When Does the FAFSA Close in 2024–25?

The clock is ticking for students seeking financial aid for the upcoming 2024–25 academic year! While the FAFSA application period opened back on December 30, 2023, that doesn’t mean you’re out of luck if you haven’t submitted it yet.

Here’s the good news: You have until June 30, 2025, to complete and submit your FAFSA. This extended window gives you plenty of time to gather the required documents and complete the application process. However, it’s crucial to remember that missing this deadline disqualifies you from receiving federal, state, and even some institutional aid for the entire academic year covered by that specific FAFSA.

But here’s the catch: the June 30th deadline is just the federal one. States and colleges often have their own financial aid programs with earlier deadlines. Juggling these various deadlines can be difficult, especially with the US financial aid system’s inherent complexity.

This blog will guide you through the FAFSA deadlines for the 2024–25 academic year, including the federal deadline, state deadlines, and college-specific deadlines. We’ll also provide tips to help you meet all the deadlines and get the most financial aid possible.

When is the Federal FAFSA Deadline for 2024–25?

The FAFSA form for the 2024–25 school year became available on December 30, 2023, and will be accepted until June 30, 2025. This means that even though the upcoming school year is 2023–2024, students can apply for financial aid now. The earlier you submit your FAFSA, the better chance you have of receiving the full amount of aid you qualify for.

While the deadline is June 30, 2025, it is important to submit the FAFSA as early as possible in order to be considered for all types of federal financial aid, including federal student loans, the Pell Grant, and other college and state-issued grants and scholarships. Also, students planning to apply for federal work-study need to submit the FAFSA to be eligible.

When is the Institutional and State FAFSA Deadline for 2024-25?

Colleges and universities often have their own financial aid deadlines, which typically come much earlier than the federal deadline. Some colleges even distribute aid on a “rolling basis,” meaning the earlier you apply and get accepted, the better your chances are of receiving a more generous financial aid package.

To maximize your chances of getting the most aid possible, it’s important to check each school you’re considering and submit your FAFSA application by their earliest deadline. Most colleges and universities will have this information readily available on their financial aid websites.

Similarly, each state has its own FAFSA deadline, often falling in the early spring semester. However, waiting until this deadline isn’t necessarily the best strategy. Many states have limited funds for financial aid programs like grants and scholarships. These funds are distributed on a first-come, first-served basis, so the earlier you submit your FAFSA, the higher your chances of receiving aid before those funds are depleted.

This year, things are a bit different due to the launch of a new, streamlined FAFSA form. Because of this rollout, Federal Student Aid won’t be sharing student data with financial aid offices until late January 2024. This delay might push back standard deadlines for some schools and states.

Despite this potential delay, the core principle remains the same: for state or institutional aid distributed on a first-come, first-served basis, submitting your FAFSA as early as possible is your best bet to maximize your financial aid award.

What are the New Changes to the FAFSA?

The Consolidated Appropriations Act passed in December 2020, included significant changes designed to make higher education more accessible for underrepresented students and students of color. These changes are now fully implemented for the 2024–25 FAFSA application. Here’s a breakdown of three key updates:

1. A streamlined and user-friendly FAFSA

Advocates for simplification have long pushed to reduce the number of FAFSA questions. Previously, the application had 108 questions, discouraging students and families from completing it and potentially missing out on financial aid.

Starting in 2024–25, the FAFSA has a maximum of 50 questions, with some applicants seeing as few as 36. This could significantly reduce completion time, potentially to as little as 10 minutes. However, it’s important to note that a new demographic survey, including questions on gender, race, and ethnicity, is now mandatory.

2. Student Aid Index replaces EFC

The prior “Expected Family Contribution” (EFC) section on the Student Aid Report often caused confusion. Many families mistakenly believed the EFC represented the actual out-of-pocket cost they were expected to pay.

To address this confusion, the EFC was renamed the Student Aid Index (SAI) in October 2023. This clarifies that the SAI reflects a student’s financial need, not their expected out-of-pocket cost. Additionally, the Consolidated Appropriations Act allows the SAI to be negative, enabling schools to better identify students with the greatest financial need.

3. Expanded Pell Grant eligibility and increased award amounts

The act brings perhaps the most significant changes to the federal Pell Grant program. Unlike loans, Pell Grants are awarded to undergraduate students with exceptional financial needs and don’t need to be repaid.

The new legislation expands eligibility to more students by considering both family size and the federal poverty level. Additionally, the maximum Pell Grant award for the 2023–24 school year increased to $7,395, up from $6,895 in the previous year.

Importantly, the act extends Pell Grant eligibility to an estimated 2.1 million students who were previously ineligible, including incarcerated students and those with past drug-related offenses. It also restores lifetime eligibility for students impacted by school closures or misleading practices.

5 Tips to Meet All the FAFSA Deadlines

Here are 5 tips to help you meet all your FAFSA deadlines and maximize your chances of getting the financial aid you need:

Tip 1: Start early

The FAFSA form typically becomes available on October 1st for the following school year. So, for the 2024–2025 school year, the FAFSA opened on December 30, 2023. While the federal deadline isn’t until June 30th, 2025, many states and colleges have their own earlier deadlines.

Starting early gives you more time to gather the required documents, avoid the last-minute rush, and increase your chances of getting the most aid.

Tip 2: Gather your documents beforehand

The FAFSA application process requires information from you and, in some cases, your parents. Here’s what you’ll likely need:

• Social Security numbers for you and your parents (if you are dependent)
• Driver’s license numbers (if you have one)
• Federal tax return information for you and your parents (or tax return transcripts)
• Records of untaxed income (like child support)
• Records of assets (like savings accounts and investments)

Tip 3: Be aware of different deadlines

There are two main FAFSA deadlines to keep in mind: the federal deadline and individual college deadlines. The federal deadline is usually June 30th for the following school year. However, many colleges have their own earlier deadlines.

Be sure to check with the financial aid office at each college you’re applying to for their specific FAFSA deadline. Missing a college’s deadline could mean you miss out on important financial aid opportunities.

Set calendar reminders or alerts for yourself to keep track of both the federal deadline and any earlier college deadlines for the FAFSA. This will help you stay on top of the process and avoid any last-minute scrambling. You can use your phone calendar, a planner, or a to-do list app to set these reminders.

Tip 4: File electronically

The Federal Student Aid website allows you to file the FAFSA electronically. This is the fastest and most efficient way to submit your application. Plus, you can track the status of your application online.

Tip 5: Double-check and proofread your application

To prevent delays or rejections, double-check your FAFSA application thoroughly before submitting it. This includes verifying that your Social Security number, name, and birthdate exactly match official documents.

Ensure all income and asset amounts are correct, list the right school codes for your colleges, and review all sections to avoid missing information. Taking this time to proofread can ensure the smooth processing of your financial aid application.

From the Desk of Yocket

The federal deadline of June 30th, 2025, offers flexibility for students to submit the FAFSA forms. This allows you time to gather the necessary tax documents and financial information without feeling rushed. Additionally, it gives students who might be applying to colleges with rolling admissions a chance to include FAFSA aid in their financial planning throughout the application process.

However, the existence of separate deadlines for states and colleges can create a complex situation for students applying to multiple colleges. It requires them to be extra vigilant about researching and meeting each individual deadline. Missing a state or college deadline could mean missing out on valuable financial aid opportunities specific to those institutions. Ideally, a more unified deadline structure across the board would simplify the process for students.

Another factor to consider is the concept of priority deadlines. While not technically a deadline, these create a situation where earlier filers have a better chance of receiving more aid. This can put students who wait until the last minute at a disadvantage.

Frequently Asked Questions

What’s the latest date to submit the FAFSA for 2024-2025?

The federal deadline is June 30, 2025, but this is the absolute last day.

Are there deadlines other than the federal deadline?

Yes, many states and colleges have their own earlier deadlines for FAFSA submission to qualify for their specific grants or scholarships. Missing these deadlines could mean missing out on that financial aid.

What is a FAFSA priority deadline?

Priority deadlines are not official deadlines. However, meeting them increases your chances of receiving the most financial aid possible from a particular college. The priority deadline for the 2024–2025 year is April 2, 2024.