StudentAdvisor Blog

Seven states have moved up their FAFSA deadlines, and are now urging students to submit a federal student aid application as close to Jan. 1 as possible because state funds for college aid may be depleted fast. 
 
Illinois was the first state to do this 2 years ago, and this year Kentucky, North Carolina, South Carolina, Vermont, Washington, and Tennessee followed suit.  
 
Most student aid is awarded on a first-come, first-served basis.  
Students have 2 options when preparing their aid application – either get professional help either from a fee-based service or free advice like a College Goal Sunday, OR prepare it themselves on the U.S. Department of Education’s website. 
 
FAFSA mistakes move students out of the first-come, first-served virtual line for aid. Last year more than 750,000 of the students notified of FAFSA errors by the US Dept. of Education failed to correct their application, and thereby left money on the table. When caught by the DOE, mistakes temporarily bump a student out of the virtual, first-come, first-served line for aid. But unfortunately some mistakes that can lower aid eligibility don’t get flagged by the DOE for correction. (Fee-based FAFSA services such as <a>http://www.fafsa.com read answers and find mistakes the government’s computer review does not.) 
 
Financial aid, available to nearly all students regardless of income, can significantly reduce students’ out-of-pocket college costs. In the 2011-12 academic year, undergraduate students on average received $13,218 in aid, including free grants; low-cost, federal education loans; and work-study opportunities. Students, who receive education support from military aid programs, also may increase their aid award by submitting a FAFSA.  
 
Best time to prepare and submit a FAFSA is January – using income estimates if taxes aren’t filed. The longer a student waits, the more likely the aid award mix becomes more self-help aid (loans and work-study) than free grant aid.