If you're planning to go to college or technical school next school year, the Free Application for Federal Student Aid (FAFSA) for the 2026-2027 year will have some important updates. Knowing the changes before starting your application can help you apply correctly, maximize your aid, and avoid surprises.
The 2026-2027 FAFSA form is available as of October 1, 2025, and uses income data from the 2024 tax year. It is recommended to apply early, as awards can be given on a first come, first serve basis.
What’s New
There have been several changes to the FAFSA that will start with 2026-2027 form.
- Asset Exclusions: Some assets no longer count toward the Student Aid Index (SAI). These include:
- The net worth of a family-owned business with 100 or fewer full-time (or full-time equivalent) employees.
- The net worth of farms on which the family resides.
- The net worth of a commercial fishing business and related expenses owned/controlled by the family.
- Pell Grant Eligibility Changes
- The foreign earned income exclusion amount will be added back into adjusted gross income when determining Pell eligibility.
- There is a new eligibility cutoff: If a student’s SAI is equal to or greater than twice the maximum Pell Grant amount for that year, the student will not be eligible for a Pell Grant. For 2026-27, that amount is $14,790.
- The cutoff does not apply to students who qualify under special rules (e.g. dependents of certain deceased service members or public safety officers).
What You Should Do Now
Create your FSA ID if you don’t have one. You’ll need it to sign the FAFSA. Start gathering required documents, including tax returns, Social Security number, bank and investment records, business/farm financials (if applicable). Know what assets are now excluded.
If you can, fill out the FAFSA as early as possible after it opens to maximize your aid opportunities. Check with your university or state aid office for institutional and state deadlines as they may be earlier.
If you fall under the exception categories for the Pell Grant, check that your status is accounted for.
The Financial Aid Process is laid out here in a step-by-step infographic, or in this video.
West Virginia Financial Aid Resources
- Promise Scholarship
- This is a merit-based scholarship offering up to $5,500 per year (or cost of tuition & mandatory fees, whichever is less) for eligible West Virginia students.
- West Virginia Higher Education Grant
- This is a need-based state grant for West Virginia students to help with cost of postsecondary education.
- West Virginia Invests Grant
- This is a “last-dollar in” grant that helps pay the remaining tuition and mandatory fees in certificate or associate degree programs in high-demand fields, after federal and other aid is taken into account.
- WV STEM Scholarship
- This scholarship is for students majoring in science, technology, engineering, or mathematics.
- Underwood-Smith Teaching Scholars/Scholarship Loan Assistance
- For those pursuing teaching in mathematics, science, special education, elementary education, etc., this option includes loan repayment assistance in some cases.
- West Virginia Nursing Scholarship Program
- This program is for nursing students (LPN, RN, etc.), encouraging graduates to stay in West Virginia.
- HEAPS Grant and HEAPS Workforce
- HEAPS is a part-time grant for undergraduates, while HEAPS Workforce is for certificate/training in high demand occupations.
Preparing and keeping up with institutional deadlines will give you the best chance at earning the most financial aid possible for your educational journey. Work with your school’s financial aid office and use official government sources to stay informed and ensure your FAFSA is completed correctly, efficiently, and on time.
Lauren Weatherford, associate professor and Extension Agent – Fayette and Nicholas Counties
Financial Literacy Education Team