The advantages of filling out the FAFSA
The Free Application for Federal Student Aid (FAFSA) that determines students’ eligibility for federal grants, loans and work study became available on Oct. 1 for the 2023-24 academic year.
It typically takes from 30 to 60 minutes to complete the FAFSA (available at www. studentaid.gov), yet many students or their parents wait to file it or never file it at all. But the sooner you file, the more likely you are to qualify for a greater amount of aid.
Students who apply for financial aid during the first three months tend to get twice as much grant money as students who file the FAFSA later, says Mark Kantrowitz, author of “How to Appeal for More Financial Aid.”
A total of 15 states award grants for their colleges and universities on a firstcome, first-served basis, until the money runs out. And about a dozen states have early deadlines — as early as December in the year prior to the academic year in question, and some in January, February or March.
Also, colleges themselves typically have early deadlines to apply for their own financial aid. Some colleges have a preferred deadline and a regular deadline, but both usually fall during the winter months. Colleges also usually award other types of aid, such as work-study or grants, early on.
Even for students who think they won’t qualify for much need-based aid, it’s generally still worth submitting the FAFSA. At a minimum, you can borrow unsubsidized direct student loans, which are federal loans that do not require any demonstrated financial need or a cosigner and have generous forgiveness provisions.
Ultimately, filing the FAFSA isn’t binding, and for the most part it can only help. Students don’t need to take out all — or any — of the loans that are offered. “They might offer you somewhat more than you need, so you don’t have to borrow that whole amount,” says Michael Kitchen, managing editor at Student Loan Hero.