The first and most important step you may take to pay for college is filling out the Free Application for Federal Student Aid (FAFSA). But what happens when there is a delay in processing the FAFSA form? Delays in releasing the FAFSA form are frustrating and cause a lot of concern about whether financial aid is available when needed. Here are some ways to manage these uncertainties.
1. Stay Informed About Deadlines
The first thing to do is to stay informed. Go to the official FAFSA website1 or contact the college's financial aid office for the latest information on the new release date and updated deadlines. Tip: Sign up for FAFSA alerts or notifications, and you get a message when new information is available.
2. Gather Your Documents
Even if the FAFSA form doesn’t arrive on time, you may still begin to get organized. Collect the documents you need, which are:
- Your Social Security number
- Tax returns for the previous year
- Records of untaxed income (if any)
- Bank statements
- Information about any assets
Having these items ready goes a long way to being able to complete the FAFSA when the form is released – helping you fill out the information promptly when the application form becomes available.
3. Check State and School Deadlines
Even if the FAFSA delays push back some federal deadlines, your state and some colleges/universities might have an earlier deadline for their financial aid programs. Check with your state and the schools to which you’re applying so you know what dates are important for your application. Some, but not all, schools grant extensions due to the delays. Be sure to stay on top of the deadlines.
4. Estimate Your Aid Using the FAFSA4caster
Consider using the FAFSA4caster tool, which appears on the official FAFSA website.1 It’s a free tool that will estimate your eligibility for federal aid based on the information you provide about your family’s finances. You won’t get an exact figure, but at least an approximate estimate. It helps to learn more about the process and work on the practical aspects of your budgets and financial planning until the official forms become available.
5. Don’t Panic
Keep in mind that the federal government – plus states and schools – do not want to push students away due to lack of funding. Nobody in the educational system wants students and families to fail when seeking help. They know about these delays and have strategies to accommodate them.
Most schools make an aid package offer once your FAFSA has been processed, whether it gets to them on time or not. Just submit your accurate information with confidence. Patience and preparation help with any challenges.
- Thimble Island Private Wealth, New Haven, CT Financial Advisors
Important Disclosures:
Content in this material is for educational and general information only and 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 WriterAccess.
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Footnotes
1 A Better 2024−25 FAFSA® Form
https://studentaid.gov/h/apply-for-aid/fafsa