Question : What is the best date to file your FAFSA if you want to maximize the amount of Federal Assistance you're given?
I received my W-2's and immediately filed my FAFSA that morning. Considering that they'd been accepting FAFSA applications for the Fall semester since the 1st of January, was the 31st too late to maximize my potential federal assistance?My taxes were done before my FAFSA.
- asked by sinkohiosink
All Answers:
Answer #1
Right away when its avaliable, which was Jan 1.The financial aid is mostly based on first comefirst serve basis.
- answered by AK
Answer #2
There is only one critical date for financial aideligibility, and that is the "priority aiddeadline" at your school.Schools do not processaid applications as they arrive - schools processaid applications beginning immediately after theirown "priority aid deadline" has passed. If yourschool's deadline is March 15th, they will beginprocessing aid on or about March 16th.There is NObenefit to getting your aid application in first -when the school begins processing aid, theyevaluate all of the applicants on the basis offinancial need. Funds like Pell Grants andStafford loans are not limited - the school canaward those to everyone who qualifies. Other formsof aid are awarded from a limited pool of funds,but the school first determines how many of theirapplicants qualify for those forms of aid, andthen allocates that aid to as many students asthey possibly can.The only aid applicants who riskgetting shut out, or receiving reduced aidpackages, are those students who do not meet theirschool's priority aid deadline - otherwise,financial aid application is not a race.I hopethat doesn't disappoint you.Good luck!
- answered by NotAnyoneYouKnow
Answer #3
NotAnyoneYouKnow is right, it's not a race. Also,there is no benefit to filing as soon as you getyour W2 if you haven't done your taxes yet. Theschool won't award you anything without you goingback and correcting the estimated tax informationyou had to enter by filling out the fafsa beforeyou did your taxes. The best thing anyone cando it get your taxes done as soon as possible andfill the fafsa out completely and correctly beforeyour schools priority deadline. Most of those whotry to do it without doing taxes first just end updelaying the process because they have a hard timegoing back and make corrections.. It would havebeen easier to wait a few days and only do itonce... get the taxes done first and enter theinfo in right the first time.
- answered by Suddenly Human
Answer #4
Good answers so far.You haven't told us how oldyou are... if you're under 25, you'll have to bein a cooperative relationship with your parentsbecause you need their tax filing information,too.
- answered by Brother Otter
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