Key takeaways:
- Students should plan to start applying for financial aid as soon as possible during their senior year of high school.
- The FAFSA opens on October 1, and many colleges require the application by January or February.
- State grants, scholarships, and other sources of financial aid have varying deadlines.
You should start applying for financial aid as soon as possible, often before you even start applying to colleges. Financial aid, such as the Pell Grant and institutional scholarships, have deadlines, sometimes before the regular decision due date. Delaying your FAFSA submission or putting off the search for scholarships could put you out of the running for some types of financial aid. Here’s a rundown of why you need to apply to financial aid early and some important deadlines you’ll want to note on your calendar.
Should I apply for financial aid after I get accepted to college?
You should start applying for most types of financial aid before you receive acceptance letters. In most cases, you’ll actually want to start applying before you even submit your college applications. Most types of student financial aid aren’t infinite. Colleges, state governments, and organizations can and will run out of money to offer. If you wait too long, you could only be eligible for federal student loans and possible private student loans.
While the FAFSA isn’t technically due until June 30th of the academic year, colleges have their own internal deadlines. Most require your FAFSA, CSS Profile, or other financial information by January or February at the latest. Others have scholarships and grants specifically for students who apply early or give priority consideration to early applicants.
State governments also have deadlines for their grants or only award money up to a set amount. For example, eligible students in Alaska can receive the Alaska Education Grant, but there’s no set deadline. Instead, they award the grant until the money is all gone. The earlier you apply, the more likely you are to receive the money.
In addition, businesses, individuals, and nonprofits set their own due dates for their scholarships – and they can be any date. If you find an award you qualify for, but it has an “end of high school junior year” deadline, you’re too late to apply if you waited until you’re submitting your college applications.
The only type of financial aid you should wait to apply for is private student loans.
Types of financial aid to apply for (and when)
With most types of financial aid, you should plan to apply as soon as possible.
Federal loans and grants through the FAFSA
The Free Application for Federal Student Aid (FAFSA) opens on October 1. Plan to complete it as soon as possible to maximize federal and institutional grant aid. Schools use your FAFSA to determine your financial aid package, which can include federal student loans, federal grants (such as the Pell Grant), and work-study eligibility, as well as institutional grants and potentially merit scholarships.
Remember to complete the FAFSA each year on or shortly after October 1.
Institutional scholarships and grants
Check your schools’ websites for information on scholarship, grant, and FAFSA deadlines, including any priority due dates. College FAFSA deadlines are often in January or February, with priority scholarship due dates in November.
Most schools consider you for institutional financial aid as long as you submit your information by the posted due dates and complete your FAFSA. However, some require additional materials, such as the CSS Profile and essays for competitive scholarships.
Scholarships
Businesses, organizations, nonprofits, and individuals set their own deadlines for their scholarships. Start your search early to maximize your chances of winning one of these awards. Scholarship databases help you find scholarships and note upcoming deadlines. Apply to them throughout the year – and even while you’re in college!
State grants
Apply for any state grants you’re eligible for as soon as possible. Requirements vary by state and program. Some have priority deadlines while others grant awards until the money is gone for the year. Others have separate applications you need to complete in addition to the FAFSA. Be on the safe side and start the process early.
You can see more information about state deadlines on the Studentaid.gov website.
Private student loans
Private student loans are the only type of student financial aid that you should wait to apply for. Loans through banks and credit unions tend to have higher interest rates and fewer protections and repayment options than federal student loans. Interest also begins accruing as soon as you borrow the money.
You should only start the private student loan process after you’ve been accepted to colleges, received and compared your financial aid offer letters, and discovered you didn’t receive enough money to cover the cost of attending your school. You may need a co-signer to apply.
With almost all types of financial aid, you want to apply as soon as you can. The earlier you complete the FAFSA, CSS Profile, and other components, the more likely you are to receive a larger financial aid offer with your acceptance letter. Always hold off on private student loans though – you should only borrow that money if you absolutely need it to attend.
It’s never too early to start your scholarship search. Head over to our Scholarship Search Tool to discover awards you qualify for that could help you cover the cost of attending your dream school!
