FAFSA changes are here: What students and parents should know

The Free Application for Federal Student Aid (FAFSA) period is set to reopen next month. According to a statement from the Department of Education, the online form for the 2026-2027 year will be available on October 1. 

The timing of the application’s opening is notably different from recent years. In 2016, the application process began opening to students in October, but major technical issues in recent years have set the schedule back. In 2023, the application for the 2024-2025 year didn’t launch until December, meaning students had less time to apply for aid. The issues came about after a 2020 law mandated the form be revised and simplified. 

The new application is also still in its beta test stage. “The second phase of testing is now open and runs through September 2025,” the Education Department’s announcement explains. “Anyone can request to participate, and we’ll invite participants throughout this phase.” The announcement also noted that if students apply for aid during the beta testing period, they won’t need to resubmit the application later.

The department says the new application has been simplified in a number of ways. For starters, it now has a real-time account verification tool that allows students to use their Social Security number to avoid a waiting period. It also has a tool that allows students filling out the application to allow another person, such as a parent, to collaborate in filling out the form.

In terms of loan limits, the new application comes with a few changes from previous years after Trump’s budget cuts were passed on July 4. For undergrad applicants, new borrowers will have a lifetime limit of $257,500.

For the Parent PLUS loan program, parents will only be able to borrow $20,000 per dependent each year or a total of $65,000 per dependent. However, if students are already receiving loans (prior to July 1, 2026), they will be able to continue without the new Parent PLUS caps through the end of their college years.

Schools can now enforce specific loan limits for certain programs.

All students looking to receive federal aid must complete the form by June 30, 2026. However, colleges and universities all have their own deadlines—which students need to be aware of. 

“Many schools’ FAFSA due dates have priority deadlines, which means you need to submit your FAFSA form by that date to receive the best aid package,” according to the Education Department. “These schools typically publish this date on their financial aid web pages. If you can’t find the deadline, call the school’s financial aid office.”

Borrowers can request access to the application here.