What You Should Know About the Federal Student Aid (FAFSA) Filing Deadline

June 2023 | Cornerstone Private Asset Trust Company

The Free Application for Federal Student Aid (FAFSA) filing deadline is an important date to keep in mind if you're planning to apply for financial aid for college or university. Here's what you should know about the FAFSA filing deadline:

 Federal Deadline

The federal deadline for submitting the FAFSA is typically June 30th after the academic year for which you're seeking aid. For example, if you're applying for aid for the 2023-2024 academic year, the federal deadline would be June 30, 2024.

 State and Institutional Deadlines

In addition to the federal deadline, many states and colleges have their own FAFSA filing deadlines. These deadlines can vary significantly, and some states and colleges have limited funds, so it's essential to check the specific deadlines for the schools you're interested in attending and the state you reside in. State and institutional deadlines are often earlier than the federal deadline, sometimes as early as February or March, so it's crucial to be aware of them and submit your FAFSA on time.

 Early Filing

It's generally recommended to file the FAFSA as early as possible, even before the state and institutional deadlines. This is because some financial aid programs operate on a first-come, first-served basis. By submitting your FAFSA early, you have a better chance of maximizing your eligibility for aid.

 Renewal FAFSA

If you're already receiving financial aid and want to continue receiving it for the next academic year, you'll need to submit a renewal FAFSA. The renewal FAFSA can typically be filed earlier than the regular FAFSA, starting on October 1st of each year. Filing the renewal FAFSA early is still recommended to ensure you meet any state or institutional deadlines.

 FAFSA Corrections

If you need to make corrections or updates to your FAFSA after submitting it, you can do so online. However, it's important to note that corrections to your FAFSA won't extend any applicable deadlines, so it's best to submit an accurate FAFSA by the deadline and make corrections if necessary.

 Special Circumstances

If you have special circumstances that affect your financial situation, such as a significant change in income or family circumstances, you may need to provide additional documentation to your school's financial aid office. It's advisable to contact the financial aid office directly to discuss your situation and determine if any additional steps are required.

 Late Filing

If you miss the FAFSA filing deadline, you may still be able to submit it later. However, you could potentially miss out on certain types of aid, including some need-based aid or state-specific grants and scholarships. It's best to file the FAFSA by the applicable deadline to maximize your financial aid opportunities. 

Remember, the FAFSA is an annual requirement for most types of federal, state, and institutional financial aid. It's important to stay informed about the deadlines and requirements specific to your situation and the schools you're interested in attending.

This article was partially curated by AI technology and verified by Cornerstone Private Asset Trust Company, LLC.