Over 17.6 million FAFSA forms are completed each year, according to the Department of Education. However, some of the available money is handed out on a first come, first serve basis. So, it's a good idea to file your application sooner than later to help pay for your education.
You can often get more money from FAFSA if you apply early. There are a few reasons for this. You may be prioritized for the many federal, state, and institutional aid programs allocated on a first-come, first-served basis.
We recommend completing your FAFSA as early as possible, as deadlines can vary among different colleges and universities. It's also awarded on a first-come, first-serve basis, meaning if you wait until spring, you could miss out on financial aid from your institution of choice.
(Colleges have access to your information one day after it is processed, but each college has its own process and timeframes for accessing FAFSA information.)
It typically takes 3–5 days to process a 2023–24 FAFSA form that was submitted electronically. The student can check the status of their FAFSA form immediately after submitting it online. The U.S. Department of Education processes a paper FAFSA form within 7–10 days from the date it was mailed.
Unlike some other grants and scholarships, funding for the Pell Grant does not run out over the course of a year. But experts still encourage students to file the FAFSA early, as other financial aid can be first-come, first-served.
The expression first come, first served is similar to "the early bird gets the worm." If the new bakery in town offers free cookies first come, first served, you better get in line right now before they run out. There's no making a reservation, no buttering up the owner: the first people there get the cookies.
Overall, FAFSA takes about 3 days to 3 weeks to process depending on if you filled out your form online or by hand. From there, the schools will use the data received to prepare your financial aid package.
The financial aid staff starts by determining your cost of attendance (COA) at that school. They then review your SAI. They subtract your SAI from your COA to determine the amount of your financial need and how much need-based aid you can get.
You should apply for admission to the colleges you are interested in BEFORE filing your FAFSA. Once you are accepted to the colleges you have applied to, you can add those schools to receive financial aid award offers from when you file your FAFSA.
There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.
Experts Say Not to Wait to Apply for Financial Aid for School. Some financial aid is distributed on a first-come, first-serve basis, so submit this free form as soon as you can.
It's important to fill out the FAFSA® as soon as possible as funds are first-come, first-serve. The FAFSA® offers federal student loans, as well as grants and scholarships. If you still need money to cover the rest of your school costs, private student loans are an option.
Request additional federal student loans.
If you've exhausted other options, you can consider borrowing additional federal student loans. If you're a dependent student, your parent can apply for a Direct PLUS Loan for parents.
only the first people to arrive or ask for something will receive it: Free tickets will be given out on a first come, first served basis.
First Come, First Served (FCFS)
There is a single rule; schedule the first process to arrive, and let it run to completion.
At the end of the day, FAFSA hasn't run out of federal aid even if you apply late in the process. But the more desirable forms of aid, like grants and scholarships, tend to go first. If you wait too long, you may be forced to rely on loans and hunt for external aid.
Given how long you have to file the FAFSA®, you might wonder when the best time to file is. The answer to that is that the earlier, the better. That's because some aid is first come, first served, and you don't want to miss out on aid you might be eligible for just because you file later.
Generally, your grant or loan will apply toward a full academic year and your school will pay out the funds in at least two disbursements. In most cases, the school must pay at least once per term (semester, trimester, or quarter).