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FAFSA Financial Aid Timeline Helps Those Paying for College

Jun 30, 2020

Key Takeaways

  • The Free Application for Federal Student Aid (FAFSA) helps college students qualify for financial aid.
  • Each year thousands of dollars go unclaimed because students didn’t complete the FAFSA form.
  • Families can file the FAFSA starting on Oct. 1.

 

The financial aid process for the millions of families who send children off to college each year is easier than it used to be, and families are now armed with earlier knowledge about potential financial aid when making decisions about where to apply to school. The Free Application for Federal Student Aid (FAFSA) is the form you need to fill out to receive potential federal financial aid - including grants, loans, and work-study jobs - to help pay for college. Yet, each year thousands of dollars goes unclaimed because students didn’t complete the form to qualify for potential aid.

 

FAFSA - Important Dates to Know

Earliest filing date for next academic year aid October 1
Financial information included in the form Actual
Income and tax year basis Two-year lag
Process for inputting financial information Automated option

 

Families can file the FAFSA as early as October 1 of the preceding calendar year, and the form will be based on financial information from an earlier year. For example, families will provide 2018 income and tax information for the 2020-2021 academic year, resulting in a two-year lag between the start of the academic award year (e.g., 2020) and the year on which the required income and tax information will be based (e.g., 2018). The required financial information is easily imported from the IRS to the FAFSA filing system via an application called the IRS Data Retrieval Tool. This simplifies the process for completing the form and limits the need for colleges to request income verification support.

Many private colleges also require the College Scholarship Service (CSS) Profile form to be completed as part of the Institutional Methodology for awarding financial aid. The financial information required for the CSS Profile is based on a two-year lag as well. These tools should help families gain an accurate view of their anticipated financial aid and college costs.

 

Read More

For more details about applying for financial aid and how colleges award scholarships and grants, read Paying for College: A Practical Guide for Families Opens in a new window.

 You may also be interested in other Funding College Opens in a new window topics.

 

For Compliance Use Only:1020193-00002-00

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