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SDI Productions | E+ | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
The U.S. Department of Education\u00a0opened the\u00a0Free Application for Federal Student Aid<\/a>\u00a0form on Wednesday \u2014 one week before the anticipated Oct. 1 launch date. The early start may help more students gain college access, experts say.<\/p>\n Completing the FAFSA is the only way to tap<\/a>\u00a0federal aid money for higher education, including federal student\u00a0<\/strong>loans, work-study and grants.<\/p>\n “Given the previous glitches, delays, and confusion, having the FAFSA delivered not only on time but early is a huge win,” said Rick\u00a0Castellano, a spokesperson for Sallie Mae.\u00a0<\/p>\n More from Personal Finance:<\/strong> In part because of previous\u00a0complications<\/a>\u00a0with the new form, which initially launched in late\u00a0December 2023 after a\u00a0months-long delay<\/a>, completion rates fell last year.<\/p>\n Only 71% of families submitted the FAFSA for the 2024-25 academic year, down from 74% in the previous cycle, according to Sallie Mae’s recent\u00a0How America Pays for College report<\/a>, which surveyed 2,000 college-aged students and their parents.<\/p>\n “Hopefully we’ll see those numbers begin to tick in the right direction,” Castellano said.<\/p>\n<\/div>\n Further, the earlier college-bound students and their families fill out the form, the better their chances are of receiving aid, Castellano said. That’s because some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds.<\/p>\n “Filing early also means students and families may receive financial aid offers from schools earlier, which can help them make more informed decisions about planning and paying for college,” he said.<\/p>\n For many families,\u00a0<\/strong>financial aid is key when it comes to\u00a0covering the\u00a0cost of college<\/a>, which\u00a0has jumped significantly in recent decades. Grants \u2014 including federal ones such as the\u00a0Pell Grant<\/a>\u00a0\u2014 have become the most crucial kind of assistance, because they typically do not need to be repaid.<\/p>\n Submitting a FAFSA is also one of the best predictors of whether a high school senior will go on to college, according to the National College Attainment Network, or NCAN. Seniors who complete the FAFSA are\u00a084% more likely<\/a>\u00a0to enroll in college directly after high school, according to an NCAN study of 2013 data.\u00a0<\/p>\n Subscribe to CNBC on YouTube.<\/strong><\/em><\/a><\/p>\n<\/div>\n<\/div>\n\n
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