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📐 Figures verified Sep 28, 2026 against StudentAid.gov, the Education Department's 2027–28 FAFSA announcement and Public Law 119-21. The 2027–28 maximum Pell Grant depends on appropriations; figures tied to it use the 2026–27 maximum of $7,395 until it's set. How we check numbers →
The 2027–28 FAFSA opened September 23, 2026 and uses your 2025 tax return. The 2025 law's rules carry into it: no Pell Grant if your Student Aid Index is at least twice the maximum Pell, no Pell alongside a full ride, and small family businesses and the farm you live on stay off the form. File early and check state deadlines.
Numbers That Matter
| Figure | Amount | Source | Verified |
|---|---|---|---|
| 2027–28 FAFSA | Open since Sep 23, 2026; federal deadline Jun 30, 2028 | StudentAid.gov | Sep 28, 2026 |
| Tax year the 2027–28 FAFSA uses | 2025 | StudentAid.gov | Sep 28, 2026 |
| Pell cutoff | Student Aid Index of $14,790 or more (twice the 2026–27 maximum of $7,395) | StudentAid.gov; P.L. 119-21 | Sep 28, 2026 |
| Assets no longer reported | A family business with 100 or fewer full-time-equivalent employees, the farm you live on, a family commercial fishing business | P.L. 119-21 | Sep 28, 2026 |
| Full-ride rule | No Pell Grant when non-federal grants and scholarships cover the whole cost of attendance | P.L. 119-21 | Sep 28, 2026 |
| Graduate loan limits | $20,500 a year ($100,000 total); professional $50,000 ($200,000); no Grad PLUS for new borrowers | P.L. 119-21 | Sep 26, 2026 |
| Parent PLUS limits | $20,000 a year and $65,000 total per student | P.L. 119-21 | Sep 26, 2026 |
| Schools you can list | Up to 20 | StudentAid.gov | Sep 28, 2026 |
What's New for 2027–28
The form. The 2027–28 FAFSA launched September 23, 2026, the earliest opening yet. The Education Department says renewal applicants get last year's answers pre-filled, and that most families can finish in about 15 minutes. It still pulls tax information straight from the IRS, which is why every contributor has to give consent.
The law. Public Law 119-21 changed the aid rules starting with the 2026–27 award year, and they carry into 2027–28:
- A Pell ceiling: a Student Aid Index (SAI) at or above twice the maximum Pell Grant rules out Pell entirely. That was $14,790 for 2026–27.
- No Pell with a full ride: if non-federal grants and scholarships cover the whole cost of attendance, the Pell Grant goes away. Colleges can trim their own aid to keep a student eligible.
- Foreign income counts for Pell: income excluded from U.S. tax as foreign earned income is added back when Pell eligibility is set.
- Family businesses and farms are back off the form: the net worth of a family business with 100 or fewer full-time-equivalent employees, a farm the family lives on and a family commercial fishing business aren't reported.
- Short programs qualify: Workforce Pell covers eligible job-training programs of 8 to 15 weeks.
- Tighter loans: Grad PLUS is closed to new borrowers, graduate loans are capped, and Parent PLUS is capped at $20,000 a year per student. Parent PLUS in 2026 and grad school after Grad PLUS cover the details.
Field-by-Field Mistakes That Cost Aid
| Where | The mistake | The fix |
|---|---|---|
| Accounts | A parent signs in with the student's account, or the student fills in a parent's section | Each contributor uses their own StudentAid.gov account; a contributor without a Social Security number can still create one |
| Consent | A contributor declines consent to pull tax data | Without consent there is no SAI and no federal aid, even if the numbers are typed in by hand |
| Which parent | Divorced or separated families list the parent the student lives with | List the parent who gave more financial support over the last 12 months |
| Tax year | Using 2026 income | The 2027–28 form uses 2025; if income has since dropped, ask each college for a special-circumstances review |
| Assets | Reporting retirement accounts, the family home or a small family business | Leave them off; report cash, savings, investments, other real estate and parent- or student-owned 529s |
| Asset date | Using year-end or tax-time balances | Report balances as of the day you submit; paying real bills first is fine |
| Grandparent money | Listing a grandparent's 529 or cash help | Grandparent-owned 529s aren't reported, and the form no longer asks about cash support |
| Siblings in college | Expecting a discount for two children in school | The formula no longer divides the parents' share; ask the aid office for a review |
| Deadlines | Aiming for June 30, 2028 | State and college deadlines come far earlier, and some state grants go first come, first served |
Who Gains and Who Loses
Gains: families who own a small business, live on a family farm or run a family fishing operation. Those assets counted on the 2024–25 and 2025–26 forms and no longer do, which can lower the SAI and raise need-based aid at colleges that use the FAFSA.
Losses: students with low income but a high SAI, usually because of assets, who used to get some Pell; full-ride students who stacked Pell on top; and families whose foreign earned income was excluded from U.S. tax. A student who loses Pell can still get Direct Loans, work-study and most colleges' own aid through the FAFSA.
Worked Example: What Goes on the Form
Ana and Luis file their taxes jointly, so one of them is the parent contributor and gives consent for the 2025 tax data. On the day they submit, they hold:
- Reported:
- Checking and savings: $22,000
- Brokerage account: $15,000
- Parent-owned 529 for Sofia: $38,000
- Not reported:
- Ana's 401(k): $140,000
- Luis's design business (no employees): $30,000
- Grandmother's 529 for Sofia: $20,000
Reportable assets come to $75,000, while $190,000 of savings, plus their home equity, stays off the form. On the 2024–25 or 2025–26 FAFSA, Luis's business would have counted too, putting reportable assets at $105,000. If their SAI still lands at $14,790 or more, Sofia won't get a Pell Grant, but the FAFSA still opens Direct Loans and the colleges' own grants.
The Riveras are an illustration. Their SAI depends on the full federal formula, which weighs income far more than assets.
Decision Rules
If this, then that
- If you're applying for 2027–28 → file now; the earliest state and college deadlines land this fall and winter.
- If you own a small business or live on your farm → leave it off and expect a lower SAI than the last two years' forms gave you.
- If your SAI is near twice the maximum Pell → don't count on Pell; compare colleges' own aid instead.
- If your income fell after 2025 → file anyway, then ask each college for a special-circumstances review.
- If you think you earn too much → file anyway; Direct Loans and many college grants require it.
Mistakes to avoid
- Skipping consent for a contributor.
- Listing the wrong parent after a divorce.
- Reporting retirement savings or the family home.
- Missing a state deadline while aiming for June 30, 2028.
- Not filing because you expect no Pell Grant.
Related: kids' accounts compared explains how 529s and other accounts count for aid; Parent PLUS in 2026 covers the new borrowing caps; and the annual money calendar lists the FAFSA dates alongside every other deadline. More guides are in the Student Loans & College hub.