Should I File My FAFSA if I’m Graduating This Year?

Yes, you should still file your FAFSA if you are graduating this year. The Free Application for Federal Student Aid (FAFSA) is a critical step in securing financial assistance for post-secondary education, and it is a process that must be repeated annually.

1. Federal Student Aid Eligibility Does Not Carry Over

Eligibility for federal student aid does not carry over from one award year to the next. Each academic year, you need to file the FAFSA form to be considered for federal financial assistance. Failure to file can result in loss of important aid opportunities.

2. Access to Financial Aid

Filing the FAFSA regularly allows you to access a variety of financial aid options. These include:

Grants Scholarships Work-study programs Federal student loans

Additionally, filing the FAFSA helps determine your eligibility for certain state and institutional aid programs.

3. Financial Aid Eligibility Adjustments

Financial aid eligibility is adjusted each year based on changes in financial status. If your family has experienced significant changes, such as a job loss or other financial hardship, you may become eligible for more financial assistance. Filing the FAFSA allows you to update your information and potentially receive additional aid.

4. Early Financial Aid Application

Filing the FAFSA early can provide you with an estimate of your aid eligibility without waiting for the tax season. You can use prior-prior year tax information to get a preliminary idea of the financial aid available to you. If your financial circumstances have changed significantly since the previous year, you can update your information once your most recent taxes are filed.

5. Practical Timing and Advice

If you are a senior in high school and planning to attend college in fall 2021, it is advisable to start the FAFSA process sooner rather than later. There is a limited amount of financial aid available, and it operates on a first-come, first-served basis. This means that the sooner you apply, the better your chances of securing aid.

For students whose graduation plans are uncertain, filing the FAFSA can still be beneficial. If you are unsure whether you will pass required courses in your final semester, it is a good idea to submit the form to keep aid options open.

6. Filing FAFSA for Graduate School

If you plan to pursue graduate school, you should file the FAFSA as an independent student. The process is similar but requires you to provide more detailed information about your financial situation.

Assuming that college students need financial aid or scholarships for four years, the FAFSA filing timeline is as follows:

While still in high school, file for the freshman year. Your freshman year to determine aid for your sophomore year. Your sophomore year to determine aid for your junior year. Your junior year to determine aid for your senior year. And you're done!

By following this timeline, you can ensure that you remain eligible for financial assistance and can plan accordingly for your college education.

To learn more about the FAFSA process and related questions, you can refer to the following resources:

Will I Need to Fill Out the FAFSA Form Each Year? Do You Have to Fill Out the FAFSA Every Year - NerdWallet Filing a FAFSA for Grad School: What You Need to Know