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FAFSA:
The Quiz

Financial Literacy

Each year, millions of students and families begin planning for college by completing the Free Application for Federal Student Aid (FAFSA®). It’s the gateway to accessing more than $100 billion in grants, scholarships, and other federal financial aid for higher education. Confusion and misconceptions about the FAFSA, however, persist — leading those who need the most support to potentially miss out on critical aid to make college more accessible and affordable. As an education solutions company and responsible private lender, Sallie Mae helps students and families complete the FAFSA, offering a free step-by-step guide as well as free resources to connect them to scholarships.  

Test your knowledge of the FAFSA by taking this quiz.

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1

Completing the FAFSA is the only way to receive Pell Grants.

/
True

Completing the FAFSA can determine eligibility for a Pell Grant, a needs-based grant for low- and middle- income students that does not have to be repaid.

Raising awareness of Pell Grants and how to access them is critical to supporting underserved students.

Some 7 million students take advantage of Pell Grants every year

But in 2023 more than $4 billion was left unclaimed due to students and families not completing the FAFSA.

2

Families with a high income don’t need to complete the FAFSA.

/
False

Regardless of income, all families should complete the FAFSA. More than 30% of families, however, skipped the FAFSA last year because they believed they earned too much money to receive financial aid.

Similarly, more than half (52%) of families believe scholarships are only available to students with exceptional grades or talents. Leveraging sources of free money, such as scholarships and grants, is key to prevent students and families from overborrowing. Tools like Scholarship Search by Sallie help connect students to free money to pay for college with no registration required.

64% of families used scholarships to help pay for college

Yet $100 million in scholarships continue to go unclaimed annually.

3

The FAFSA determines how much in federal aid students will receive.

/
False

The FAFSA determines the Student Aid Index (SIA), not the amount of aid. Colleges and universities will create offers based off a student’s SIA, after the student successfully completes the form.

In 2023-2024, 21% of families who filed the FAFSA received less than expected

54% received the amount of aid they expected

4

Filing the FAFSA as early as possible is beneficial.

/
True

Filing the FAFSA early is advantageous since some federal aid, state aid, and school aid is awarded on a first-come, first-served basis. After delays to the FAFSA open date last year, the FAFSA for 2025-26 opened October 1st, with full availability on or around December 1st.

Sallie Mae offers a free step-by-step guide

to help students and families navigate the FAFSA.

5

Only incoming college freshmen need to fill out the FAFSA.

/
False

Students and families should complete the FAFSA each year they are enrolled.

Filing annually also helps students access new scholarships, grants, and other financial aid opportunities that may become available. Some schools may also require an updated FAFSA for institutional aid renewal.

74% of families filled out the FAFSA in 2023-2024.