How soon you should file FAFSA

Paying for College
1

<p>The buzz word is that you should file as soon as possible as the FA is based on first come first serve. I understand that one should not procrastinate it too much. Now I don’t know Soon means how soon. Is it okay to file by 5th or at the latest by Jan 10th? </p>

<p>Also I have made some credit card payments and IRA deductions for 2014. Which will be debited from my checking account in 2-3 days time( about $14K total). Can you go ahead and minus that amount if I were to file it today? or wait till it is debited and then submit which can take few days.</p>

2

<p>

No you should report the balance of all your accounts on the day you file the FAFSA.</p>

3

<p>Can you correct the assets information later on or it is only the tax related information you can correct when you revise the FAFSA after you file your taxes.</p>

4

<p>You do not change the asset information unless you made an error on your initial filing. You do not change the asset number after the initial FAFSA filing because you spend the money.</p>

5

<p>Okay I’m not eligible for Pell grant aid. I know I still need to file FAFSA in this case would it matter so much if I file it now or after a week? because I’m not eligible for federal aid anyway.</p>

<p>FAFSA is mostly used for Pell Grant and figuring out your EFC. Correct?</p>

6

<p>

See [FAFSA:</a> Apply for Aid | Federal Student Aid](<a href=“http://studentaid.ed.gov/fafsa]FAFSA:”>http://studentaid.ed.gov/fafsa)

Some schools also require filing of FAFSA for their merit-base scholarships</p>

7

<p>Since I’m not eligible for Pell Grant, would it negatively affect me if I file FAFSA on Monday? Even if I’m not eligible for federal grant, do colleges use FAFSA for other grants in which case it will make sense to file it as soon as possible.</p>