When Is the FAFSA Deadline? Three Crucial Deadlines
When does FAFSA close? Every year on October 1st, the Free Application for Federal Student Aid (FAFSA) becomes available. Although the federal deadline is June of the following year, states and schools have far earlier deadlines. Rather than waiting until an FAFSA deadline approaches, it is best to file this vital form as near to Oct. 1 as feasible.
WHEN DOES FAFSA CLOSE? 3 DATES TO KNOW
The federal FAFSA deadline
Because the Department of Education provides FAFSA funds, it also establishes a deadline for the application. However, you will have access to the FAFSA for over a year and a half beyond the deadline.
For example, the FAFSA for the 2022-23 school year began accessible on October 1, 2021. It is scheduled to close on June 30, 2023. Furthermore, you have until September 10, 2023 to make changes or revisions.
Most students file the FAFSA far closer to the opening date than the closing date. The main reason to file the FAFSA later in the school year is if your financial situation has changed significantly.
“Students can file the FAFSA until the end of the academic year and still get some aid,” says financial aid expert and SavingforCollege.com publisher Mark Kantrowitz. “This most commonly occurs when an affluent student’s family financial circumstances (e.g., the death of a parent) change drastically, affecting their capacity to pay for college.”
Unless your financial situation has drastically changed, you probably don’t need to be concerned about the federal FAFSA deadline because you’ll be filing the FAFSA months ahead of time. However, you must consider state and college FAFSA deadlines, both of which are far earlier.
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College’s FAFSA deadline
The FAFSA is used by colleges to determine financial assistance eligibility. If you are accepted to a school, you will most likely receive your financial aid package along with your acceptance letter. As a result, you’ll need to submit the FAFSA in order for many universities to examine your application and compute your financial aid.
Each college has its own FAFSA deadline. It should be noted that some schools also demand the CSS Profile, which is another document that examines your financial need. Find the FAFSA deadlines for each college on your list by visiting their financial aid webpage.
Tufts University, for example, has an early-decision FAFSA deadline of November 22, the same date as its early-decision applications. If you apply by Tufts’ standard decision deadline of February 1, you must also complete your FAFSA by that date.
Tufts, like some other universities, has your FAFSA due coincide with or close to your college application date. However, you should file the FAFSA as soon as possible in order to qualify for as much state financial aid as feasible.
State’s FAFSA deadline
Finally, each state may establish its own FAFSA deadline for new college students. States also offer financial aid schemes, particularly for people attending in-state public colleges. For the 2021-22 school year, Connecticut’s FAFSA deadline was Feb. 15, 2021, at least for priority consideration.
To be eligible for state financial aid, you must file the FAFSA by the state deadline. In fact, the sooner you complete your financial assistance application, the better, because some money is distributed on a first-come, first-served basis.
“Students should file the FAFSA as soon as possible after Oct. 1,” Kantrowitz advises. “On average, students who file the FAFSA within the first three months (October, November, and December) earn more than twice as much grant aid as students who file later.”
Some states, including as Illinois, Kentucky, and Oklahoma, merely advise students to submit the FAFSA as soon as possible after October 1. According to these states, grants are given out until state financial aid funds are expended.
Although completing the FAFSA might be time consuming, doing it early is well worth the effort.
Find out when your state’s FAFSA deadline is: The Department of Education keeps track of each state’s FAFSA deadline.
FREQUENTLY ASKED QUESTIONS
When should you apply for the FAFSA?
Because some financial aid is distributed on a first-come, first-served basis, it’s best to submit the FAFSA as soon as it becomes available (Oct. 1) as feasible. Applying early may help you earn the most college financial aid.
Should you submit the FAFSA before applying to college?
Many students file the FAFSA before submitting their college applications. For example, if you are a senior in high school, you may submit the FAFSA in October but your college applications in January or later. You can submit the FAFSA to the universities to which you intend to apply, but you can also add colleges later if your plans change.
Can you make changes to the FAFSA?
Yes, modifications to the FAFSA are possible. In reality, you are required to update your FAFSA information if specific family conditions, such as the number of family members in your household, have changed. Sign into your FAFSA using your FSA ID, click on “Make FAFSA Corrections,” and resubmit the form to update your information or rectify an error.
What happens if you file FAFSA late?
When it comes to the FAFSA, the earlier the better. Even late in the year, you may be eligible for retroactive federal, state, or institutional financial aid. Although “free money” such as scholarships and grants may be claimed early, if a student declines the award, the money may be freed up later in the year to give to another student.
CONCLUSION
For individuals and students that wishes to apply for FAFSA should always try to get in mind about when FAFSA closes and this article will help keep you on track.
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