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Opens October 1
Every year your student attends college, complete the FAFSA.
Do it as early as possible.
The FAFSA is free—don't pay someone to complete it.
Both the student and required parent or parents need an FSA ID. You can get your ID NOW!
Watch for the FAFSA Submission Summary after the FAFSA is processed. Make any needed corrections by logging into your account under “My Activity.”
Students must look for, read, and respond to emails from the Dept of Ed and colleges.

#1 Complete the FAFSA

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For the 2027–28 FAFSA, the Department of Education launched Beta 2 on August 25, 2026. Students and contributors can now request to participate online, before the FAFSA is released to everyone by October 1, 2026.

How to join

Go to the official FAFSA beta participation page. StudentAid.gov.joinbeta

If you request access, check your email for an invitation.

There is no advantage or disadvantage to submitting your form early.

BETA 2 FAFSA PARTICIPATION

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#2 Understand that FAFSA ≠ financial aid

FAFSA is the application.
Colleges use the FAFSA information to determine eligibility for federal, state, and institutional aid.
Completing the FAFSA doesn't guarantee that a student will receive aid.

Complete NC Residency Determination to be eligible for NC grants and scholarships. Complete any college-specific forms requested by colleges. The CSS Profile opens October 1 and is required by some schools.

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#3 Apply for scholarships�

Scholarships offered by the college
Local/community scholarships
Employers
Foundations and organizations
Scholarships connected to the student's activities, career interests, or community

Tip: Create a simple scholarship folder and apply consistently. Attend College Fairs and ask what financial aid resources they have.

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#4 Compare the actual �cost of each college�� “How much will we actually have to pay?”� Look at the college's financial-aid offer and calculate:� Cost of attendance – grants/scholarships = remaining cost��“Where will that remaining cost would come from?”��

Family savings/income
Student employment
Parent borrowing

Most schools have a Net Price Calculator.

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#5 Read the financial-aid offer carefully

Look for the difference between:

Grants/scholarships → don't have to be repaid
Work-study → money earned through employment; not an upfront discount
Loans → must be repaid

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Direct Plus Loans ��

(Actual rates f0r 2027-28 will be announced in May 2027.)

9.07% Interest Rate Fixed f0r 2026-2027

You must be enrolled in school at least half-time to be eligible.
Repayment begins 6 months after a student’s enrollment status drops to less than half-time.
You must complete counseling and sign a Master Promissory Note (MPN).
Other terms apply

Subsidized & Unsubsidized

Student Direct Loans ��

(Actual rates f0r 2027-28 will be announced in May 2027.)

6.52% Interest Rate Fixed f0r 2026-2027

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Parent Plus Loan (as of July 1, 2026)�Student Direct Loans �Aggregate Loan Limits

Year Student Direct Loans Parent

1^st Year $5,500 $20,000

2^nd Year $6,500 $20,000

3^rd Year $7,500 $20,000

4^th Year $7,500 $5,000

Parent Plus Loan limit is $ 65,000 per dependent undergraduate student

not $65,000 per parent. $20,000 is the maximum per year. Once the limit has been reached, additional Parent PLUS borrowing for that student is generally not allowed, even if previous PLUS loans have been repaid, forgiven, or discharged

EXAMPLE

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"Don't do this" list

❌ Assume the most expensive college is automatically the best.
❌ Assume your student won't qualify for aid, so there's no reason to complete FAFSA.
❌ Wait until the last minute to submit forms.
❌ Ignore emails from the college's financial aid office.
❌ Assume scholarships are only for students with perfect grades.
❌ Borrow money without understanding the total amount that will have to be repaid.
❌ Compare financial-aid award amounts without comparing the colleges' net costs.

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��☐ Create student and parent FSA accounts�☐ Complete the FAFSA and other forms the � college requires.�☐ Check your state's financial-aid� requirements/deadlines�☐ Apply for scholarships�☐ Review each college's financial-aid offer�☐ Calculate your net price�☐ Compare colleges based on what your family will � actually pay�☐ Contact the financial aid office when something � doesn't make sense�☐ File an appeal if your current finances are not� reflected on the FAFSA.

Your Financial Aid

To-Do List

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FINANCIAL AID TIMELINE

Items marked with an asterisk have a corresponding QR code in the QR Code Center.

September

*Use the Federal Student Aid Estimator.

*Complete the Residency Determination

*Get your FSA ID – Parent(s) too!

Research and apply for scholarship opportunities.
Put important priority deadlines on your calendar.

*Attend College Fairs and ask about financial aid opportunities.

October

*Complete and submit the FAFSA. OPENS OCTOBER 1. Submit Early!

Complete any college-specific forms requested by colleges. *The CSS Profile opens October 1 and is required by some schools.

Watch for the FAFSA Submission Summary after the FAFSA is processed. Make any needed corrections by logging into your account under “My Activity.”

Continue to research and apply for scholarships.

Watch emails and college portals for requests for additional information and submit requested information ASAP now and in all subsequent months

November – January

Continue to research and apply for scholarships.
Watch financial aid offers for Early Action and Early Decision beginning in December.

February - April

Colleges send financial aid offers for regular decision applicants.
Compare financial aid offers carefully.
Calculate the actual amount your family will have to pay.
Appeal for more aid if your award does not show your family’s true financial situation.
Ask questions if you need help.

March – May

Compare colleges based on net price.
Review loan amounts before accepting them.
Don’t miss deadlines!

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