FAFSA and CSS registration for 2022-23 opened up on October 1st! It’s an exciting — but scary — time for people who have children finishing up high school to pursue higher education. Trust me, I’m in the same boat with my child! She’s finishing up her senior year of high school this year. She’s already sick of writing college essays and trying to get college applications sent out.
It’s so important to file early. Did you know that the earlier you file, the more money you can get? You can get twice as much financial aid if you file in the first three months than if you filed later. This makes it even more important to file soon and take advantage of it.
- Act ASAP: The FAFSA form must be submitted by 11:59 p.m. CT on June 30, 2023. State and university grants may have different, earlier deadlines than this! States often set their financial aid deadlines well before the federal deadline, cutting off submissions in February or March. That’s why people have been saying “The early FAFSA gets the bigger award,” for so many centuries.
- Weighted assets: The FAFSA doesn’t count all of your assets at face value. For parents, assets are valued at 6% of their worth — for students, assets are valued at 20% of their worth. That means if your student still has the bank account you opened for them in your name…
- Supporting evidence: If your situation has changed and your family contribution is unrealistic — or if you have no family — you may submit supplemental documentation to prove extenuating circumstances. Any corrections or updates must be submitted by 11:59 p.m. CT on Sept. 10, 2023.
- Do your taxes early: FAFSA is based on your taxes. Considering that states have FAFSA deadlines as early as February, you’ll need to be on top of all your documents. Many payroll companies post your W-2 online a week before you get the physical copy.
The good news is that JHA can help you file for FAFSA and CSS early so that you can get as much aid as you’re entitled to. Reach out to us today!