{"id":8232,"date":"2024-11-20T13:20:50","date_gmt":"2024-11-20T13:20:50","guid":{"rendered":"https:\/\/finderica.com\/why-it-helps-to-file-early\/"},"modified":"2024-11-20T13:20:50","modified_gmt":"2024-11-20T13:20:50","slug":"why-it-helps-to-file-early","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8232","title":{"rendered":"Why it helps to file early"},"content":{"rendered":"
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This week, the new Free Application for Federal Student Aid<\/a> expanded its “phased rollout”\u00a0so all students can now apply for aid for the upcoming academic year.<\/p>\n

Up until Monday, the 2025-26 FAFSA was only available to limited groups of students in a series of beta tests that began on Oct. 1.<\/p>\n

Now, the form is open to all and the Department of Education has said it will be out of testing entirely by Nov. 22 \u2014 which puts the official launch ahead of schedule. Since Monday, more than 50,000 forms have been successfully submitted, according to a department official.<\/p>\n

Typically, all students have access to the coming academic year’s form in October, but last year’s new simplified form wasn’t available until late December after a\u00a0monthslong delay.<\/p>\n

This year, the plan was to be available to all students and contributors on or before Dec. 1.<\/p>\n

Students who submit a form during this final “expanded beta” phase before Nov. 22 will not need to submit a subsequent 2025\u201326 FAFSA form, the Education Department said<\/a>.<\/p>\n

More from Personal Finance:<\/strong>
Here\u2019s how to prepare for the FAFSA
Top 10 colleges for financial aid
More of the nation’s top colleges roll out no-loan policies<\/p>\n

There are still some issues with the new form, some of which also plagued last year’s college aid application cycle, but they all have workarounds, according to higher education expert\u00a0Mark Kantrowitz.<\/p>\n

Altogether, this year’s rollout is “much better than last year,” he said.\u00a0<\/p>\n

Last year, complications with the new form resulted in some students not applying at all. Ultimately, that meant fewer students went on to college.<\/p>\n<\/div>\n

<\/a>Why it’s important to file the FAFSA early<\/h2>\n
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“Students should take full advantage of the early rollout and submit their FAFSA as soon as possible,” said Shaan Patel, founder and CEO of Prep Expert, which provides Scholastic Aptitude Test and American College Test preparation courses.<\/p>\n

The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds.<\/p>\n

“The earlier you apply, the better your chances of securing more aid that doesn’t need to be repaid,” Patel said.<\/p>\n

“Submitting early also means you’ll receive your financial aid award letters sooner,” he said. “This gives you ample time to compare offers from different schools and make an informed decision without feeling rushed. Finally, knowing your child’s financial aid status earlier reduces stress and allows your family to focus on other important aspects of college preparation.”<\/p>\n<\/div>\n

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For many students,\u00a0<\/strong>financial aid is key.<\/p>\n

Higher education\u00a0already costs more than most families can afford, and college\u00a0costs are still rising.\u00a0Tuition and fees plus room and board for a four-year private college averaged\u00a0$58,600 in the 2024-25\u00a0school year, up from $56,390 a year earlier. At four-year, in-state public colleges, it was $24,920, up from $24,080, the College Board found.<\/p>\n

The FAFSA serves as\u00a0the gateway\u00a0to all federal aid money, including federal student\u00a0<\/strong>loans, work-study and especially grants \u2014 which have become the most crucial kind of assistance because they typically do not need to be repaid.<\/p>\n

Submitting a FAFSA is also one of the best predictors of whether a high school senior will go on to college, according to the National College Attainment Network. Seniors who complete the FAFSA are\u00a084% more likely<\/a>\u00a0to enroll in college directly after high school, according to an NCAN study of 2013 data.\u00a0<\/p>\n<\/div>\n

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Don\u2019t miss these insights from CNBC PRO<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This week, the new Free Application for Federal Student Aid expanded its “phased rollout”\u00a0so all students can now apply for aid for the upcoming academic year. Up until Monday, the 2025-26 FAFSA was only available to limited groups of students in a series of beta tests that began on Oct. 1. Now, the form is<\/p>\n","protected":false},"author":1,"featured_media":7051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[196],"tags":[567,1264,2788],"class_list":{"0":"post-8232","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance-news","8":"tag-early","9":"tag-file","10":"tag-helps"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8232"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/7051"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}