When Is The FAFSA Deadline?

Colleges may be closed for the rest of the year, but there’s still time to complete the Free Application for Student Aid (FAFSA). By completing the FAFSA, you’ll be eligible for grants, scholarships, and federal student loans, which can help you pay for your education.

But some students may be wondering, “When does the FAFSA close?” The FAFSA deadline falls on June 30 each year, and at that point, students are no longer eligible to submit their application.

This article will explain when to apply for the FAFSA and how to maximize your chance of receiving federal aid.     

When it comes to submitting your FAFSA, there are two important dates you need to remember. The FAFSA for the current school year always comes out on October 1, and the deadline to submit it falls on June 30.

Currently, the FAFSA 2019-20 is still available until June 30, 2020. The deadline for the 2020-21 FAFSA doesn’t come until June 30, 2021, but it’s not a good idea to wait to apply.

Student aid is dispersed on a first-come, first-served basis. So ideally, you should fill out the FAFSA as close to October 1 as possible. By waiting, you could be losing out on thousands of dollars in loans, grants and scholarships.

However, you should keep in mind that this deadline applies to federal aid. Individual states and colleges may have deadlines that fall much earlier than June 30. You should check the Federal Student Aid website to find out what the deadline is in your state.   

The June 30 deadline is your last opportunity to submit the FAFSA. So if you still need financial aid for the 2019-20 school year, you have until June 30 to apply. 

It’s likely that at this point, most of the scholarships and grants have been claimed, but you could still qualify for federal loans. These loans can be applied to the money you’ve already spent for the semester, or you may be able to apply it to the upcoming semester.

But if you don’t meet the June 30 deadline, you’ll miss out on the opportunity altogether. 

According to a study by the Department of Education, 32% of students didn’t fill out the FAFSA because they believed their family wasn’t eligible for financial aid. But the truth is, there are no FAFSA income limits.

Students are allowed to fill out the FAFSA regardless of their family’s annual income. There are limits on who can qualify for need-based aid, but you could still be eligible to receive other types of funding. 

It’s recommended that all future and current college students fill out the FAFSA, but every year, there is a large percentage that doesn’t. If you’re unsure about how to get started with the FAFSA, here are five simple steps you can take to ensure you meet the deadline. 

1. Make sure you have the necessary paperwork

Before you begin filling out the FAFSA, you should make sure you have all the necessary paperwork in order. You’ll need the following information to fill out the FAFSA:

• Your Social Security number
• Your driver’s license
• Federal income tax returns 
• Bank statements
• Your parents’ tax returns, W-2 forms, and 1040 forms if you’re filing as a dependent

2. Create your account

If you haven’t already, you’ll need to create your Federal Student Aid ID. You’ll use this ID all through college, and you’ll use it every year to complete a new FAFSA. This step only takes about 10 minutes to complete.

You’ll need a FAFSA ID even if you plan to file as a dependent. Your parents will create their own FAFSA ID that is separate from yours. 

3. Fill out the form at fafsa.gov

Once you have your paperwork in order and you’ve created your account, it’s time to fill out the FAFSA. You’ll start by filling out the student demographic section. You’ll be asked to fill in your personal information, as well as information about the school you plan to attend.

You’ll also need to include information about your parents and your financial situation. To make this process easier, you can use the IRS Data Retrieval Tool. This tool automatically pulls data from your tax returns and applies it to the FAFSA.

4. Submit your application

You want to make sure to take some time to review your application and check for any errors. Once you’re certain that the information is accurate and complete, you’re ready to submit the FAFSA. 

5. Wait to receive your financial award letter

Once you’ve submitted the FAFSA, you’ll wait to receive your financial award letter. This letter will outline how much aid you’ve been awarded, as well as any federal loans you qualify for. If you feel like the school didn’t grant you enough federal aid, you can appeal your financial award.

Ideally, you should submit your FAFSA as close to October 1 as possible. But even if you waited to submit your FAFSA application, there’s still time to apply before the FAFSA 2019-20 closes. And you still have over a year before the deadline for the 2020-21 FAFSA.

However, you should make sure you check to see what the guidelines are for your state and college. The FAFSA deadline is the absolute last opportunity you have to apply, but the financial aid deadline in your state could come much sooner.

Be sure to check out the personal finance learning center at Rocket HQ^SM. It contains a lot of information for college students on things like when to refinance student loans and how students can save money in college.