Why You Should File the FAFSA® as Early as Possible

The Free Application for Federal Student Aid, or FAFSA, is the first step in the application process for federal student aid, encompassing all federal loans. For students looking to secure financial aid for the upcoming school year, it can pay off to be proactive and file the FAFSA as early as possible.  

Read on to find out why, in addition to reviewing important FAFSA deadlines, eligibility requirements, and tips for a successful application process. 

5 Benefits of Filing the FAFSA Early

Filling out the FAFSA early maximizes your chances of securing the most possible federal aid. The sooner you apply, the sooner you’ll have a clear view of the bigger financial picture. This gives you more time to seek out alternative sources of funding—like private student loans—should federal aid not cover the full cost of your tuition and expenses. 

Those are just a few reasons to file the FAFSA as early as possible. Here’s the full list: 

1. Maximize Financial Aid Opportunities

Some federal student aid, namely grants and scholarships, areis awarded on a first-come, first-served basis. Completing the FAFSA early gives applicants the best chance of securing the maximum federal financial aid they may qualify for. 

2. Access to State Grant Programs

Not only is some federal aid granted on a first-come, first-served basis, but a portion of state aid is as well, especially state grant programs. Since many of these programs determine eligibility at least partially through the FAFSA, filing early may increase your eligibility for state grants and other state student aid. 

3. Avoid Last-Minute Panic

The college and student aid application processes can be stressful, especially when facing critical deadlines. Avoiding last-minute rushing gives you time to ensure your FAFSA submission is thorough and accurate. This can help curb your stress levels and ensure you can provide the most accurate information on the application.  

4. Ease of Comparison Between Colleges 

The sooner you complete the FAFSA, the sooner you may receive your financial aid award letters. This can give you more time to carefully compare the aid packages offered by different colleges and make the best possible decision for your educational (and financial) future.  

5. More Time to Pursue Other Forms of Financial Aid

Submitting the FAFSA and getting your results as early as possible gives you more time to explore and pursue other financial aid options, such as scholarships and private grants. It also gives you more time to pursue private student loans as a supplemental option should federal aid leave a gap between funding and your total expenses. 

FAFSA Eligibility Requirements

To qualify for federal student aid through the FAFSA, prospective students must meet the following general FAFSA eligibility requirements: 

• A demonstration of financial need as determined by information provided in the FAFSA 

• U.S. citizenship, U.S. national status, or eligible noncitizen status 

• A valid Social Security Number, unless the applicant is a citizen of the Freely Associated States 

• A high school diploma, GED, or other recognized ability-to-benefit alternative 

• Enrollment (or acceptance for enrollment) in an eligible degree or certificate program 

• Continued satisfactory academic progress 

In addition to the above, you’ll also have to consent to have your personal tax information transferred into the FAFSA form and sign a certification statement pertaining to your intended use of funds and qualification to obtain further education. For a visual aid on the information above, check out this FAFSA eligibility infographic.  

The Importance of Meeting FAFSA Deadlines

Meeting FAFSA deadlines is critical for several reasons. First, it can help ensure that you receive the maximum federal financial aid you’re eligible for. Second, it can impact your ability to meet deadlines for state and institutional aid programs. Lastly, advanced planning can help your family plan for college funding and their anticipated contribution. 

Conversely, missing important FAFSA deadlines can have negative consequences. The pool of available funds you’re eligible to receive might be reduced, limiting financial aid options, and the disbursement of your financial aid may be delayed. Additionally, many aid programs have strict deadlines, leaving applicants who file late submissions ineligible for certain types of aid. 

With​​​​​ that in mind, here are some important FAFSA deadlines for the 2024-25 school year: 

• December 31, 2023 – The 2024 FAFSA goes live; the earliest possible application date 

• February 1, 2024 – The first state deadline for priority consideration (some states don’t offer priority consideration, and those that do have different dates) 

• April 2, 2024 – The first state deadline for program consideration (all states have different dates) 

• June 30/July 1, 2024 – The deadline for many states (most states set their deadline either at this point or before) 

• ​​June 30, 2025 – The last possible date a 2024 FAFSA can be submitted​​​ 

• ​​​September 14, 2025 – The deadline for any corrections or updates to be submitted​​​​ 

• School deadlines – Each institution may have its deadline; check with the school you’re interested in attending 

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​​​The 2025-26 FAFSA form is scheduled for public release on or before December 1, 2024. Additional deadlines will be added as they are announced, so check back for updates.​​ 

Although not ideal, there are still options if you submit the FAFSA late. However, it will limit your options considerably. According to StudentAid.gov, “some states and colleges continue to award aid to FAFSA latecomers.” Still, your odds of receiving aid become slim, and payouts are often lower. 

Contact the financial aid offices at schools you’re considering for assistance and information on their options for late submissions. Private scholarships, grants, and loans are one possibility to potentially replace federal or state aid for students who miss deadlines. 

Tips for a Successful FAFSA Application 

Completing the FAFSA can significantly impact the financial aid you’re eligible to receive. Here are some tips for a successful application. 

• Gather the necessary documents and information immediately and keep them in a single, easily accessible location. This includes Social Security numbers, tax returns,  tax forms (such as your W-2), and other financial records. 

• Provide up-to-date and fully accurate information to increase approval chances and minimize delays or errors in the application process. 

• Complete and submit the FAFSA as early as possible to maximize possible aid. 

• Seek professional guidance from financial aid professionals or counselors if you are unsure about any aspect of the FAFSA. 

• Keep track of all federal, state, and institutional application deadlines that apply to you, and make sure you meet them. 

• Carefully review the confirmation page for accuracy and completeness after you submit the FAFSA and address any issues immediately. 

• Update your FAFSA if your financial circumstances change significantly. 

Learn More with Ascent

You deserve to achieve your academic dreams. But to do so, you must be able to fund them. Whether you’re looking for graduate or undergraduate student loans, Ascent is here to help with a range of options to finance your education, including cosigned student loans and no cosigner student loans.  

Visit our Bright Future Hub for more resources to help you succeed in college and beyond. 

FAQ

Do you get more money from FAFSA if you apply early?

You can often get more money from FAFSA if you apply early. There are a few reasons for this. You may be prioritized for the many federal, state, and institutional aid programs allocated on a first-come, first-served basis. You will also have more time to apply for scholarships, grants, and private student loans and to compare the financial aid packages offered by institutions you’re considering.  

Why is it best to file the FAFSA as early as possible?

There are many reasons why it’s best to file the FAFSA as early as possible. Some of the most important include: 

• Maximizing the financial aid opportunities available to you 

• Maximizing access to state and institutional aid programs 

• Receiving award notifications faster 

• Having more time to make informed decisions about college acceptance and financial planning 

• Maximizing the chances of taking part in the Federal Work-Study program 

• Planning and comparing financial aid packages and eligibility as soon as possible 

• Meeting institutional and state financial aid application deadlines 

• Reducing stress and last-minute panic 

• Minimizing the possibility of mistakes and errors that could negatively impact financial aid eligibility 

When should I fill out my FAFSA?

You should fill out your FAFSA as soon as possible. The FAFSA for the 2024-25 school year is live and can be filled out anytime. Be aware that each state and institution will have its own FAFSA application deadlines, as will many private scholarships and grants. The last possible day to fill out the 2024-25 school year FAFSA is June 30, 2025.