5 Things Parents Should Know About the FAFSA Deadline

Contents

Note the Deadlines
Know the Different Kinds of Aid
Always Consider Applying
Check Your Work
Keep the Communication Open

If you’re the parent of a child who will soon be heading off to college, one of the most important things you should be aware of is the FAFSA deadline. FAFSA stands for Free Application for Federal Student Aid. Completing this form is necessary to receive any federal funds for the pursuit of high education. These funds include:

loans
grants
work-study opportunities

Preparing for college is a big step, and it can be overwhelming. Let’s take a look at this piece of the financial aid process. Hopefully, it will ease your mind a bit and help you navigate the details of applying for federally sponsored financial aid.

Note the Deadlines

First and foremost, it’s important to understand recent changes to the FAFSA deadline process. The window for turning in your application has actually increased quite a bit. Applications are now being accepted from October 1st through June 30th of each year. It’s advantageous to apply early, as some awards are limited and are given on a first come, first served fashion. In addition, having such a large window can make it tempting to procrastinate. Avoid this pitfall by applying early. You can use the previous year’s tax information to complete the application, and significant changes can be amended at a later date. So don’t worry if your income has changed recently. Your child will still benefit by turning in the paperwork early.

Know the Different Kinds of Aid

As noted, the FAFSA covers three types of financial aid. Federal loans are need-based and require repayment upon graduation, leaving school or falling below half-time enrollment. The amount your child qualifies for will be determined through financial aid formulas and guidelines set by the school. Grants are also based on need, but they do not need to be paid back. The information you provide on the FAFSA will determine whether these funds may be available to your child. Work-study is a great opportunity for students in need to earn money. They also potentially gain practical experience in a field related to their major course of study.

Always Consider Applying

No matter what your income level, it’s a good idea to think about filing out the FAFSA. This is true even if you think your child won’t qualify for assistance. Some scholarships require the FAFSA as part of the awards process. In addition, you may be surprised by the amount of aid your student can receive. Every little bit helps, even if it’s only enough to pay for textbooks. That’s an expense you don’t have to worry about. Do you have multiple children attending college? You may find that you meet the qualifications when you didn’t in previous years.

Check Your Work

Making mistakes on the FAFSA can delay the process quite a bit, resulting in a great deal of frustration. Errors can even lower the amount of aid offered to your child. Double check your work, and never hesitate to ask questions. You don’t want to report assets that aren’t necessary, such as retirement accounts. You’ll find contact information on the FAFSA website for Department of Education Federal Student Loan Office. You can talk to someone by phone or chat online.

Keep the Communication Open

Finally, it’s incredibly important to maintain communication with the financial aid office of your child’s school of choice. For example, if you receive a smaller award than anticipated, it’s possible that an appeal could significantly alter the original decision in your child’s favor. Any time you’re uncertain about something regarding financial aid, it’s best to reach out. Addressing things early can save you a lot of frustration and worry later. Applying to college and navigating the financial aid process doesn’t have to be scary. Just be aware of the FAFSA deadline and follow up on any questions you have; you’ll be just fine.

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