One of the most important moves that students and their families can make to pay for college is to complete the Free Application for Federal Student Aid FAFSA. Some states have even recently made submitting the FAFSA a requirement for high school graduation.
According to the most current Federal Student Aid annual report, the U.S. Department of Education grants, loans, and work-study monies total around $115.6 billion. According to the organization, nearly 10.8 million students are helped by federal money to complete their education. Federal financial help may be given in the form of a grant, borrowed, or accrued via employment. Here are some responses to frequently asked questions concerning the FAFSA.
The FAFSA: What Is It?
According to Brad Barnett, director of financial aid and scholarships at James Madison University in Virginia, “all institutions are required to use the FAFSA in order to give federal student aid.” Therefore, you must complete the FAFSA if you seek federal loans, federal grants, or federal work-study. Nearly all applicants are eligible for federal financial help in some capacity. It’s quite simple to be eligible for financial Aid.
When Is the FAFSA Deadline?
You can submit the 2023 – 2024 FAFSA until June 302022. File early for the best chance of getting more financial aid. Many states and colleges set priority deadlines by which you must submit the FAFSA form to be considered for the aid programs they administer. There is also a federal deadline each academic year.
You have to submit the Free Application for Federal Student Aid, or FAFSA, for each school year to qualify for aid like grants, scholarships, federal work-study, and federal student loans.
But deadlines vary for federal, state, and institutional aid. The two most important dates you need to remember are Oct. 1 and June 30.
FAFSA open date and deadline
FAFSA OPEN DATE
FEDERAL FAFSA DEADLINE
Oct. 1, 2020
2023 – 2024
Oct. 1, 2021
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How to Apply for Financial Aid Via the FAFSA
Students can use a computer or a mobile device to complete the online application. The paper version, often known as the PDF, can be printed out and manually filled out, or it can be filled out on the screen first before printing and sending.
The FAFSA mobile application will be accessible when 2022–2022 opens on October 1. To enhance completion rates, the Department of Education has created a mobile-friendly version. Families will need to download the myStudentAid app from the Apple App Store or Google Play in order to complete the form on a smartphone or tablet.
The FAFSA can be filled on one device, such as a cellphone, and finished on another, such as a desktop computer, according to the Education Department. The application does not have to be submitted simultaneously by parents and students.
Many applicants have experienced recent financial changes due to the COVID-19 emergency or other reasons.
Has your (or your family’s) financial situation changed from what is reflected on your federal income tax return? For example, you or a family member has lost a job or claimed unemployment benefits. If so, you may be eligible to have your form adjusted to qualify for additional aid. Follow these steps:
- Complete the on-screen questions as instructed (including using the IRS Data Retrieval Tool, if eligible).
- Submit your form.
- Contact the financial aid office at the school you plan to attend to discuss how your financial situation has changed.
Financial aid offices can adjust your financial aid award to reflect your or your family’s current income.
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