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The Free Application for Federal Student Aid (FAFSA) opens October 1, and while the 2026-27 academic year may seem like a lifetime away, funding can run out if you wait to submit your application.  With more than half of students planning to pay for college with the help of financial aid, family members need to be aware of the significant changes that were made to the  federal financial aid process in 2024, to make the process simpler.

If you’re an Invest529 account owner, you already have a smart savings tool in place, but you need to understand how your account factors into the FAFSA process.

Use this checklist to get ready before October 1.

1. Gather your documents now

• Social Security numbers
• Driver’s licenses
• W-2s
• Tax returns
• Bank statements
• Current balances for your Invest529 account(s)

 

2. Know how your Invest529 account is counted

• Parent-owned 529s = parent assets (better for aid eligibility)
• Grandparent-owned 529s = treated differently under new FAFSA rules

 

3. Confirm account ownership

• Double-check whether the Invest529 account is in the parent’s, student’s, or grandparent’s name

 

4. Review your tax return

• FAFSA pulls “prior-prior year” info (for the 2026–27 FAFSA, 2024 taxes will be used)
• Make sure your information is accurate and filed correctly

 

5. Keep track of Invest529 withdrawals

• Note what you’ve already spent on qualified education expenses
• Helps avoid confusion

 

6. Mark your calendar with school and state deadlines

• Some schools and states award aid on a first-come, first-served basis
• Submitting early gives you a better chance at free money

 

7. Create or update your FSA ID

• Both parent and student need their own FSA ID
• Complete before October 1 to avoid last-minute delays

 

The FAFSA may feel intimidating, but it doesn’t have to be. By organizing your documents, understanding how your Invest529 account is treated and staying on top of deadlines, you can set your student up to be a good candidate for a great financial aid package. Related: 5 Tips for Navigating Your Financial Aid Award Letters