SDI Productions | E+ | Getty Images
The U.S. Department of Education opened the Free Application for Federal Student Aid type on Wednesday — one week earlier than the anticipated Oct. 1 launch date. The early begin might assist extra college students achieve faculty entry, consultants say.
Completing the FAFSA is the one solution to tap federal assist cash for larger schooling, together with federal scholar loans, work-study and grants.
“Given the previous glitches, delays, and confusion, having the FAFSA delivered not only on time but early is a huge win,” mentioned Rick Castellano, a spokesperson for Sallie Mae.
More from Personal Finance:
As some colleges near $100,000, these schools are free
These college majors have the best job prospects
Student loan forgiveness may soon be taxed again
In half as a result of of earlier complications with the brand new type, which initially launched in late December 2023 after a months-long delay, completion charges fell final yr.
Only 71% of households submitted the FAFSA for the 2024-25 tutorial yr, down from 74% within the earlier cycle, in response to Sallie Mae’s current How America Pays for College report, which surveyed 2,000 college-aged college students and their mother and father.
“Hopefully we’ll see those numbers begin to tick in the right direction,” Castellano mentioned.
Further, the sooner college-bound college students and their households fill out the shape, the higher their likelihood is of receiving assist, Castellano mentioned. That’s as a result of some monetary assist is awarded on a first-come, first-served foundation, or from applications with restricted funds.
“Filing early also means students and families may receive financial aid offers from schools earlier, which can help them make more informed decisions about planning and paying for college,” he mentioned.
For many households, monetary assist is essential on the subject of masking the cost of college, which has jumped considerably in current many years. Grants — together with federal ones such because the Pell Grant — have develop into essentially the most essential variety of help, as a result of they sometimes don’t must be repaid.
Submitting a FAFSA can be one of the perfect predictors of whether or not a highschool senior will go on to school, in response to the National College Attainment Network, or NCAN. Seniors who full the FAFSA are 84% more likely to enroll in faculty instantly after highschool, in response to an NCAN examine of 2013 knowledge.
“This is great news for students who will have adequate time to complete the form and secure all the financial assistance they are eligible for,” mentioned Kim Cook, CEO of the National College Attainment Network. “We applaud the team’s efforts and look forward to achieving record FAFSA completion numbers.”