<p>From reading the forums, I had thought that I should file both forms asap after Jan 1 for my RD child. I was all set to spend Jan 1 in the race to first come/first served aid. However, I've just read in the 2013 How to Pay for College without Going Broke that there is no disadvantage, and potential concrete advantages, to filing close to the deadlines (without risking being late, of course.) Unless I'm remembering incorrectly, I thought that many folks here who advised filing asap were referencing this exact book when giving their advice.</p>
<p>Can anyone help shed some light on my confusion?</p>
<p>Actually, I hope that you spend new years day filing the FAFSA because depending on your financial situation there is an advantage to filing early;</p>
<p>FWS (first come , first served)
Perkins loans (if you have to take a student loan, the best one to have)
SEOG (limited funding given on a first come, first served basis)</p>
<p>Institutional aid that may be limited.</p>
<p>Keep in mind that the majority of schools do not meet 100% demonstrated need and operate on limited budgets. You do not want to be at the end of the line either not receiving aid at all or less aid that you would have received had you applied early.</p>
<p>In addition for this, your child’s freshman year, you also need to file your taxes ASAP because you have to use either the IRS data retrieval tool on the FAFSA (which you will have to wait approximately 2 weeks after filing your taxes) or sending in your IRS transcript (which can take a couple of weeks). Your child’s FA package will not be given (finalized) until the school receives this information.</p>
<p>The book sends a clear message to not miss any deadlines, but that “at most schools student aid applications are collected in a pile up until the priority filing dealing and then assessed in one batch.”</p>
<p>From this, I’m happy to ring in the new year filing my forms.</p>
<p>However, it also says two pages later: “Even if you apply as early as you possibly can, the FAO’s will not be able to start awarding aid until after the priority filing deadline. While they’re waiting for the deadline, they will have time to examine early filers with a fine-tooth comb.”</p>
<p>Nowhere does it mention anything at all about the frenetic race to file after Jan 1st, let alone any benefit gained.</p>
<p>Definitely not arguing – I just don’t understand.</p>
<p>Also, we’ve already completed the CSS with solid estimates, and have completed the worksheets in the back of “How to Pay for College” in addition to roughing out the FAFSA based on last year’s forms, so I definitely haven’t waited to get started/complete – more just deciding when to pull the trigger, based on what I just read and quoted above. Agreed on the tax forms, and we have been getting everything as ready as possible on that so that we can file those asap.</p>
<p>We are also concerned about this filing asap. Our financial situation has changed quite a bit since our last year tax filing - my dad has started his own (fitness/training) business in addition to his regular job, and my mom will be “dislocated” worker as her school is closing at the end of the year. If I file the FAFSA based on last years taxes, it will not be at all accurate. Any comments?!?</p>
<p>I have been told by several financial aid offices that they do not start looking at FAFSA forms until after the priority deadline (March 1 at S’s schools). They have told us that there is no advantage to filing early - just be sure not to miss the deadline. I suppose it could be different at other schools, so check with your school’s financial aid office.</p>
<p>Our earliest school priority deadline is January 31st. Since the FAFSA captures a “snapshot in time” of our assets I have been watching our monthly cash flow and will try to file about January 15th. This is after the big bills have been paid for the month, but before the second paycheck goes into our account.</p>
<p>You need to read the college websites very carefully, or talk to the financial aid offices at the schools you’re applying to and confirm how they distribute funds. Two of the schools my daughter is applying to state on their website, and mentioned in their information sessions when we visited, that their funds are distributed first come, first served. So if you believe you may qualify for aid you will only lose out if you do not file early, if this is the case.</p>
<p>Many schools do hold all the apps until the priority deadline. But don’t make assumptions.<br>
Please check websites, send e-mails or call the financial aid offices, they are there to answer your questions!</p>