5 Fast But V. Important FAFSA Facts That Students Need To Know
It's October 1, and if you're a college student (or about to be one), today marks the first day you can fill out your Free Application for Student Aid, or FAFSA, for the 2022–23 school year.
Students, the parents of students, and preparers can all fill out the FAFSA online starting today. Or, if you prefer to do things the old-fashioned way, there are English and Spanish PDF versions available to download from the Office of Federal Student Aid.
Filling out the FAFSA is super important because it gives you access to federal student loans, scholarships, grants, and work-study programs. Even if you think you won't qualify for need-based aid, you won't know that for sure if you don't fill it out. Plus, depending on your school, you might still need your FAFSA to get merit-based awards. And don't forget: You need to fill it out every year that you're in college to keep getting aid.
If you'll be filling out a FAFSA for the 2022–23 school year, here are five fast yet v. important facts to know:
1.The FAFSA opens on October 1, 2021, and the federal deadline to complete it is June 30, 2023 — but you should probably fill it out sooner rather than later.
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States and some colleges also have their own FAFSA deadlines, which may be earlier, so look yours up ASAP so you don't miss out on financial aid. Additionally, some forms of financial aid, like grants and scholarships, can run out if you wait too long to apply. College is so expensive, so apply early to get all the help you can.
2.Filing early can also give you more time to send an appeal if you're not happy with the initial student aid package that you're offered.
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3.You only need a few key pieces of information on hand to fill out the FAFSA.
If you're filling out a FAFSA for yourself as an independent student, you just need your Social Security Number or Alien Registration Number, your federal income tax returns and W2s or 1099s for 2020, and an FSA ID that allows you to sign the FAFSA electronically. Dependent students will need the same info from their parents.
Not sure if you're considered dependent or independent? Use this checklist from Federal Student Aid to figure it out.
4.If you fill out the FAFSA online, then the Department of Education should process it within three to five days.
With the myStudentAid mobile app, you can easily save your progress as you complete your FAFSA® form and track next steps after submitting. Download today: https://t.co/Lxri7vS8FB
5.Once your FAFSA is all done and you've got your SAR, get in touch with your school's financial aid office.
Most colleges don't automatically make financial aid packages for every student that lists them on their FAFSA. So get in touch with your school's financial aid office to learn how applying for aid works at that particular institution. If you're in the application process, Federal Student Aid says that many colleges send out their financial aid award letters around the same time that they send admission offer letters, but naturally this varies from school to school. Bottom line: The best way to find out when you can expect to see your financial aid package is to ask your school.
Good luck with your FAFSA filing! If you've got questions about student aid or paying for school, ask them in the comments.
And for more stories about life and money, check out the rest of our personal finance posts.
