<p>Hi:</p>
<p>New to this FAFSA process, just starting to figure it out.</p>
<p>Does it matter when you apply? Is the money given out first come, first served?</p>
<p>We won't know our finances for a few more weeks, until employer gives out W2s, so not sure if this will affect our chances.</p>
<p>Thanks!</p>
<p>Yes, it can make a difference. Some federal aid such as the Pell grant and Stafford loans you basically get whatever you are eligible for. Other federal aid is what is called campus based aid and is very limited. The SEOG (a grant), the perkins loan, and federal work study are all campus based aid. A school is given $xxx of these funds and decided how to best distribute them including what maximums they will award and their criteria for making awards. As funds are very limited a school usually has less money to award than they have students who qualify for them. Once the funds are awarded they cannot get any more. </p>
<p>If you think you may qualify for aid, estimate and file early, then correct later. Also check your school’s deadlines.</p>