5 Reasons You Should File Your FAFSA Early
The FAFSA may have a deadline, but there are so many benefits to filling out the application as soon as you can rather than waiting until the day of. Some students may end up waiting due to certain misconceptions only to make things harder for them later in the process. The helpful advisors at College Funding of Tampa Bay are here to clear things up and encourage you to turn in your FAFSA early.
1. Allow time for any potential issues.
With so many students applying for financial aid around the same time, it can take a while for your particular application to be reviewed for mistakes. If there’s a problem that needs to be fixed, it can be too late to get things sorted out if it’s too close to the deadline. By turning in your FAFSA as soon as you can, you will still have plenty of time to work out any issues that might come up. Even if no mistakes come up on your application, it can take your FAFSA a while to process since it also accounts for all kinds of aid including scholarships and not just loans and grants.
2. You do not need to wait to file your taxes.
One of the main reasons why applicants will intentionally hold off on completing their FAFSA is because they or their parents or guardians have yet to file their taxes. Although the FAFSA asks for your income information, you are able to give a rough estimate in the meantime while you wait.
3. Early filers are prioritized when distributing funds.
Did you know that financial aid is on a first-come, first-served basis? Early filers are prioritized when distributing funds so they are more likely to receive a bigger check and they’ll see the money come in sooner than those who file late. When you file late, there’s even a chance that you’ll receive nothing at all if the available funding has already been depleted.
4. An admittance letter is not necessary to apply.
A common misconception about the FAFSA is that you can only apply to schools that you’ve already been accepted at. On the contrary, if you applied to multiple schools, you can file a FAFSA for each of them ahead of time in anticipation of an acceptance letter. Since the FAFSA is technically just a means of calculating an estimate for your financial needs, it doesn’t matter if you apply to a school that you end up not going to.
5. Relieve yourself from last-minute stress.
It’s no secret that procrastinating until the literal last minute for any task induces stress. And with the pre-existing anxieties of other college-related worries such as figuring out a means of transportation, allowing time to study, or getting accepted in the first place, any amount of stress that you can prevent will help with your mental health so you can focus on earning your degree.
Let College Funding of Tampa Bay Help With Your FAFSA!
If you want to be on top of your FAFSA for the best outcome, the friendly financial advisors at College Funding of Tampa Bay are always here for you! Schedule your free consultation by calling (813) 755-6834 to get started on the path to success in earning your degree.
