Make sure to check your state and school financial aid application deadlines, as they are usually much earlier than the federal deadline. Some states just ask that students turn the FAFSA in as soon as possible after it becomes available on October 1, and school priority deadlines can occur as early as November 15.
Check your state deadline on the Federal Student Aid website, and check the deadlines for each school you’re interested in to ensure you get your application in on time. You should still submit your FAFSA even if you miss a state or school deadline, as you may still qualify for federal funding or other aid.
When Should I Submit the FAFSA?
Keeping track of all the deadlines can get complicated. A good rule of thumb is to turn it in as soon as you can after October 1 as some funding is first-come, first-serve. Students can prepare ahead of time by gathering their financial documents, driver’s license, Social Security card, and other required information to make the application process easier.
Key Benefits of Submitting Early:
You might miss out on free money if you wait. While this is not a concern for federal aid such as the Pell Grant, other aid funds do run out, including some state and institutional grants. Apply as early as you can to receive the full amount of aid you qualify for and to reduce the amount of money you’ll need to borrow.
You could get your financial aid offers earlier. This leaves you with more time to weigh your options if you are considering multiple schools.
You’ll have a better idea of how much you’ll need to pay for college, which will give you more time to plan for the upcoming school year. This way, you can figure out how much you want to save for the next year, and whether you’ll want to apply for additional scholarships, find a job, or consider other avenues for additional funding. Continue reading “What Types of Aid Can I Get by Filling Out the FAFSA?”