FAFSA Scholarship

The FAFSA Scholarship: What You Need to Know as an Applicant

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Filling out the Free Application for Federal Student Aid (FAFSA®) is the most important step to pay for college. All federal financial aid programs, many state aid programs, and some aid from individual colleges require students to complete the FAFSA. Most students need financial aid to help pay for college. Students from families of all incomes should complete the FAFSA, beginning October 1.

Students in the class of 2023 who verify they completed the FAFSA will earn entries in monthly drawings for $500 and $40,000 scholarships. It pays to complete the FAFSA early. Many states and colleges have early deadlines and award aid on a first-come, first-served basis. Plus, the earlier you complete the FAFSA, the more chances you have at a scholarship from BigFuture.

As soon as you verify completion of the FAFSA, you’ll be automatically entered into monthly drawings, and if you’re ineligible to complete the FAFSA, you can still qualify for these awards.

  • $500 Scholarships: BigFuture will award $500 scholarships to students who complete the FAFSA by February 2023. We will select 400 winners every month for $500 in October, November and December 2022. We’ll select 100 winners per month in January and February 2023.
  • $40,000 Scholarships: BigFuture will award two $40,000 scholarships every month until February 2023. By completing the FAFSA, you’ll also automatically earn one entry for every $40,000 drawing. Complete more steps on BigFuture to get more chances at $40,000.

How to Qualify

  1. Take action to unlock financial aid:
    • Submit the FAFSA. Watch for your Student Aid Report by email or mail.
    • Alternatively, submit your state’s financial aid form for your state. (Check here or talk to your counselor to see if your state has a state aid form you can submit.)
  2. Log in to BigFuture. Confirm your qualification for drawing on the dashboard.
    • Verify that you completed the FAFSA, submitted a state aid form, or are legally ineligible to submit both the FAFSA and a state aid form.
    • After verifying that any of these apply to you, you’ll be automatically entered into monthly drawings for $500 and $40,000 unless you opt out of participation.

Tips for Completing the FAFSA

  • What’s the FAFSA?
    The FAFSA is the free federal form that students complete to apply for financial aid for education after high school, including federal grants, work-study, and loans. Many states and colleges also use the information you provide on the FAFSA to determine your eligibility for state and institutional aid. For this reason, it’s a critical step toward receiving money for your college education, including for universities, community colleges, and vocational or technical schools.
  • What do I need to fill out the FAFSA?
    To complete the FAFSA, you need:

    • Your Social Security number.
    • Your Alien Registration number (if you aren’t a U.S. citizen).
    • Your federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA form using the IRS Data Retrieval Tool.)
    • Bank statements and records of investments (if applicable).
    • Records of untaxed income (if applicable).
    • An FSA ID and Save Key so you can save your progress and electronically sign the FAFSA.
    • To get started, go to fafsa.gov or download the myStudentAid app on your phone.
  • When should I complete the FAFSA?
    It’s recommended that you fill out the FAFSA as soon as you can because many states and colleges have early deadlines for completing their financial aid applications. Check the Federal Student Aid website to find your state’s deadlines.
  • What happens after I complete the FAFSA?
    If you submitted your FAFSA online, the U.S. Department of Education will process your application within three to five days. You’ll then receive a copy of your Student Aid Report (SAR). Review this summary of the information you provided on the FAFSA and make sure the information is complete and accurate. Your SAR will be sent to the colleges you listed on your FAFSA and will be used to determine your eligibility for federal and nonfederal student aid. If you’re selected for a scholarship from BigFuture and you submitted the FAFSA or a state aid form, you’ll be asked to provide documentation that confirms your submission (such as the FAFSA confirmation email you received). If you’re legally ineligible to complete the FAFSA or your state aid form, you won’t be required to provide documentation.
  • Where can I get help filling out the FAFSA?
    Students can get support by visiting the Office of Federal Student Aid’s help page, or or by calling their hotline at 1-800-4FED-AID. Learn more about how to sign up for assistance from Wyatt℠ at getfafsahelp.org.

    • More $500 scholarships for building a list are awarded in October, November, and December. When you complete the FAFSA early, you have a chance at more scholarships.
    • You’ll get one entry in the monthly drawings for $40,000 scholarships. Complete additional steps on BigFuture to earn more entries.
    • Whenever students whose families earn less than $60,000 a year complete the FAFSA, they’ll earn an extra entry in monthly drawings and have double the chances at a scholarship. Half of all awards are reserved for students who meet the income criteria.

Increase Your Chances

As soon as you confirm you complete the FAFSA, you’ll be entered into every monthly drawing for $500 and $40,000.

  • More $500 scholarships for building a list are awarded in October, November, and December. When you complete the FAFSA early, you have a chance at more scholarships.
  • You’ll get one entry in the monthly drawings for $40,000 scholarships. Complete additional steps on BigFuture to earn more entries.
  • Whenever students whose families earn less than $60,000 a year complete the FAFSA, they’ll earn an extra entry in monthly drawings and have double the chances at a scholarship. Half of all awards are reserved for students who meet the income criteria.

Dates and Deadlines

Scholarships for $500 are awarded every month from October 2022 through February 2023. Scholarships for $40,000 are awarded every month until February 2023. Drawings occur on the first day of every month. To be eligible for this scholarship, you must confirm that you’ve submitted the FAFSA or a state aid form, or that you’re legally ineligible to submit both the FAFSA and a state aid form, beginning in October.