The Free Application for Federal Student Aid or better known as FAFSA for the 2022/23 academic year is right around the corner for first-year students. The same as in other academic years, you can submit your application as soon as October 1.
At the time of writing, there is only a couple of days left for the applications to be opened by the Department of Education. If you submit your FAFSA as soon as October 1, 2021, you will have a higher chance of getting the student aid as some states give priority to families applied before a certain date.
What is changed for FAFSA 2022-23?
This year has been pretty eventful as far as the changes to federal-government-related topics. The majority of these changes affected finances but the same can’t be said for education. Your Free Application for Federal Student Aid isn’t changed particularly for the 2022 – 2023 academic year. You will submit your application and wait for the Student Aid Report to be produced to see whether or not you’re eligible for federal student aid.
How is the FAFSA amount calculated for 2022?
As stated above, there aren’t any changes that affect FAFSA or anything that goes into it, at least to this point. The amount of federal student aid a student is eligible to receive is calculated the same way, using the cost of attendance and expected family contribution. These two parameters are also known as CoA and EFC. Take out a student’s EFC from the CoA, and what’s left is the federal student aid amount. If EFC is bigger than CoA, that means the student doesn’t qualify for the aid.