What Is FAFSA? A Guide to Applying for Financial Aid

The Free Application for Federal Student Aid (FAFSA) is the form students complete to apply for federal financial aid for college. Completing the FAFSA can help determine eligibility for federal grants, loans and work-study, and FAFSA information may also be used to determine eligibility for certain state and institutional financial aid opportunities. 

At Marian University, completing the FAFSA is an important step in the financial aid process and can help students explore opportunities to make a Catholic Franciscan education more affordable.  

What is the FAFSA and who should complete it? 

FAFSA is an important part of the college financial aid process that helps determine what federal financial aid assistance a student may or may not be eligible to receive. FAFSA is not only just for first-year students; all students are encouraged to complete the form each year to remain eligible for federal financial aid.   

Whether you are starting college, returning for another year, or exploring your financial aid options, completing the FAFSA is an important step in planning college costs. 

What does FAFSA stand for? 

FAFSA stands for Free Application for Federal Student Aid. The FAFSA is a free form that students complete to apply for federal financial aid for college. 

Who should fill out the FAFSA? 

Most students who plan to attend college should complete the FAFSA each year, even if they don't think they will qualify for financial aid. The information provided on the FAFSA is used to determine eligibility for federal financial aid and may also be used to determine eligibility for certain state and institutional aid opportunities. 

Depending on their circumstances, students may also need information or assistance from a FAFSA contributor, such as a parent or spouse. 

When does the FAFSA open and what do you need to apply? 

The 2027-28 FAFSA opens October 1, 2026. The FAFSA is available each year for students seeking financial aid for the upcoming academic year. Completing the FAFSA as early as possible can help students stay on top of financial aid deadlines and opportunities. 

For Indiana students, the FAFSA must be received by April 15 to ensure consideration for the maximum amount of state financial aid and grants. 

To be eligible for Marian's full-tuition scholarship opportunities, students must apply and be accepted by November 1. 

What information do you need to complete the FAFSA? 

To complete the FAFSA, you first need to set up an student.gov account along with any required contributors. You will need your Social Security number or Alien Registration Number if you are not a U.S citizen.  Financial information may include your federal tax return(s), untaxed income, and asset balances. You should also include your list of desired schools and their federal school codes. Marian University’s school code is 001821. 

What happens after you submit the FAFSA? 

After you submit the FAFSA, you will receive confirmation that your application has been submitted. Your application will then go through a processing period. Online applications typically take one to three days to process, while physical forms can take up to seven to ten days. During this time, you can log into your StudentAid.gov account to check your application status. Once your application has been processed, you can review your FAFSA submission summary. 

The information from your FAFSA is then made available to the schools you listed on your application. Be sure to monitor your email and student accounts for additional information or next steps from the colleges you're considering. 

What other financial aid is available? 

Although FAFSA is an important first step when applying for financial aid, it is not the only option available for students.   

At Marian University, students have many opportunities for additional aid options that can be explored through the financial aid page. To view the full list of Marian’s scholarship opportunities, click here. 

If you need assistance, contact the Marian University Office of Financial Aid at (800) 834-5494, (317) 955-6040, or finaid@marian.edu. 

Frequently asked questions 

Is the FAFSA free? 

Yes. FAFSA stands for Free Application for Federal Student Aid, and there is no fee to complete the FAFSA. 

What is Marian University's FAFSA school code? 

Marian University's federal school code is 001821. 

When does the FAFSA open? 

The 2027-28 FAFSA opens October 1, 2026. 

Do parents have to complete the FAFSA? 

Depending on the student's circumstances, a parent or another contributor may need to provide information on the FAFSA.