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The Free Application for Federal Student Aid (FAFSA) is now open for the 2019-2020 academic year, and for the first time, college students have the convenience of filing directly from their smartphones.
FAFSA provides access to federal grants, loans, and work-study programs, making it crucial to complete on time. This year, it's simpler than ever: download the myStudentAid app (available for iOS and Android) to complete the application and manage your loan information. This is especially beneficial for low-income students who might not have access to a computer at home. The app offers separate settings for students, parents, and preparers.
Even if you don't believe you'll qualify for a grant, work-study, or need-based financial aid, filling out the FAFSA is still essential. It’s the key to obtaining federal student loans (which are preferred over private loans) and eligibility for aid from certain private colleges. 'There is no explicit income cutoff, and different aid types have different eligibility criteria,' explained Mark Kantrowitz, a college admissions and financial aid expert, to U.S. News. Students who fail to file forgo an average of $9,741.05 in aid, according to CNBC reports.
Here’s a guide on how to begin your FAFSA application. You can also find more detailed instructions on the process from the Department of Education.
The FAFSA application remains open for 18 months, but each state has its own submission deadline. Some states, like Illinois, Kentucky, North Carolina, Oklahoma, Vermont, and Washington, distribute aid on a first-come, first-served basis until the funds are depleted. If you're hoping to secure a work-study opportunity, it's best to submit your application as early as possible. However, you can still apply until June 2020 and potentially receive Pell Grants or federal student loans retroactively for the 2019-2020 academic year.
Don't forget: You must submit a new FAFSA application each year to continue receiving financial aid. Even if you've received a grant for the current school year, be sure to reapply.
