FAFSA 2026-27 opens October 1: What students need to know about federal aid changes
For the first time since 2022, the Free Application for Federal Student Aid ( FAFSA ) will open on its traditional October 1 date, the Department of Education announced on August 27. After years of delays, this move marks a return to normalcy, but with several key changes to federal student loans and grants that families should not ignore.
Students planning to attend college in 2026-27 need to submit a FAFSA to be considered for financial aid, including federal loans and grants. While the federal deadline is June 30, 2026, many schools set earlier deadlines—sometimes as early as January—to qualify for institutional aid.
Beta testing and early submissions
Earlier this summer, the Department of Education ran a beta version of the FAFSA. More than 3,100 students had already submitted their forms as of September 3.
Those who submit during beta testing won’t need to resubmit when the official form opens on October 1. But experts caution students hoping for Pell Grants to wait for the full launch.
“If a student files a beta FAFSA and is impacted by the new eligibility changes in the ‘big beautiful bill,’ they may need their FAFSA reprocessed, potentially altering their aid,” says Megan Walter, senior policy analyst at the National Association of Student Aid Administrators.
What you need to prepare for the 2026-27 FAFSA
Filing the FAFSA requires careful preparation. Students and their parents should:
Notably, families no longer need to report small family-owned businesses, farms, or commercial fishing operations.
Federal loan changes : What’s different in 2026-27
Several new limits on federal loans will take effect starting July 1, 2026, as a result of the federal spending policy signed into law on July 4.
Key updates for students and parents:
Source: Federal Student Aid, H.R.1
Students will also face a lifetime federal loan limit of $257,500, excluding Parent PLUS loans. Schools may enforce lower limits if graduates are unlikely to repay loans successfully. Part-time students will see prorated limits.
Grad students: Pay attention, too
Graduate and professional students must also file a FAFSA. Under the new policy:
Who should file and why it still matters
Despite policy changes and confusion in the federal loan landscape, experts urge every student and family to file a FAFSA. Some students may qualify for Pell Grants, which don’t need to be repaid. Others may qualify for federal loans, which are generally more favorable than private loans if borrowing is needed.
The takeaway: FAFSA is your ticket to understanding what financial support is available, no matter your income level.
Students planning to attend college in 2026-27 need to submit a FAFSA to be considered for financial aid, including federal loans and grants. While the federal deadline is June 30, 2026, many schools set earlier deadlines—sometimes as early as January—to qualify for institutional aid.
Beta testing and early submissions
Earlier this summer, the Department of Education ran a beta version of the FAFSA. More than 3,100 students had already submitted their forms as of September 3.
Those who submit during beta testing won’t need to resubmit when the official form opens on October 1. But experts caution students hoping for Pell Grants to wait for the full launch.
“If a student files a beta FAFSA and is impacted by the new eligibility changes in the ‘big beautiful bill,’ they may need their FAFSA reprocessed, potentially altering their aid,” says Megan Walter, senior policy analyst at the National Association of Student Aid Administrators.
What you need to prepare for the 2026-27 FAFSA
Filing the FAFSA requires careful preparation. Students and their parents should:
- Create an account at StudentAid.gov
- Gather 2024 tax returns
- Collect child support records
- Check balances for checking, savings, and other cash accounts
- Have Social Security numbers ready
Notably, families no longer need to report small family-owned businesses, farms, or commercial fishing operations.
Federal loan changes : What’s different in 2026-27
Several new limits on federal loans will take effect starting July 1, 2026, as a result of the federal spending policy signed into law on July 4.
Key updates for students and parents:
Source: Federal Student Aid, H.R.1
Students will also face a lifetime federal loan limit of $257,500, excluding Parent PLUS loans. Schools may enforce lower limits if graduates are unlikely to repay loans successfully. Part-time students will see prorated limits.
Grad students: Pay attention, too
Graduate and professional students must also file a FAFSA. Under the new policy:
- Grad PLUS loans are eliminated
- Borrowing limits are capped at $100,000 for graduate programs and $200,000 for professional programs
- Students currently enrolled with loans disbursed prior to July 1, 2026, will retain access to previous PLUS loans for three years or until graduation
Who should file and why it still matters
The takeaway: FAFSA is your ticket to understanding what financial support is available, no matter your income level.
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