May 31, 2023
For many, the expenses of college or technical school can be overwhelming. But, with financial aid programs, tuition, room and board, books, and other college-related costs can become more affordable. To determine if your student qualifies for financial aid, you must fill out the Free Application for Federal Student Aid, or FAFSA, by the deadline.
You must file your FAFSA earlier to receive your aid before the start of the school year. You only need to complete your FAFSA once for all types of aid you may be eligible to receive. Remember that
FAFSA deadlines vary for federal, state, and institutional financial aid. You need to remember the two most important dates are the open date, usually October 1, and June 30, the closing date.
The federal government gives students a deadline of June 30 after the school year in which they need aid. For instance, June 30, 2023, for the 2022-23 school year or June 30, 2024, for the 2023-24 school year to file the FAFSA. Check on state and institution deadlines as they may differ from the federal deadline.
Documents you need for the FAFSA- Before applying for the FAFSA, you’ll need information from these documents:
How to Submit the FAFSA– Once you’re ready to apply for the FAFSA, follow these steps:
Be sure to submit the FAFSA before the deadline, June 30, 2023. However, the earlier you submit your FAFSA, the better your chance of receiving specific financial aid, such as grants.
Next steps after the FAFSA is submitted- Once you complete your FAFSA application online, the Department of Education will take 3 to 5 days to process it. Here’s what happens next:
You can modify FAFSA information– If you receive no aid or see errors, you can correct and resubmit your information. Or, if you need more financial assistance due to a change in your family’s situation, you can update the FAFSA before the corrections deadline.
Your financial professional can help- Your financial professional may provide assistance with completing the FAFSA and answer any questions. They can help you design a strategy for funding your student’s higher education.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by Fresh Finance.
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