What is the FAFSA?

The FAFSA is your ticket to free money for college. Apply as soon as possible to be considered for federal, state and school-based aid.

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Oct. 1 typically marks the open date for the Free Application for Federal Student Aid (FAFSA). However, the new, redesigned FAFSA opened in late December 2023 for the 2024-25 school year. The upcoming 2025-26 form will be fully available to all students by Dec. 1, 2024.

Submitting the FAFSA allows you to be considered for federal, state and school-based aid. Submitting it soon after the open date may increase your chances of receiving some scholarships and grants that schools include in aid packages.

For the 2023-24 academic year, 74% of families submitted the FAFSA, according to Sallie Mae's 2024 How America Pays for College study.

Even if you’re unsure you'd qualify for aid, it’s still important to fill out the FAFSA. There's no income cut-off to qualify for aid, and most people are eligible for federal student loans. Need-based aid, which is calculated based on your family's finances, may come from limited pools, so applying early matters.

Here's what you need to know about applying for aid sooner rather than later.

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Get started on the FAFSA now

Submitting the FAFSA can be complicated, particularly if you're the first in your family to do so.

It helps to have all of the necessary information to complete the FAFSA before you start filling it out. And if you need additional assistance, there are online and in-person resources to help you complete the FAFSA. Try reaching out to your high school guidance counselor, or the financial aid office at your current or prospective college.

You need to submit the FAFSA every year that you want to be eligible for federal aid.

Give yourself more time to make a college decision

By submitting the FAFSA early, you also give yourself more time to consider your college choices.

If you haven't enrolled in college yet, you can submit the FAFSA to the schools you're considering and compare your award letters before you choose one. The aid you're offered, including federal and school-based, can differ among colleges.

You can submit a financial aid appeal letter if you're unhappy with the amount of aid you received or if your economic circumstances have changed since you submitted the FAFSA. Nevertheless, submitting the FAFSA early will ensure financial aid is still available when your letter is processed.

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