Saving for College
Don’t Wait to File FAFSA
Many people wait to file the Free Application for Federal Student Aid (FAFSA) until after they file their taxes. Why? FAFSA requires parents to provide their taxable income. However, if you wait too long you may miss the deadline for filing and therefore miss out on financial aid.
FAFSA allows filers to estimate their taxable income. Since most schools use FAFSA information to calculate financial aid, meeting the deadline is critical. There’s no reason to wait, and everything to gain by filing on time.