Filing the Free Application for Federal Student Aid (FAFSA) form may seem like a headache, but it’s a critical step toward getting the help you need to pay for college. Completing this form opens the door to federal student loans, grants, and scholarships. And given that some of this aid is first-come, first-served, filing your FAFSA early could put you at an advantage.
Here’s how the FAFSA works and the top reasons for getting it done as early as possible.
What Is FAFSA?
The FAFSA is a free application you complete via StudentAid.gov to become eligible for federal financial aid. It’s what the federal government, states, and colleges use to determine which grants, student loans, scholarships, and work-study programs you qualify for. The FAFSA form asks questions about your family, household income, and assets.
Once your FAFSA is processed, you can log into your StudentAid.gov account to view your FAFSA Submission Summary. This summary includes information about your financial aid eligibility, including your estimated federal aid and your student aid index (SAI), which replaced the expected family contribution (EFC). You can also view information about the schools you’ve applied to, including graduation and retention rates, median student debt, and more.
Some scholarships and grants issued by non-profit organizations or private companies base awards on your financial need. They may require a copy of your FAFSA Submission Summary to calculate your award.
What If You Don’t Need Financial Aid?
Even if you don’t think you’ll need financial aid for college, it’s smart to fill the FAFSA out anyway. The FAFSA isn’t a commitment; you can decide to turn down aid later if you don’t need it. But you may be surprised by how much financial aid you can receive, and schools often use the FAFSA for their grant and scholarship programs.
Reasons You Should Apply for FAFSA Early
The FAFSA has a deadline, but you shouldn’t wait until the last minute to submit this form. Applying as early as you can after the FAFSA opens — it opens each year on October 1 — is important for the following reasons:
1. Early Access to Financial Aid
The FAFSA deadline for the 2024-2025 academic year is June 30, 2025. If you can submit the FAFSA as late as June, why is it better to apply for FAFSA early? The main reason is some federal, state, and institutional aid is given out on a first-come, first-served basis. Here are a few examples:
- Federal Supplemental Educational Opportunity Grant (FSEOG): Each year, the U.S. Department of Education gives participating colleges a pool of money to fund FSEOG awards. Eligible students with financial needs can qualify for between $100 and $4,000 in grants. But once the school’s allotted funds run out, they’re gone.
- North Carolina: The North Carolina Education Lottery Scholarship is given to North Carolina students that meet the eligibility requirements for federal Pell Grants based on their FAFSA. Other eligibility requirements also apply. Consideration for funding is automatic once you submit the FAFSA, but funding is limited; once the program runs out of money, no more scholarships will be granted.
- Tennessee: The Tennessee Student Assistance Award is a state-funded grant program established to provide non-repayable financial assistance to financially needy undergraduate students who are residents of Tennessee. Award recipients must attend an eligible Tennessee school, college, or university and be enrolled at least half-time. The eligible institution must be listed as your first choice when you initially complete your FAFSA. Again, funding is limited.
The FAFSA for the upcoming academic year opens on October 1 of the preceding year. For example, the 2024-2025 FAFSA opened on October 1, 2024. To be considered an early FAFSA submission and to maximize your chances of qualifying for aid, submit between October 1 and November 30.
While the federal FAFSA deadline isn’t until June 30, 2025, states and schools may have earlier deadlines. For example, Idaho recommends applying by March 1, 2025, for the 2025-2026 academic year.
2. More Time for School Decisions
By completing your FAFSA early, you can get a head start on the college decision-making process. Schools can send you your financial aid offer letters sooner. That benefit makes it easier to compare offers from different colleges and find out which school has the lowest overall cost.
3. More Grant & Financial Aid Opportunities
Submitting the FAFSA soon after it opens on October 1 can help you secure more financial aid, including grants that don’t have to be repaid. Saving for College reported that students who file the FAFSA during the first three months after it opens — so October through December — tended to get twice as many grants, on average, as students who filed the FAFSA later.
4. Lessen Your To-Do List as You Finish High School
Your senior year of high school can be incredibly stressful because you have a long to-do list, which typically includes:
- Taking the SAT or ACT
- Writing college essays
- Collecting letters of recommendation
- Touring college campuses
- Filling out college applications
- Completing the FAFSA
If you submit the FAFSA in the fall of your senior year, you can cross a major item off your to-do list and focus on other tasks.
5. Get your Student Aid Report Faster
After your FAFSA is processed, you can view your FAFSA Submission Summary. It details your eligibility for financial aid, including your estimated financial aid and your SAI. Having this information sooner rather than later gives you more time to review it and think about which school to choose.
6. Time to Explore Other Scholarships
The federal government, state education agencies, and colleges use the FAFSA to determine your eligibility for federal student loans, grants, some scholarships, and work-study programs. After being accepted for enrollment, you’ll receive information from each college detailing your financial aid options. After reviewing this information, you may find you need additional aid. Filling out the FAFSA early will give you more time to complete third-party scholarship and grant applications. You can search for available opportunities using The College Board’s BigFuture scholarship tool.
7. Avoid Unnecessary Stress
Trying to complete the FAFSA at the last minute can be stressful, and you could have unforeseen challenges like computer glitches or system outages affecting your ability to submit it by the deadline. If you complete it soon after it opens on October 1, you can reduce or eliminate stress and check the FAFSA off on your to-do list.
Don’t Miss the FAFSA Deadlines
Before the FAFSA opens on October 1, note state and school submission deadlines. States and schools may have FAFSA deadlines that are much earlier in the year than you’d expect — some as early as December or January for priority consideration — so check with your school to see when you need to complete the FAFSA.
Other FAFSA Tips
If you’re worried about how to pay for college, filling out the FAFSA is a critical first step. While some people assume their families make too much money to qualify for financial aid, the FAFSA doesn’t have a maximum income limit. Plus, if you choose not to fill it out, you’ll automatically miss out on federal aid, including student loans or state aid programs that utilize the FAFSA as the state application. If you need help completing your FAFSA, check out these resources:
- The FAFSA form page on the Federal Student Aid site includes some common questions about this form.
- The National Association of Student Financial Aid Administrators has a checklist you can use to ensure you have everything you need and a list of common FAFSA mistakes to avoid.
- If you have trouble with your application and need help, call the Federal Student Aid Information Center at 1-800-4‐FED AID (1-800-433-3243).
Apply for Student Loans with ELFI
After completing the FAFSA, colleges will send you financial aid packages. If you find that your financial aid award isn’t enough to cover the cost, private student loans can help cover the gap so you can focus on your education. ELFI offers loans for both students and parent borrowers, and you can borrow up to the total cost of attendance. If you meet the requirements for private student loans, you can take out a loan with competitive rates and loan terms between five and 15 years (a maximum of 10 years for parent loans). Get a quote online — without affecting your credit score — with the Find My Rate tool.
