Confused about FAFSA deadline dates?
Financial aid is a confusing process, and it becomes even more so when you have to consider deadlines. The counseling office has noticed there seems to be a lot of confusion (maybe even panic???) about deadline dates and financial aid terminology.
There is NO deadline for the FAFSA set by the federal government. Students can complete and submit the FAFSA at any time. However, EACH college has a deadline for when the FAFSA must be received in order for financial aid to be applied toward tuition. These deadlines vary. So when one student says that the FAFSA is due March 1st, that may be the case for their college. It is very important for students to check with the financial aid office of the school they plan to attend for specific college deadlines regarding aid.
Another point of confusion is the terminology used when considering deadlines. There is a Priority deadline and there is a Final deadline for submitting the FAFSA to a college. For example: UGA's Priority deadline for financial aid is March 1st. UGA's Final deadline for financial aid is July 15th.
What is the difference? It all has to do with consideration for the types of financial aid awarded.
To be considered for Limited Need-Based Funds, a student must submit the FAFSA by the Priority deadline. These funds include: Federal Supplemental Education Opportunity Grant (FSEOG), Federal Work-Study (FWS), Federal Perkins Loan or any limit-based scholarships given through the college (i.e. scholarships awarded from the college, specific to the college). Students who submit by the Priority deadline are considered for these types of limited-funds; funds are distributed by those who meet eligibility criteria and on a "first-come-first-served" basis. Not all students who submit the FAFSA by the Priority deadline will receive these limited-funds. In fact, limited-funds for a particular college may run out before all students are even considered.
To be considered for Non-Limited Need-Based Funds, a student must submit the FAFSA by the Final deadline. These funds include: HOPE/Zell Miller Scholarship and Federal Student Loans.
For more clarification on the difference, check out how UGA explains the financial aid process:
http://osfa.uga.edu/application.html#dateslf
You can also reference the Financial Aid information under the "Toolbox" on the blog page from our Parent/Student Financial Aid Night at NOHS held January 15th, 2013.
Again, please remember, dates VARY depending on the college. When in doubt, call the financial aid office at your college.
