If you don’t receive enough help, you might not be able to attend the college of your dreams. So, that is why it is important to know the answers to these very crucial questions – what are three types of college financial aid deadlines and When Do Financial Aid Applications Actually Open?
As October approaches, so does a major milestone in your college journey: financial aid applications. Knowing when Financial Aid Applications open, and their deadlines, can make the difference between receiving thousands of dollars in grants, scholarships, or loans, or missing out completely. The key is knowing when these applications open up and which deadlines apply to you, and then staying ahead of them.
Let’s break down the three main types of financial aid noting when the applications open and making note of their deadlines. Completing the proper applications on time opens up the door to vast quantities of financial aid, but that availability doesn’t do you any good if you don’t submit your application on time. Keep yourself out of trouble, and learn these crucial college financial aid deadlines:
1. FAFSA Deadlines (Federal Aid)
The Free Application for Federal Student Aid (FAFSA) is the foundation of your financial aid package. It determines your eligibility for federal grants, student loans, and often state and school-based aid as well. FAFSA applications will be available online beginning October 1-that means you can start applying this week!
While the deadline is months away, don’t wait to apply as funding is limited and some aid is first-come, first-served. That means that once that money has been disbursed, you might miss out on a source of funding that could make the difference between attending a “target” school or a “dream” school. To maximize your chances, aim to file as soon as possible after October 1.
2. State Financial Aid
Many states offer financial aid programs which are separate from the federal financial aid opportunities. You can find out if you qualify for most state financial aid programs by completing the FAFSA first, but be aware that state financial aid deadlines may be much earlier than the federal deadline. In some states, the deadline may be coming up much sooner than you realize. In fact, some states close applications in October – just weeks after FAFSA opens. To stay on track, check your state’s exact deadline.
3. College & Institutional Financial Aid
In addition to FAFSA and state aid, many colleges have their own financial aid requirements and deadlines. These often fall earlier than the federal deadline, especially for students applying for early action or early decision. Each college sets their own application requirements and deadlines – so it is important to do your homework!
Some schools require only the FAFSA to apply. Other colleges will ask for FAFSA and the CSS Profile, an additional financial aid form that also opens October 1st!. Others might have their own school-specific aid applications. Each college sets its own deadlines, so make sure to check the financial aid page of every school on your list
Learn more about what you can do prepare for the FAFSA and CSS Profile.
Don’t Forget Scholarships
One other deadline-sensitive form of financial aid is college scholarships. These come in many forms, and have their own deadline requirements. Some rely on the FAFSA for their financial background information, while others do not have any income-based criteria. The point is that you also need to be aware of these deadlines so that you don’t miss out on any financial aid opportunities.
If you noticed one thing, it’s that a lot of these financial aid resources depend on your FAFSA, therefore that should be your number one priority! FAFSA opens October 1, and it is required to receive any federal aid, and could also be necessary to receive state, or institutional aid. Don’t wait on your FAFSA application – complete it first so that you have that information should your other financial aid application require this information.
When it comes to financial aid, deadlines matter. Start early. Stay organized. And don’t wait until the last minute! Give yourself the best shot at every dollar available to you by applying as close to October 1st as you can!
With the FAFSA application opening up this week, it’s time to make sure you’re prepared! Review our tips on how to prepare for your application and what to do if you receive any verification requests, so that way you are prepared for everything when it comes time to submit! It’s important to fill out your application quickly and correctly the first time.
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.