Learning how FAFSA works

Updated Aug 11, 2022

Students learn about how the Free Application for Federal Student Aid (FAFSA) works by completing a simulation activity.

Big idea

To receive federal financial aid (e.g., grants and loans), you (or your family) must fill out a Free Application for Federal Student Aid (FAFSA).

Essential questions

How can the FAFSA help you and your family pay for higher education?
How does your family’s financial situation affect the amount of federal financial aid you may receive?

Objectives

Understand how the FAFSA helps students and their families pay for higher education
Analyze financial aid packages to explore how federal aid amounts may differ based on a student’s current family and financial situations

What students will do

Use the online Federal Student Aid Estimator tool to estimate federal aid amounts for different scenarios.
Compare the financial aid packages for different students to better understand eligibility criteria for federal financial aid.

Download activity

Teacher guide

cfpb_building_block_activities_learning-how-FAFSA-works_guide.pdf

Student materials

cfpb_building_block_activities_learning-how-FAFSA-works_worksheet.pdf

cfpb_building_block_activities_all-about-FAFSA_handout.pdf

Note: Please remember to consider your students’ accommodations and special needs to ensure that all students are able to participate in a meaningful way.

Explore related resources

Key information for this activity

Building block

(What are the building blocks?)

Financial knowledge and decision-making skills

Topic

Save and invest (Saving for college), Spend (Paying for college), Borrow (Getting loans)

School subject

CTE (Career and technical education), English or language arts, Math, Social studies or history

Audience

Grade level: High school (9-10), High school (11-12)

Age range: 13-15, 16-19

Student characteristics: Low income, Rural, Urban

Activity characteristics

Activity type: Individual, Small group

Teaching strategy: Simulation

Bloom’s Taxonomy level: Analyze

Activity duration: 75-90 minutes

National standards

(What are the national standards? )

Standards: I. Earning income, II. Spending, V. Managing credit

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