NEW YORK — The Free Application for Federal Student Aid filing season starts Oct. 1 for the 2023-2024 school year. If you plan to attend college next year, experts say you might want to fill out the FAFSA application as close to the opening date as possible.
Many institutions award financial aid on a first-come, first-serve basis. Karen McCarthy, vice president of public policy and federal relations from the National Association of Student Financial Aid Administrators, recommends students get started.
“It is a good idea to do it on the earlier side,” said McCarthy. “Whenever (colleges) run out of money, then that’s all the funding they have for the year.”
Whether this is your first or fifth time filling out the application, here are some recommendations and background for completing this process and getting financial aid for your college career.
—HOW DOES FAFSA WORK?
The FAFSA is a free government application that uses financial information from you and your family to determine whether you can get financial aid from the federal government to pay for college.
The FAFSA will send your financial information to the schools listed in the application that you are interested in attending — up to 10 schools. Each school that admits you will send you a financial aid package. The amount of financial aid you get depends on each institution.
This application is also used to determine eligibility for other federal student aid programs, like work-study and loans, as well as state and school aid. Sometimes, private, merit-based scholarships also require FAFSA information to determine if you qualify for their specific aid.
“Completing the FAFSA is probably the single most important thing you can do to get in line for scholarships, grants and other federal financial aid for college,” said Rick Castellanos, vice president of corporate communications at Sallie Mae.
Nitro College, a website that offers advice for college students, has a step-by-step guide listing all the questions in the FAFSA.
—WHO SHOULD FILL OUT THE FAFSA?
Anyone planning to attend college next year. Many decide not to apply thinking their family’s income is too high to be considered, but McCarthy recommends all students fill out the application.
“There’s no commitment, there’s no charge,” said McCarthy. “See what happens, you may be surprised. And if not, you have it on file in case you change your mind.”
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