FAFSA is the Free Application for Federal Student Aid that aims to assist students financially when it comes to their studies and education. It gives you a chance to secure financial aid from state governments, the federal government, and most universities and colleges. Graduates and undergraduates can take advantage of it and can complete their educational aid application by making themselves qualified for federal aid programs.
To compete and make yourself eligible for it, you are required to submit the subsidy application form by the deadline. Different states and colleges also have their deadlines. It is important that you keep yourself aware and updated on all these dates.
Another important date to look after is the opening date, which is even more important than the closing date.
The last date that you can submit your Free Application for Federal Student Aid 2023-24 is June 30. This is the federal deadline. However, the colleges and institutes have their own deadlines, but the sooner you apply, the better your chances for securing and qualifying for it. Waiting for the deadline may cause you to miss out on financial resources for the fall and spring semesters, and you’ll only be able to receive them for summer classes.
Another important thing to keep in mind is that some of these funds are provided on a first-come, first-served basis, so applying soon after the release will make you able to receive more resources based on your Expected Family Contribution (EFC).
Take your next step and head start on your journey towards financial assistance. Apply now for your Educational Grants.
Since now you are well aware of the fact that filing early gives you the best chance for securing more fellowship, let’s move forward to know what this form is.
What Is FAFSA?
As mentioned above, it’s a process that allows financial aid for your studies. It is an abbreviation for Free Application for Federal Student Aid. You need to meet the following criteria to make yourself competent for it.
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Be an eligible U.S. resident or eligible non-US resident
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Have a valid social security number (SSN)
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Applicant must be above 18 years
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Must be able to show his record for financial assistance
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Have no criminal record
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Completing the Student Aid Application is not a hard task. The key is to read the guidelines carefully and provide authentic and up-to-date information and data. You just need to follow simple steps to fill it.
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Collect and assemble all the asked documents and requirements
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Complete the sections of the form with updated information
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Once completed, check it thoroughly and review your petition
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Check the website frequently for updates and approval
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Use the official website to create your FSA ID
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Read the form and instructions keenly
When Does FAFSA Open?
Generally, it opens every year on 1st October for striving students to apply.
It is in the 2024-25 academic year that the release was delayed, and it did not go live until late December. Applicants were worried, not knowing what was about to happen. But the wait was worth it.
The form for this year has changed. Major changes have been made recently that resulted in the delay of the submission. Usually, it was released and open for applicants in October, but the Student Aid Application form for the year 2024-25 was delayed for quite a long period. It was later in mid-November when the U.S. Department of Education made an announcement regarding the availability of the form for the waiting candidates. The date announced for the release was December 31, 2023. At the same time, the deadline for the school year is June 30, 2025.
For many years, the opening date was in Oct, with the exception of 2024-25, and it’s expected to get back to its original date.
When Does FAFSA Close?
The final date to file, or closing date for the academic year 2023-24, is June 30, 2024, but as mentioned previously, you may lose your chance of getting some scholarships and grants that are awarded on a first-come, first-serve basis. Not only this but filing late will also make you lose your subsidy for the spring and fall semesters.
You are, however, given time to make corrections. All corrections should be made and submitted before September 14, 2024, at 11:59 pm central time.
The closing date is not always the same. Different schools and colleges have set their own dates that may or may not match with that of the state. So be vigilant and keep yourself updated if you are looking to apply for a specific state or college.
California, for example, asks applicants to apply by March 2, 2023. On the other hand, Arkansas has stated a time frame of July 1, 2023. Connecticut, Delaware, and Florida have it as Feb. 15, 2023, and May 15, 2023, for the latter two states.
Why You Should File Early For Student Aid Application
Your chances to receive a fellowship are improved and increased with early filing as you are more likely to meet the time frame. This also gives you ample time to make amendments and changes, if any. Also, some of the financial assistance, such as a Pell Grant, may run out if you apply late.
The Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS) are also allocated in fixed amounts to the colleges. Only the early birds can increase their chances of getting these.
Some colleges have also set priority dates. There are about 200 colleges and universities, mostly private, that use a CSS profile, which is a supplemental form to award their own Educational Aids.
You are also expected to get your financial aid award letter from the university sooner if you are applying ahead of schedule.
Frequently Asked Questions
Once you have reviewed and submitted your form, it will take time to get processed. This time depends on the channel that you may use.
For those who completed and forwarded it online, it will take around three to four days to process. For those who prefer mailing it, it will take at least ten days to process.
Once processed, the U.S. Department of Education sends you your student aid report (SAR). Your SAR contains all the information that you have mentioned. It also describes your expected family contribution and shows a summary of funding and grants that you can get.
