When is the Free Application for Federal Student Aid (FAFSA) due? Well, the FAFSA has three deadlines: a federal, state and school deadline. The FAFSA deadline set by the federal government is June 30, 2022, for the 2021-22 school year.
Colleges, though, can set their own, earlier FAFSA deadlines, and states can also set their own deadlines for students applying for state aid. This might sound confusing, so consider this piece of advice instead: Submit the FAFSA as close to the date it opens (Oct. 1) as possible.
If you apply early, not only will you meet all the various FAFSA deadlines, but you might also get more financial aid for college.
Here are the details you should know about…
When is the FAFSA due?
Since some financial aid is doled out on a first-come, first-served basis, it’s a good idea to submit the FAFSA as soon as you can. This application becomes available on Oct. 1 every year. So if you’ll be an incoming college freshman, you could submit the FAFSA starting on Oct. 1 of your senior year in high school.
However, the FAFSA isn’t technically due then. If you need to wait, keep in mind these three FAFSA deadlines:
1. The federal FAFSA due date
2. Your college’s FAFSA deadline
3. Your state’s FAFSA due date
1. The federal FAFSA due date
Since the Department of Education offers the FAFSA funding, it also sets a deadline for the application. But this deadline is a long one — you’ll have access to the FAFSA for over a year and a half.
The FAFSA for the 2021-22 school year, for instance, became available on Oct. 1, 2020. It remains open until June 30, 2022. Plus, you can make corrections or updates until Sept. 10, 2022.
Most students file the FAFSA much closer to the date it opens than the date it closes. The main reason to file the FAFSA later in the school year would be if you had a major change in your financial circumstances.
“Students can file the FAFSA until the end of the academic year and still get some aid,” said Mark Kantrowitz, financial aid expert and publisher of SavingforCollege.com. “This most often happens when a wealthy student has a change in family financial circumstances (e.g., death of a parent) that significantly affects their ability to pay for college.”
Unless you have a major change in your financial circumstances, you probably don’t need to worry about the federal FAFSA deadline since you’ll be submitting the FAFSA months ahead of it. But you do need to consider state and college FAFSA deadlines, both of which come up a lot sooner.
2. Your college’s FAFSA deadline
Colleges rely on the FAFSA to award financial aid. If you get into a school, you’ll likely see your financial aid package at the same time as your acceptance letter. So for many colleges, you’ll need to submit the FAFSA in time for them to review your application and calculate your financial aid.
Each college sets its own deadline for the FAFSA. Note that a few schools also require the CSS Profile, another document that assesses your financial need. Head to the financial aid website of each college on your list to find its FAFSA deadlines.
Tufts University, for example, sets an early-decision FAFSA due date of Nov. 1, the same date its early-decision applications are due. If you’re applying by Tufts’ regular decision deadline of Feb. 3, you’ll also need to submit your FAFSA by Feb. 3.
At Tufts, as with some other colleges, your FAFSA deadline falls on the same day as or close to your college application deadline. However, you still might want to file the FAFSA months earlier to qualify for the most amount of financial aid from your state.
3. Your state’s FAFSA due date
Finally, each state might also set its own FAFSA deadline for incoming college students. States also have financial aid programs, especially for residents attending in-state public colleges. Connecticut’s FAFSA deadline for the 2021-22 school year, for example, was Feb. 15, 2021, at least for priority consideration.
To qualify for state financial aid, you need to file the FAFSA before the state deadline. In fact, the earlier you can submit your financial aid application the better, since some aid is given out on a first-come, first-served basis.
“Students should file the FAFSA as soon as possible on or after Oct. 1,” said Kantrowitz. “Students who file the FAFSA within the first three months (October, November and December) tend to receive more than twice as much grant funding, on average, as students who file the FAFSA later.”
Illinois, Kentucky and Oklahoma simply urge students to get the FAFSA in as soon as possible after Oct. 1. These states say awards are distributed until state financial aid funds are depleted.
Even though filling out the FAFSA can be time-consuming, getting it done early is well worth the effort.
Why you should submit the FAFSA as soon as possible
Instead of asking, “When is the FAFSA due?” a better question is, “When does the FAFSA become available?” It opens on Oct. 1 every year, so you should simply plan on submitting it then.
Instead of waiting until your school, state or federal FAFSA deadline, try to file the FAFSA ASAP. You might start preparing your information in September so you can submit the application right after it opens in October.
Then, you won’t have to worry about all these FAFSA deadlines. Instead, you can focus your attention on applying for scholarships.
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| * The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers. 1 Important Disclosures for College Ave. CollegeAve DisclosuresCollege Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 11/24/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. 2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply. 3 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest. Earnest Disclosures
4 Important Disclosures for Ascent. Ascent DisclosuresAscent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates are effective as of 10/01/2021 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions, please visit AscentFunding.com/Cashback. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner. 5 Important Disclosures for SoFi. Sofi DisclosuresUNDERGRADUATE LOANS: Fixed rates from 2.99% to 10.66% annual percentage rate (“APR”) (with autopay), variable rates from 0.95% to 11.18% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.08% to 10.90% APR (with autopay), variable rates from 1.00% to 11.29% APR (with autopay). PARENT LOANS: Fixed rates from 4.23% to 10.66% APR (with autopay), variable rates from 1.15% to 11.18% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). 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Loans originated by SoFi Lending Corp. or an affiliate (dba SoFi), licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org). 6 Important Disclosures for Citizens Bank. Citizens Bank DisclosuresUndergraduate Rate Disclosure: Variable interest rates range from 1.03% – 11.01% (1.03% – 10.24% APR). Fixed interest rates range from 3.23% – 11.70% (3.23% – 10.83% APR). Graduate Rate Disclosure: Variable interest rates range from 1.89% – 10.66% (1.89% – 10.41% APR). Fixed interest rates range from 4.64% – 11.23% (4.64% – 10.95% APR). Business/Law Rate Disclosure: Variable interest rates range from 1.89% – 9.22% (1.89% – 8.50% APR). Fixed interest rates range from 4.24% – 9.74% (4.24% – 9.02% APR). Medical/Dental Rate Disclosure: Variable interest rates range from 1.89% – 8.02% (1.89% – 7.72% APR). Fixed interest rates range from 4.18% – 8.54% (4.18% – 8.24% APR). Parent Loan Rate Disclosure: Variable interest rates range from 1.97%-7.06% (1.97%-7.06% APR). Fixed interest rates range from 4.55%-7.58% (4.55%-7.58% APR). Bar Study Rate Disclosure: Variable interest rates range from 4.44% – 9.58% (4.44% – 9.52% APR). Fixed interest rates range from 7.39% – 12.94% (7.39% – 12.82% APR). Medical Residency Rate Disclosure: Variable interest rates range from 3.53% – 7.03% (3.53% – 6.75% APR). Fixed interest rates range from 6.99% – 10.49% (6.97% – 10.08% APR). Variable Rate Disclosure: Variable Rates advertised are based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of November 1, 2021, the one-month LIBOR rate is 0.09%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. Your final variable rate may be based upon the 30-day average SOFR index, as published by the Federal Reserve Bank of New York. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. 7 Important Disclosures for Funding U. Funding U DisclosuresOffered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service. |
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