If you have a high-school senior, you’ve probably seen “FAFSA” appear frequently this time of year. And if you’re wondering, is this really that important? The answer is a resounding yes.

The Free Application for Federal Student Aid (FAFSA) is the gateway to need-based financial aid for college. It determines whether a student qualifies for grants, federal loans, parent loans, and work-study opportunities. For many families, it’s the single most important form in the entire college planning process.

Yet, every year, thousands of families skip it. Some assume they won’t qualify. Others find the paperwork overwhelming. Unfortunately, by not filing, they may miss out on valuable opportunities to reduce the cost of college. In fact, statistics show that nearly two-thirds of eligible families do complete the FAFSA—and those who do often discover options they didn’t know were available.

FAFSA Fast Facts Every Family Should Know

Opening Date: For the Class of 2026, the FAFSA officially opens October 1. At Class 101-Lexington, we recommend submitting it in the first two weeks. Why? Some aid programs are first-come, first-served.

Number of Questions: The form contains 36 questions designed to evaluate your financial situation.

Tax Year Used: For the 2026-2027 FAFSA, you’ll need information from your 2024 tax return.

Student Aid Index (SAI): This is the number colleges use to determine how much aid you qualify for.

Time Commitment: Most families can complete the FAFSA in about an hour.

How to Get Started

Before you dive in, both students and parents will need to create a unique FAFSA ID. You’ll also need to gather:

-Social Security numbers

-Recent tax information

-Bank account balances

-Investment details

-Info on business and farm assets.

Once you’re ready, the form can be accessed at fafsa.gov. During the process, you can select which colleges should receive your information — an important step in ensuring schools have what they need to prepare your financial aid package.

Why Every Family Should Complete the FAFSA

Even if you’re convinced you won’t qualify for need-based aid, there are still big reasons to apply:

-Many colleges require the FAFSA before awarding merit-based aid.

-Schools need the FAFSA to create a complete financial aid package.

-Life circumstances change—submitting the FAFSA keeps your options open year to year.

In short, the FAFSA isn’t just for families with financial need. It’s for every family planning for college.

We’re Here to Help

At Class 101-Lexington, we know the FAFSA can feel overwhelming—but you don’t have to go through it alone. Whether it’s creating your FAFSA ID, gathering documents, or understanding your results, we’ll walk you through every step.

Filing the FAFSA is one fo the smartesnt moves you can make in the college planning journey. Don’t leave money on the table—let us help you access the aid to which your student is entitled.