Timing Your FAFSA: Key Deadlines and Submission Guidelines
All students must fill out the Financial Application for Student Aid (FAFSA) if they want to qualify for grants, scholarships, work-study, and federal student loans. It's always best to fill out your FAFSA as soon as possible after the application opens for the school year, but depending on your situation, you might be running late. Below, I cover important FAFSA deadlines, the consequences of a late application, and the information you need to fill out your (or your student's) FAFSA.
Three Crucial FAFSA Deadlines
As you prepare your college applications, you must also prepare to fill out your FAFSA. Some people assume you should wait to submit your FAFSA until after you file your taxes in the spring of the year you or your student will attend college. Others assume they must wait for an acceptance letter to submit their FAFSA or wait until they complete their college applications before submitting a FAFSA. This is not the case.
Each year, the Department of Education opens up the FAFSA on October 1 for the following school year. For example, on October 1, 2021, aspiring college students could submit their FAFSA for the 2022-2023 school year. You do not have to wait to file your taxes. You do not have to wait for an acceptance letter. Lastly, you do not have to wait to complete your college applications. During the application process, you can indicate where you intend to apply and have your FAFSA sent to those schools. This way, the financial aid people at the colleges where you apply have your FAFSA as soon as they receive your admissions application. If you choose not to apply to a school you indicated on your FAFSA—no harm, no foul, but you can also add or delete schools from your FAFSA later on.
Although it's best to apply as soon as possible after October 1, you need to know the deadlines you face if you apply later during the cycle. The most significant advantage of submitting the FAFSA early is the availability of funds. The longer you wait, the less likely you will get the financial aid you need. The deadline for your FAFSA varies with each state and each school, and the federal deadline applies too.
School Deadlines
School deadlines are the earliest cutoffs for the FAFSA. They vary from school to school, but submitting your FAFSA to meet a school's priority deadline gives you the best chance to receive the most aid.
State Deadlines
State deadlines vary greatly, so you need to check what deadline applies to you. Some states do not have hard deadlines. They recommend applying as early as possible, and they accept applications until funding is depleted. Other states have hard deadlines that start as soon as February and extend into May. If you apply after the state deadline, you risk ineligibility for many types of financial aid.
Federal Deadlines
The federal deadline is the longest of all deadlines. You can apply for financial aid until June 30. For example, if you are attending college in Fall 2022, you technically have until June 2023. However, limited funding could impact your chances of receiving money if you apply this late. Some programs run out of money well before the federal deadline.
Financial aid comes from schools, states, and the federal government, so you need to be mindful of all three deadlines. Financial aid money is awarded on a first-come, first-served basis as a general rule of thumb. No matter what your situation, apply as soon as possible after October 1. You can always update and make changes to your FAFSA after submitting it.
Getting Ready to Fill Out Your FAFSA
Whether you are filling out your FAFSA for the 2022-2023 school year or preparing to fill it out for 2023-2024 when the application opens in October, you need to have some specific information ready to complete the application. Here are some of the items you need and things you need to do ahead of time to ensure your FAFSA application process goes smoothly:
Create an FSA ID
You can wait until you fill out your FAFSA to create an FSA ID, but it's best to sign up ahead of time to avoid possible delays if you make an error. Your FSA ID allows you to fill out your application online and sign the document electronically. Once you get your financial aid package, you can also use your FSA ID to access your package online to accept or decline aid and sign loan contracts.
Gather Necessary Documents
You need to provide various types of information on your FAFSA, including information to verify your identity and information about your financial situation. If you are filling out the FAFSA for your child, you will need this information too. Here is what you need:
Social Security number
Driver's license number
Your most recent federal tax returns
Records of untaxed income, such as child support, alimony, interest income, and VA education benefits
A complete list of your assets, including real estate, vehicles, bank account balances, retirement account balances, etc.
Put Together a List of Schools You Want to Attend
You don't want to miss out on any school FAFSA deadlines, so you should be ready to list each school you might attend on your FAFSA. It's easy to sign in to your studentaid.gov account and delete schools if you change your mind. Even if you don't get a chance to delete a school and choose not to apply, it won't be a big deal. Financial aid people typically match each incoming FAFSA with an admissions application and do not offer financial aid before acceptance.
Learn More About FAFSA
If you are running behind, it's not too late to submit your FAFSA today. However, be prepared that you might not receive the same amount of aid that you would have if you had applied earlier. If you have more questions about FAFSA deadlines or need help with your college application, check out the services I provide here. Contact us to learn more.