For those unfamiliar with the term FAFSA and what it entails, the Free Application for Federal Student Aid (FAFSA) is an application that allows students to apply for loans and grants to put towards their academic pursuits. The aid can be used for expenses such as tuition, housing, educational materials, and even transportation. Certain types of aid will be administered as grants or scholarships, which you do not typically need to pay back, and certain types of aid will be administered as loans, which are typically expected to be paid off in time.
FAFSA originated as a byproduct of the Higher Education Act, which was implemented in 1965. Since then, this form has undergone many transformations and reauthorizations to become the FAFSA we know and love (or, TBH, hate) today.
In 2021, the form was shortened from a whopping 108 questions to 36 in hopes that more students would begin to take part in the FAFSA application process. The form consists of questions on subjects including tax information, household income information, and demographic information. It’s important to stay on top of your FAFSA deadlines, as the form is rather extensive and requires a lot of information on hand to complete, such as bank statements, social security numbers, and tax info.
To be best prepared for your FAFSA completion, the FAFSA website recommends having the following items ready: Your FSA ID (created online prior to the application), your social security number, your driver’s license number, your federal income tax return, records of your untaxed income, records of your assets, and finally, a list of schools you attend or are interested in attending. Even if you’re not a U.S. citizen, you may be eligible to complete the FAFSA application — check this list of eligibility requirements and regulations to find out more.
The FAFSA form opens annually on Oct. 1, and depending on the academic year you wish to apply for, each term has its own deadline. For the 2022-2023 academic year, the 2023 FAFSA form must be filled out and submitted no later than June 30, 2023. And for the 2023-2024 academic year, the FAFSA form must be filled out and submitted by June 30, 2024. If you have the time, I’d recommend filling out your application as soon as possible. Knowing your FAFSA status and having an awareness of the aid you may receive can be beneficial for making plans that involve your education. It’s important to note that each state and school has their own deadlines and preferences, in addition to the overarching deadline from the official FAFSA site. Visit the official FAFSA website to determine just when you need to complete the form.
I won’t lie: Filling out the FAFSA application isn’t always a seamless process. The form is constantly evolving and changing to cater to more students in need. You may be wondering, why should I fill out the FAFSA form? The only thing you can lose is some of your time. Worst case scenario, you’ll be ineligible for aid. Best case scenario, you’ll receive aid or grant money from the federal government that you can put towards your education. Take charge of your finances and education as you enter 2023 and prepare for your FAFSA filing today.