<p>I was told that it is best to file FAFSA asap, because the funding allocated to students for tuition is limited, and handed out on a first-come-first-serve basis. Is it true that filing early would give one a greater amount of aid, as opposed to waiting awhile? What if a school requires both the FAFSA and CSS Profile? Would I need to pay more, out of pocket, if I file them within the deadline, but not right away? Or, does it only matter that my family has an income of X dollars, with Y assets? </p>
<p>Confused and a bit worried, so any insight is welcome!</p>
<p>It varies depending on the particular aid. For federal grants, for instance, the Pell grant all who qualify get what they qualify for. For the SEOG a limited amount of funds are given to the school so they may run out (but is only awarded to those with the lowest EFC - I suspect that means a zero). Even if you file early the schools decide who to award SEOG funds to and i am not sure how they decide. For federal loans the school is given a limited amount of funding for Perkins loans. Other loans are not so limited. Some State awards may also be limited. Most of the limited funds do seem to be those for the most needy students.</p>
<p>Your income and assets certainly are of major importance. Filing early may be important because the FA office probably looks at finaid applications in the order they were filed. So to be on the safe side file as early as possible if you think you have financial need.</p>
<p>The only aid we're getting is an unsubsidized Stafford loan in a small amount. Do you think I need to file FAFSA right away? I was thinking of waiting until I get my taxes done. That way I could use real numbers and wouldn't have to estimate.</p>
<p>As far as I know FAFSA has no money to give. They assess your financial needs sort of like a credit rating. They only tell the universities what you qualify for, and then the universities decide. The need to apply early is to know early and be able to make financial decisions with enough time.</p>