June 30 is the Last Day that You Can File the Free Application for Federal Student Aid for the 2023-2024 Academic Year
College is expensive and the costs keep going up every year. Over the last 20 years, the annual average cost for tuition, room, board and fees for a single year has increased nearly 60%. There are many sources of student aid, but you need to be certain your applications are filed before the deadlines. While most states have earlier deadlines, the final day that you can submit the Free Application for Federal Student Aid (FAFSA) is June 30, 2023.
What Is FAFSA?
The Free Application for Federal Student Aid lets you submit an online application to become eligible for federal educational assistance. The FAFSA is also a tool commonly used by state financial aid institutions to determine need and qualification for student aid. If you are reported as a dependent on your parents’ tax return, they must also complete a FAFSA application.
How Doe the FAFSA Affect Your Eligibility for Financial Aid?
The federal government will take the information you include on your FAFSA application and make a determination of your EFC, or Expected Family Contribution to the costs of your college education. Once that number has been calculated, the determination of eligibility for and potential amount of financial aid are decided by the college you’ll attend. The aid available is typically categorized as either “need-based” or “non-need-based.” Need-based aid typically includes grants, direct subsidized loans or opportunities to participate in work-study programs. Non-need-based assistance customarily includes direct unsubsidized loans or federal PLUS loans.
What Are the Requirements for Eligibility for Federal Student Financial Aid?
To qualify for federal financial assistance, you must:
- Be an American citizen, have lawful permanent residency or otherwise be an eligible non-citizen
- Be either accepted at or enrolled in a Title IV school
- Have a high school diploma or be on track for graduation
- Register with Selective Service (if you are male)
- Perform satisfactorily academically
