File your FAFSA ASAP – financial aid is often first-come first-served

Do not procrastinate in filing your FAFSA because it could mean less financial aid.

“There are several states [and colleges] that have a first-come, first-serve basis where they have a limited pool of funds and when they run out of money, they stop awarding money,” says Finaid.org and FastWeb.com publisher Mark Kantrowitz.

The FAFSA form to use if you plan to attend college between July 1, 2012 and June 30, 2013 became available online on January 1, 2012.  The federal deadline for filing is June 30, 2013, but state and college deadlines are usually earlier.  For example,  the cut-off date for Connecticut is February 15, 2012.  You can check deadlines for all states by going to the FAFSA website.
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What is FAFSA?

The Free Application for Federal Student Aid (known as the FAFSA) is a form that can be prepared annually by current and prospective college students (undergraduate and graduate) in theUnited States to determine their eligibility for student financial aid (including the Pell Grant, Federal student loans and Federal Work-Study).^[1]

Despite its name, the application is the gateway to be considered for the nine federal student aid programs and the 605 state and most of the institutional aid available. The U.S. Department of Education begins accepting the application beginning January 1 of each year for the upcoming academic year. Each application period is 18 months; most federal, state, and institutional aid is provided on a first come, first served basis. Students are advised to submit a FAFSA as early as possible for consideration for maximum financial assistance.

Related articles

• Get ready for the new federal student aid application (cbsnews.com)
• “How Do I File the FAFSA in January When Tax Returns Can’t Be Filed That Early?” (centralscholarshipbureau.wordpress.com)