student Aid Index (SAI). Second, the cost of attendance at the school you will attend (COA).
There are two types of aid you can receive: need-based and non-need based.
To determine how much need-based aid you can get, financial aid staff will subtract your SAI from your COA to determine the amount of your financial need.
To determine how much non-need-based aid you can get, the school will subtract any financial aid you have already been awarded from the cost of attendance.
Your Cost of Attendance (COA) is, of course, the cost of attendance at your school. It covers things like tuition, fees, living expenses, books and supplies, and transportation. For examples of COAs, take a look at Clear Admit’s “Cost of MBA Programs in the U.S.,” which you can find in our “Real Numbers of MBA Admissions” series.
Your Student Aid Index (SAI) is calculated from the information that you provided when completing your FAFSA form. This information is primarily transferred directly from the IRS. You can view an approximation of your SAI via the Federal Student Aid Estimator.
What Assets to Include in the FAFSA
If you are applying to an MBA, you are likely an independent (rather than dependent) student. Factors that determine this include your marital status, your age (dependent students are under 24), and whether or not you are already a graduate.
Since an MBA is a post graduate degree, you are most likely an independent student. The FAFSA therefore does not consider parental assets in your application. It is your own financial assets (and often those of your spouse) that will impact your eligibility for federal student aid.
There are specific assets that affect FAFSA. These include:
- Equity in investment (not primary residence) real estate
- Cash in savings or in other bank accounts
- Custodial accounts such as UGMA or UTMA
- Stocks and bonds
- Mutual fund assets
- Cash gifts
The FAFSA does not count some assets. These include:
- 401(k) and Roth and traditional IRA accounts
- Life insurance policies
- SIMPLE, KEOGH, and pension plans
- Annuities
The Future of the FAFSA
With news of President Donald Trump’s initiated shutdown of the federal Department of Education, you may have some questions about the longevity of federal student aid. We’ve compiled answers to some of the FAFSA frequently asked questions around this move to help you out.
Q: What happens if I have already submitted my FAFSA
A. The Department of Education will process any already-submitted online applications within one to three days. Paper form submissions are likely to take longer. Once processed, you can see your submission summary at StudentAid.gov. You should bear in mind that, due to staffing cuts, you might experience delays on any questions or issues.
Q: Will student aid or the FAFSA disappear?
A. Experts think not. Even if the department of education is eliminated entirely, the FAFSA should not disappear—mostly because a “complex web of programs rely on the program”. The FAFSA is the “trigger application” for a multitude of state and institutional aid programs, and replacing it would be a mammoth task.
Q: Should I still apply for a FAFSA?
A. The expert advice here is yes, you should still apply for a FAFSA.
Q: Where might the FAFSA go?
A. Since the FAFSA form already connects to the IRS system, initial predictions are that it might go to the IRS or Treasury Department. Student loan expert Mark Kantrowitz predicts that a move is unlikely to greatly impact borrowers.
