If you have a college age child, you have most definitely heard of the FAFSA. While it may seem intimidating, have no fear. This application is being revised with positive changes to come and a preview sheet so you can be prepared. Future versions will be reduced to about 36 questions and required tax information will be automatically input by the IRS.
FAFSA, or Free Application for Federal Student Aid, is the main source of information the government uses to determine if a college student qualifies for need-based financial aid. This may include a combination of student loans, scholarships, grants and work-study options. Some state schools also consider the FAFSA when deciding if the student will receive state or school aid and some private schools may use it to determine if the student qualifies for financial aid.. There are deadlines each year and it may be a bit confusing. If you are unsure if you qualify for aid, you should fill out the FAFSA to avoid missing out on the opportunity.
The first day to submit the FAFSA for the 2023-24 school year is October 1, 2022 and the deadline is June 30, 2024. The time frame is extensive, but it is important to apply early because schools award their financial aid within the first weeks of the FAFSA opening. Since the submission period is so long, it overlaps with the previous year. FAFSA should be filled out for every year the student is attending college. Since the submission period is so long, it overlaps with the previous year. Therefore, some of the info used in the previous FAFSA will be repeated. If this will be your first time filling out the FAFSA, it is recommended you check out the FAFSA on the Web Worksheet. This guide will help you preview the information and documents you will need when actually filling out the FAFSA.
While FAFSA is the Federal Aid application, there are others that should be taken into consideration as well. Students should also be applying for state-based financial aid, which is usually earlier than the FAFSA deadline. Each state has their own their own dates so those should be researched carefully. Schools also provide financial aid and have their own applications and deadlines. As with the FAFSA, the earlier your application is submitted, the better your chances of receiving aid because the awards are given out at the onset. Lastly, students should consider completing the CSS Profile or College Scholarship Service Profile. This service is offered through College Board, a mission-driven not-for-profit organization, connecting students to non-federal financial aid.. The CSS application opens the same day as the FAFSA, on October 1st, but the deadline is based upon the college.
As with any significant financial decision, the complexities of college costs can be planned and managed by starting a savings plan early. The sooner you begin to save, the more time your money has to grow through compounding. Meet with a Pan American Bank & Trust Relationship Banker to begin a savings plan for your child’s future and success.