Free Application for Federal Student Aid, FAFSA 2021 – 22 academic year applications are open. Students can apply for federal student aid starting from October 1st, 2020. If you currently receive federal student aid for the 2020 – 21 academic year, you must submit a new application for 2021 – 22.
Same as any other year, you can submit FAFSA two ways. The fastest way to get your application done is online through the StudentAid.gov. Although you can file a paper FAFSA form and mail it to the Department of Education, it will take longer to be processed. This is why you should consider submitting an online FAFSA for the 2021 – 22 academic year.
How long does it take to process my 2021 – 22 FAFSA?
How long it’s going to take for the Department of Education to process your FAFSA? Well, it depends on how you submit your application in the first place. While FAFSAs submitted through StudentAid.gov take about five to seven days, it may take up to two weeks for paper applications. This is due to how soon the Department of Education receives your application, thus, issues you with your Student Aid Report.
Student Aid Report
Student Aid Report is what will detail everything about your FAFSA. It will show the answers you’ve given to the questions on the application form and detail some important things. You will get this document when your application is processed.
Most notably, your Student Aid Report will show your Expected Family Contribution for the 2021 – 22 academic year. You can then use this amount to figure out the financial aid you’re eligible to get.
To calculate your financial need, subtract the Expected Family Contribution from the Cost of Attendance of the school you’re attending or anticipated to attend. The amount you’re left with is going to be the financial aid you need. This is the basics of FAFSA as a whole and won’t change for the 2021 – 22 academic year.
Submit FAFSA for 2021 – 22 Academic Year
As mentioned above, there are two ways to submit FAFSA. You can either fill out a paper FAFSA form and mail it to the Department of Education or submit an online application using FSA ID.
Since your parent(s) are also required to mail their tax returns, completing the application on both ends is the easiest. Besides, when making an online application, there isn’t a need to mail tax returns. The IRS Data Retrieval Tool can be used to instantly import information about tax return to the Department of Education. Head over to StudentAid.gov to log in using FSA ID. If you don’t have one yet, you can create it as a student or parent.