If You Are A College Student, I Am Once Again Asking You To Fill Out Your FAFSA ASAP

Even if you think you won't qualify for need-based aid, you won't know that for sure if you don't fill it out. Plus, depending on your school, you might still need your FAFSA to get merit-based awards. And don't forget: You need to fill it out every year that you're in college to keep getting aid.

It's October 1, and if you're a college student (or about to be one), today marks the first day you can fill out your Free Application for Student Aid, or FAFSA, for the 2023–24 school year.

Bgblue / Getty Images

Students, the parents of students, and preparers can all fill out the FAFSA online starting today. Or, if you prefer to do things the old-fashioned way, there are English and Spanish PDF versions available to download from the Office of Federal Student Aid.

Filling out the FAFSA is super important because it gives you access to federal student loans, scholarships, grants, and work-study programs. Even if you think you won't qualify for need-based aid, you won't know that for sure if you don't fill it out. Plus, depending on your school, you might still need your FAFSA to get merit-based awards. And don't forget: You need to fill it out every year that you're in college to keep getting aid.

If you'll be filling out a FAFSA for the 2023–24 school year, here are five fast yet v. important facts to know:

1. The FAFSA opens on October 1, 2022, and the federal deadline to complete it is June 30, 2024 — but you should probably fill it out sooner rather than later.

Paramount Plus / Via giphy.com

States and some colleges also have their own FAFSA deadlines, which may be earlier, so look yours up ASAP so you don't miss out on financial aid. Additionally, some forms of financial aid, like grants and scholarships, can run out if you wait too long to apply. College is so expensive, so apply early to get all the help you can.

2. Filing early can also give you more time to send an appeal if you're not happy with the initial student aid package that you're offered.

Federal Student Aid @FAFSA

Has your or your family’s financial situation changed since you filled out the 2022–23 FAFSA® form? Although schools aren’t required to offer adjustments, many will consider special circumstances. Contact your school’s financial aid office to request a financial aid adjustment.

07:29 PM - 19 Sep 2022

Twitter: @FAFSA

For the 2023–24 school year, the FAFSA will be looking at your (or your parents' or guardians') 2021 tax returns. If your financial situation has changed since 2021 — for example, job loss, change in marital status, or the death of a parent — then you could be in a position to send in an appeal for more aid. But you've got to file your FAFSA first. So if your situation has changed since 2021, fill it out ASAP to give yourself time for appeals.

3. You only need a few key pieces of information on hand to fill out the FAFSA.

Carol Yepes / Getty Images

If you're filling out a FAFSA for yourself as an independent student, you just need your Social Security Number or Alien Registration Number, your federal income tax returns and W2s or 1099s for 2021, and an FSA ID that allows you to sign the FAFSA electronically. Dependent students will need the same info from their parents.

Not sure if you're considered dependent or independent? Use this checklist from Federal Student Aid to figure it out.

4. If you fill out the FAFSA online, then the Department of Education should process it within three to five days.

Federal Student Aid @FAFSA

Thinking about attending college or career school, but you’re not sure what federal student aid you could be eligible for? Give the Federal Student Aid Estimator a try: https://t.co/PbUilMGvRe

04:59 PM - 29 Sep 2022

Twitter: @FAFSA

Mailed-in forms take a bit longer to process, at 7 to 10 days. Once your FAFSA is processed, you'll get something called an SAR, or Student Aid Report. Your SAR is also sent out to the colleges you listed on your FAFSA.

When you get your SAR, look it over verrrry carefully to make sure all the information is accurate and complete. If you happen to spot a mistake, you can log back into the FAFSA online to submit a correction.

5. Once your FAFSA is all done and you've got your SAR, get in touch with your school's financial aid office.

Westend61 / Getty Images/Westend61

Most colleges don't automatically make financial aid packages for every student that lists them on their FAFSA. So get in touch with your school's financial aid office to learn how applying for aid works at that particular institution. If you're in the application process, Federal Student Aid says that many colleges send out their financial aid award letters around the same time that they send admission offer letters, but naturally this varies from school to school. Bottom line: The best way to find out when you can expect to see your financial aid package is to ask your school.

Good luck with your FAFSA filing! If you've got questions about student aid or paying for school, ask them in the comments.

And for more stories about life and money, check out the rest of our personal finance posts.