FAFSA Priority Deadlines: Why Timing Could Save Your Family Thousands
Submitting your FAFSA before priority deadlines is one of the smartest financial moves your family can make.
Hello Discerning Parents and Future Graduates,
Today, we’re diving into one of the most critical aspects of paying for college—FAFSA priority deadlines. Think of these deadlines as the VIP passes to the financial aid party: get there early, and the buffet of grants and scholarships is all yours. Arrive late, and you may end up footing the entire bill. Let’s decode these deadlines and help you stay ahead.
What Are FAFSA Priority Deadlines?
Priority deadlines are like the golden ticket for maximizing financial aid. These dates, set by states and colleges, determine whether you qualify for the most lucrative aid options, including grants, work-study opportunities, and institutional scholarships.
Key Dates: FAFSA opens on October 1st every year. State and school-specific deadlines vary, and some operate on a first-come, first-served basis.
Why Timing Matters:
Submitting early increases your chances of snagging need-based aid like Pell Grants, which can be worth up to $7,395, or state grants that may not be available to late filers.
Real-Life Example: How Timing Impacts Financial Aid
Consider two families:
Family A submits FAFSA in October and qualifies for state grants, institutional scholarships, and work-study opportunities.
Family B files in March and misses out on those limited funds, leaving them with only federal loans.
Takeaway: The earlier you file, the more options your family will have.
Federal Student Aid Website for FAFSA deadlines and updates.
How to Stay Ahead of FAFSA Deadlines
Here’s your roadmap to mastering FAFSA timing:
Step 1: Gather Documents Early
Prepare these essentials:
Social Security numbers for parents and students.
Tax returns, W-2s, and bank statements from two years prior (e.g., for 2024-25 FAFSA, use 2022 data).
Records of untaxed income like child support or veteran benefits.
FSA IDs for parents and students (set these up ahead of time at studentaid.gov).
Step 2: Use the Federal Student Aid Estimator
Estimate your Expected Family Contribution (EFC) early to understand how much aid you might receive. The Federal Student Aid Estimator is a helpful planning tool.
Step 3: Submit on October 1st
File as soon as FAFSA opens, even if your tax information isn’t finalized (use estimates and update later).
Step 4: Set Calendar Alerts
Mark federal, state, and school-specific deadlines. Missing just one could cost you thousands.
Common FAFSA Mistakes to Avoid
Procrastination:
Waiting until the last minute could mean losing out on free money.Ignoring Deadlines:
Remember, federal deadlines don’t apply to all states or schools. For example, California’s Cal Grant deadline is March 2nd, much earlier than the federal cutoff.Incomplete Applications:
Double-check for errors, especially Social Security numbers, tax data, and dependent status questions.Failing to Renew Annually:
FAFSA must be filed every year your student is in college—don’t assume one submission covers all four years.
Checklist: What You Need to File FAFSA
Basic Information:
Student and parent Social Security numbers.
Driver’s license or state ID (if applicable).
Alien registration number (for eligible non-citizens).
Income & Tax Information:
Tax returns and W-2 forms (from two years prior).
Records of untaxed income (e.g., child support, disability benefits).
Assets:
Bank account balances.
Investments (excluding retirement accounts).
Other Essentials:
FSA ID for both student and parent.
List of schools where FAFSA results should be sent.
How Deadlines Impact Financial Aid
Let’s look at the potential aid categories you’ll miss out on by filing late:
Federal Aid: Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), and loans.
State Aid: Many states have grant programs with early deadlines (e.g., New York’s Tuition Assistance Program or California’s Cal Grant).
Institutional Aid: Colleges often use FAFSA data to award merit- and need-based scholarships. Late filers may receive limited or no institutional aid.
Timing is Everything
Submitting your FAFSA before priority deadlines is one of the smartest financial moves your family can make. It’s your golden ticket to maximizing grants, scholarships, and work-study opportunities—freeing up your budget for other financial goals, like retirement savings or paying off debt.
Don’t miss out on valuable financial aid opportunities! Schedule a Getting Acquainted Call today to create a personalized FAFSA and college funding strategy for your family.
Warm regards,
Julie Bray
Your Family's College and Retirement Champion
GW Financial, Inc.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by GW Financial, Inc. to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 GW Financial, Inc.