For example, if the government has $50,000 to give out in financial aid and you submit your FAFSA on January 1…depending on you and your parents information, you could receive, for example, $1000. But if you submit your FAFSA on March 1 and the government HAD $50,000 to give out but already gave out $30,000 since January 1…you will receive less.

That’s why you should apply early.

Visit www.fafsa.ed.gov for more information and ask your school counselor.

The FAFSA is available at or around January 1st for the upcoming fall semester. I always do my taxes as soon as I get all of my W-2 forms and then fill out the FAFSA right afterwards.

Every college (or at least all of the ones I’ve been to) sets its own financial aid deadline, typically around March 1st but maybe earlier. Students can still apply for financial aid after the deadline but the ones who apply before it get priority.

So basically, if the deadline is March 1st and you turn in your application on March 2nd, you will have to wait for them to process all of the other applications first to see if there is any money left. If there is, then they will go on and start processing the applications that came in after the deadline.

There is always some money left, like from loans, but the grant money is limited. You want to make sure you beat the deadline so you will have the best chance of getting all types of aid.