As a student, you’re no stranger to deadlines. Whether it’s turning in a paper or applying to colleges, you always have a deadline looming over your head.
As it turns out, the application for financial aid is no different. But while other assignments have one deadline, the FAFSA has three. The FAFSA deadline set by the federal government is June 30, 2019, for the 2018-2019 school year, but colleges can set their own FAFSA deadlines that are earlier than the federal deadline. States also can set their own deadlines for students applying for state aid.
Students should make sure to submit the FAFSA no later than the federal, state, or school FAFSA deadline, whichever comes first. In fact, students should try to submit the FAFSA long before any deadlines since many types of financial aid are limited. Submitting the FAFSA as soon as possible after it becomes available will give students more options for aid.
This might sound confusing, but at least you have a strong incentive for submitting it on time: If you apply early, you might get more money for college.
When is FAFSA due?
Here are the three FAFSA deadlines you need to know about to qualify for financial aid.
1. The federal FAFSA due date
Since the Department of Education offers the FAFSA, it also sets a deadline for it. 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 2018-2019 school year, for instance, became available on Oct. 1, 2017. It will remain open until June 30, 2019. Plus, you can make corrections or updates until midnight on Sept. 14, 2019.
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 financial aid expert Mark Kantrowitz. “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. But you do need to consider state and college FAFSA deadlines, both of which come up a lot sooner.
2. The FAFSA deadlines are different for colleges
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 schools, you’ll need to submit the FAFSA in time for colleges 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 (ED) FAFSA due date of Nov. 15, two weeks after its ED applications are due. If you’re applying by Tufts’ regular decision deadline of Jan. 1, you’ll need to submit the FAFSA by Feb. 1.
At Tufts, as with some other colleges, your FAFSA deadline falls close to your college application deadline. But you might want to file the FAFSA months earlier to qualify for the most amount of financial aid from your state.
3. Your state has a FAFSA due date, too
Finally, each state also might 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 2018-2019 school year, for example, is Feb. 15, 2018.
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.
Submit the FAFSA as soon as possible
When is FAFSA due? There’s no one simple answer; you should be aware of all the FAFSA deadlines.
In most cases, you could wait until your college application deadlines to file the FAFSA. But then you’d have a ton of work on your plate, and you could miss out on some state aid.
Instead of waiting, try your best to file the FAFSA ASAP. You might start preparing your information in September so you can submit the application right after it opens on October 1.
Then, you won’t have to worry about all these FAFSA deadlines. Instead, you can focus your attention on applying to scholarships to get even more money for college.
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Explanation of Rates “With Autopay” (APD) Available Terms In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA). 3 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. (1)All rates shown include the auto-pay 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. (2)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. (3)As certified by your school and less any other financial aid you might receive. Minimum $1,000. Information advertised valid as of 7/1/2019. Variable interest rates may increase after consummation. 4 Important Disclosures for Discover. Discover Disclosures
5 Important Disclosures for CommonBond. CommonBond DisclosuresA government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down. Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled. Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan. A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender. If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance. If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount. Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers. 6 Important Disclosures for PNC. PNC Disclosures
Fixed Annual Percentage Rates (APRs): APRs range from 4.52% to 9.58% for a 5-year term. APRs range from 5.05% to 10.26% for a 10-year term. APRs range from 5.55% to 10.84% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and co-signer, if any. Loan Payment Example: The monthly payment per $10,000 borrowed at a fixed rate range of 5.05% APR to 10.26% APR for 10 years means you would make 120 payments which may range from $131.94 to $207.24. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. Payments may vary for other repayment term options. Variable Annual Percentage Rates (APRs): APRs range from 4.90% to 9.92% for a 5-year term. APRs range from 5.38% to 10.57% for a 10-year term. APRs range from 5.85% to 11.11% for a 15-year term. Variable rates are based on the London Interbank Offered Rate (LIBOR) index plus a margin depending on the creditworthiness of the borrower and co-signer, if any. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The LIBOR index is currently 2.47%. If the index increases or decreases, your rate will increase or decrease accordingly. Loan Payment Example: The monthly payment per $10,000 borrowed at a variable rate range of 5.38% APR to 10.57% APR for 10 years means you would make 120 payments which may range from $135.93 to $212.65. For the variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases. Payments may vary for other repayment term options. APRs and loan payment examples are for the fully deferred repayment option for the Undergraduate & Graduate loan programs and include the 0.50% interest rate discount for automatic payments. The lowest APR is available to well qualified applicants. Your actual APR will be based on your credit qualifications, selection of fixed or variable rate option, loan program, repayment term, repayment option and whether you elect the automatic payment feature. Loan payment examples assume 30 days to first payment after the deferment period (45 months in school and 6 month grace period). Payments vary for other rates, repayment terms and repayment options. In addition to Undergraduate and Graduate loans, PNC offers loans for Health & Medical Professions, Health Professions Residency and Bar Study. Rates may vary by loan program and are subject to change at any time. Visit pnconcampus.com for current rates, additional loan payment examples and more details about the Solution loan products. Please note: PNC reserves the right to modify or discontinue the terms of these program at any time without notice. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan. Private loans are subject to credit approval. PNC is a registered service mark of The PNC Financial Services Group, Inc. |
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