Which statement is false about the Free Application for Federal Student Aid (FAFSA)?

Which statement is false about the Free Application for Federal Student Aid (FAFSA)?

a. Each state may have a different deadline for state financial aid.

b. You can fill out the FAFSA if you are an independent or a dependent.

c. You can fill the form out online or on paper.

d. The earliest you can submit your FAFSA is January 1st of each year.

Answer: d. The earliest you can submit your FAFSA is January 1st of each year.

The actual earliest time one can complete and submit their FAFSA is October 1 in the year preceding the academic year for which the application is meant. This change done in 2016 was to allow students or family to spend more time to finish the applying and weigh the costs of going to college more adequately.

For instance, if you are planning to go to college in the next academic year: 2024-2025, you can fill your FAFSA early as the 1st of October in the year 2023. This earlier submission date means that the students do not have estimate their current year’s income but they rather use the tax information from two calendar years before that year (for this purpose, the base year is 2022).

The following benefits can be noted the use of an earlier deadline: It allows families to take more time in searching for financial aid, weighing offers from different schools, and improving the choice of a college. Besides, it corresponds to many College application deadlines and students would not have such uncertainty of their financial aid when choosing which College to apply or attend.

At the same time, it is necessary to remember that October 1st is the earliest due date for submissions, whereas state and school deadlines can be set much later. However, it is almost always to one’s benefit to apply as early as possible since some of the aid is issued based on the first application received.