To clarify, Ive already applied to FAFSA and Ive seen the amounts I am given. However, Ive been recently thinking that I may not be ready to go to college now, and want to go to college later. Will applying to FAFSA affect the money I get from future years if I dont use it the year I applied? Is there any punishment to this really? And is there a specific amount of years you are unable to apply to FAFSA anymore, when your eligible for grant money or loans? Thanks in advance.
If you don’t actually receive the loans then the total still remains. Just filling out the application doesn’t do it. You can come back anytime later (as long as the program still exists)
Each year the FAFSA formula uses a different tax year for income.
For 2018/19 it is tax year 2016.
For 2019/20 it is tax year 2017.
If your FAFSA EFC was low enough (less that $5,000) to qualify for Pell, that should stay the same in the future, if the income and assets stay the same.
Once you are 24 you are independent for FAFSA, so your parent financial information is not used.
Some state aid can have limits, so try to find out more about it.
If you don’t go to college this year…you will need to re-apply for need based aid…for the next academic year. The FAFSA for the 2019-2020 school year becomes available for filing on October 1.