Today, the Free Application for Federal Student Aid, or FAFSA, opened for enrollment for the 2023-24 school year. Students and families hoping to pay for college or graduate school next year are encouraged to complete the form as soon as possible. The enrollment period runs from 1 October 2022 to 30 June 2024.
According to the Education Data Initiative, the average cost of college has more than doubled this century, with students paying an average of more than $50,000 a year for private, for-profit colleges.
According to data from the National Center for Education Statistics, federal college financial aid can make a big difference—the average applicant received a total of $14,080 in 2019-20, and the average applicant at a nonprofit private college received $25,200.
The FAFSA has a long filing period, but there are many good reasons to fill out and submit the FAFSA form as soon as possible, even if you don't know where you'll be going to college next year. Read on to find out all the reasons why it's a good idea to submit your FAFSA application as soon as possible.
For more, get the full explanation on FAFSA deadlines and financial aid, see why 529 plans are getting better for grandparents, and learn the basics of saving for your kids' college education.
What is FAFSA?
The FAFSA is the government form that students, their families, their school counselors or pay preparers complete to determine if they are eligible for a group for college or graduate school.
Federal funding from the FAFSA comes in the form of direct aid, grants, loans and work-study funds. States and colleges also use information from the FAFSA to make decisions about their own grants and scholarships.
To complete the FAFSA form, you will need to create an account on the Federal Student Aid website. If you are a dependent student, a parent or guardian must also create an account. Record your account credentials somewhere safe - including your login information and "storage key" - you'll need them to apply for financial aid each year.
The FAFSA form itself has several sections - including student information, financial information, and parent/guardian information. The Department of Education says most people complete the forms in less than an hour (although CNET managing editor Cliff Colby, who filled out the forms for two college students, scoffs at that claim).
Completing the FAFSA online is the easiest way to complete it, but you can also download a PDF form to print, complete, and mail. It is worth noting that the online form gives you a list of 10 schools, whereas the PDF allows only four. FSA has also released its 2023-24 PDF form today.
Who should apply for FAFSA?
Everyone who plans to attend college or graduate school in the next year must apply for financial aid through the FAFSA. There is no income limit to qualify for federal student aid, and it costs nothing to apply.
The National College Attention Network estimates that $3.75 billion in Pell Grants went unclaimed in the 2020-21 school year because qualified students did not apply for the FAFSA.
Even if you believe that your family's income or wealth will disqualify you for financial aid, you should still submit a FAFSA application. Some colleges and universities will use data from the FAFSA to award their own scholarships. If you are not eligible for other aid, you will also need to file a FAFSA to qualify for federal student loans.
More than 200 schools – many private but not all – also require students requesting financial aid to complete the College Scholarship Service Profile, or CSS Profile. Each school has its own deadline for submitting a CSS Profile, but it opens on the same date as the FAFSA - October 1.
Why should I complete the FAFSA form early?
One of the biggest reasons to file the FAFSA early is that there is a limited amount of federal student aid, and it can sometimes be distributed on a "first come, first served" basis.
Funds set aside for grants, work-study funds and merit scholarships may run out. If you wait until the end of the enrollment period, you may miss out on available funds for which you may have previously been eligible.
The Federal Student Aid Office will process your FAFSA application in approximately three to five days. Paper applications take seven to 10 days. The FAFSA information will then be shared with your selected schools, and you will know your school's financial aid award decision shortly after receiving your acceptance letter.
Shortly after your FAFSA form is processed, the FSA will send you a student aid report that includes your eligibility for a Pell grant and, most important, your expected family contribution. The information on your student aid report, especially your EFC, is essential to help you plan to pay for higher education. The sooner you get it, the better.
Filing the FAFSA early can also make it easier to compare colleges. Once your FAFSA form is processed, your information will be shared with all colleges and universities listed on your form.
Getting your application in early means that colleges offering acceptance can provide financial aid information first, so you can better compare schools if you get multiple offers.
Even if you're not sure where you want to go to college, you should file the FAFSA early. You can list up to 10 colleges when you initially apply, but you can later change your application to include individual schools.
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