FAFSA Cheat Sheet 2026

The 30 highest-yield FAFSA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. A student's parent was laid off six months after the FAFSA was submitted. What is the most appropriate first step? → Contact the school's financial aid office and request a professional judgment review
2. What is the main difference between a subsidized and an unsubsidized Direct Loan? → The government pays interest on subsidized loans while in school
3. Which type of federal loan is available to both undergraduate and graduate students based on financial need? → Direct Subsidized Loan
4. What is FAFSA verification? → A process schools use to confirm the accuracy of FAFSA information
5. Why is it important to submit the FAFSA as soon as possible? → Financial aid is awarded on a first come, first served basis
6. What is required for a student to regain federal aid eligibility after a drug conviction suspension? → Completing a drug rehabilitation program or passing two unannounced drug tests
7. Which of the following does NOT make a student independent on the FAFSA? → Working full-time
8. How frequently do you fill out the FAFSA? → Once a year, every year you are attending school
9. Which credential is now required to log in and sign the FAFSA online? → FSA ID (StudentAid.gov account)
10. How are 529 college savings plans owned by a parent reported on the FAFSA? → As parent assets
11. Following the submission of the FAFSA, you will receive a → The SAR report
12. What types of documents might be requested to verify household size during FAFSA verification? → A signed statement listing household members and their relationship to the student
13. Which factor is part of a school's Cost of Attendance (COA) used with the SAI to determine aid? → Tuition, fees, and living expenses
14. Which component of a student's financial aid eligibility can a financial aid administrator adjust through professional judgment? → The Student Aid Index (SAI), Cost of Attendance (COA), or dependency status
15. Which of the following is considered a student asset on the FAFSA? → A savings account in the student's name
16. What is the income threshold used in the simplified needs test that may exempt a family from reporting assets? → $50,000
17. What is the aggregate (lifetime) federal loan limit for dependent undergraduate students? → $31,000
18. A student can list how their FAFSA information is sent to schools by adding what? → School codes (Federal School Codes)
19. Which federal grant identified through the FAFSA does NOT have to be repaid? → Federal Pell Grant
20. A school's FAFSA priority deadline is different from the federal deadline because: → Schools can set their own earlier deadlines for institutional aid distribution
21. How long must schools retain verification documents? → 3 years after the end of the award year
22. Which office at the school is responsible for managing the FAFSA verification process? → The Financial Aid Office
23. What is the annual borrowing limit for a first-year dependent undergraduate student for federal Direct Loans? → $3,500
24. Who can borrow a Parent PLUS Loan? → The biological or adoptive parent of a dependent undergraduate student
25. What is a verification worksheet? → A document schools create to collect additional FAFSA-related information
26. A student who starts college in January (spring semester) should file FAFSA for which award year? → The current academic year covering that spring semester
27. For the 2010-2011 academic year, the maximum federal Pell Grant payout will be: → $5,350
28. Which federal grant does NOT need to be repaid and is awarded based on financial need? → Federal Pell Grant
29. What general citizenship status is required to receive federal student aid through the FAFSA? → U.S. citizen or eligible noncitizen
30. What is the primary purpose of the SAI? → To estimate the amount a family can contribute toward education costs