FAFSA is a term that should every student and parent should know. It stands for Free Application for Federal Student Aid, and it could make a difference in what you're paying for education.
The FAFSA is how you apply for federal student aid, which includes Pell Grants, federal student loans and work-study opportunities – these can be applied for college, career school or graduate school.
Additionally, FAFSA information is used by many colleges, states, private organizations and career schools to determine eligibility for non-federal student aid, such as awards and private scholarship programs.
It's important to note that FAFSA grants and loans are first-come, first-served. They're disbursed until the money is gone. That means that the earlier you complete the FAFSA, the better.
In the past, the application opened in January for the coming year. That's changing this year.
Students can now file a 2017-2018 FAFSA as early as October 1st, 2016.
There are a few reasons for this change, according to the Federal Student Aid office:
The October submission date is a permanent change as of 2016.
BECU has teamed up with AARP to bring you “MoneySmarts.” MoneySmarts will provide seniors and not-so-seniors with monthly financial tips and solutions through 2016 to help us maintain and manage our hard-earned money. Topics will range from how to maneuver through the grocery aisles without impulse purchases to tips on college savings and student loans.
To learn more and register for four free MoneySmarts events around the state of Washington, click here.