You Don’t Have to Wait Until Your Taxes are Done to Submit Your Free Application for Federal Student Aid (FAFSA)
This myth probably costs families more in money every year than any other myth on this list. Most families look at the financial aid forms and decide there is no way they can complete the forms until they get their tax returns completed. This is a very dangerous decision to make.
Things to Remember About FAFSA and Taxes
- Be Aware of Financial Aid Priority Deadlines
- Submit Your FAFSA Application on Time
- You Can Submit Corrections to Your FAFSA
- It is Better to Submit Your FAFSA Late Than Not at All
Be Aware of Financial Aid Priority Deadlines
The critical dates for filing the financial aid forms are called the Financial Aid Priority Deadlines. These deadlines often come well before families have their tax returns done. We’ve even seen some schools with a financial aid priority deadline of January 1st. You want to make sure you know the financial deadlines for the schools to which you are applying. Filing late can cost you.
Submit Your FAFSA Application on Time
Something this simple can save you thousands of dollars on your college education. Even if you don’t have your taxes completed, you need to submit your FAFSA form on time. Financial aid is typically distributed on a first come, first served basis so filing late can mean you’re missing out on the lion's share of the money to be awarded. Even if you have to enter estimated values into the FAFSA, get this form in on time as you can always submit corrections to your application once you have completed your taxes.
You Can Submit Corrections to Your FAFSA
If you need to make corrections to your FAFSA, there are mechanisms for doing so. Note that you will need to either call the FAFSA Student Aid Services or access your account online. In both cases, you will need your personal identification number (PIN).
It is Better to Submit Your FAFSA Late Than Not at All
Financial aid is typically distributed on a first come, first served basis so the later your application is received and put into the queue, the better the chance that there is less money available for you. However, even if you have to file late, it is better to qualify for some financial aid funding rather than nothing at all.