Know Your FAFSA Deadlines

Don’t Miss Out On Financial Aid by Missing a Deadline

As we careen into the end February, many people outside the college world just do not understand what all the fuss is about that surrounds the yearly FAFSA frenzy. Those parents of high school seniors and college freshmen, however, understand all too well the importance of completing the Free Application for Federal Student Aid in an accurate and timely manner.

While many applicants do understand that
parents and students can begin submitting information as early as January, most still don’t quite realize the benefits of filing as soon as possible. The FAFSA is the crucial first step in qualifying for your share of federal, state and institutional aid, but some of these programs only have limited funds available. Once the money runs out, you may not receive that specific type of aid, even if you would otherwise be eligible. Here are a few other factors you must keep in mind when filing the FAFSA:
Many Colleges Have Early Financial Aid Deadlines: Although you technically have until 12:00 midnight Central Time on June 30 to complete the FAFSA application, many colleges have surprisingly earlier deadlines. The school’s priority financial aid deadline is the date by which the FAFSA should be completed so that your student will have the best possible chance of receiving both federal and institutional financial aid. Don’t be shocked to find out that some of these deadlines fall as early as February 1, with many more setting March 1 as their priority deadline. Check out this list of schools with early
Know Your State’s Financial Aid Deadline: In addition to federal financial aid, students might qualify for assistance from their state of residence if they decide to attend college in-state. It is also important to know what these deadlines are, so your student doesn’t miss out on qualifying for the maximum amount of financial aid possible.  To find your state’s deadline, visit the Federal Student Aid website, enter your state of legal residence, and check the year for which you are applying to receive financial aid.
Be Sure to Allow for Processing Time: Depending on whether you use the electronic or paper version, and the volume they are processing, it can take anywhere from one to four weeks to process your FAFSA and send the results to your selected schools. Keep this in mind when checking deadlines, so that you allow for plenty of processing time. Also be sure to avoid these common FAFSA mistakes, so as not to further delay your application.
Don’t Wait Until Your 2014 Taxes Are Filed: Some people mistakenly assume that they cannot file the FAFSA until they have submitted their income tax returns, but this is not true. You are allowed to file now using estimated figures from your 2013 returns to get the process started. If your income changed dramatically last year, you can use the “Income Estimator” on the FAFSA page to come up with an estimated adjusted gross income (AGI). Just be aware that in either case you will have to go back and amend your FAFSA once all the final figures have been compiled.
Applying for college can be a complex and time-consuming process, but don’t let all of that hard work go to waste by failing to meet an important deadline. Be aware of federal, state and institutional deadlines, take your time to get it right, allow for processing time, and you should be able to overcome this latest potential roadblock on the road to your college education.

Sourse by /collegesavings.about.com/