FAFSA 2022: When does FAFSA open and what is the deadline 2022-2023?
Each year, approximately eighteen million college students submit a free application for Federal Student Aid, or FAFSA. By completing this form, the federal government will provide loans, grants, and work-study options to help students pay for their college education. In most cases, the borrowed money will have to be repaid with interest.
The application was opened in October 2021 and for the 2022-2023 school year, the FAFSA will expire on June 30, 2023. The application is sent to the Ministry of Education and the higher education institution must also receive it a copy no later than the “last day of registration in the 2022-2023 school year.” This date is likely to be exceeded before the federal deadline. Finally, some states also offer loans and may have their own timelines.
What information must be provided when filing the FAFSA?
Along with the basics like your name, date of birth, address, and contact information, the FAFSA asks students to provide their citizenship and marital status. You will then be asked questions about your parents’ level of education. Some loans and grants are only available to first-generation students.
Next, the student and parent will need to provide details about their financial situation, starting with much of the same information they would report when filing taxes. The two-sector section will ask a student or parent to report whether they or their family have benefited from a social assistance program such as Medicaid, Supplemental Security Income, SNAP, or a children’s nutrition program. All of this data will help determine a student’s financial need, for which the federal government can create a student loan package.
What is the IRS Data Recovery Tool?
The IRS Data Recovery Tool makes it easy to centralize all the information needed to complete your FAFSA. The tool is accessible “either via fafsa.gov or via the myStudentAid mobile application”. The most important feature is that it allows students and parents who “have prepared a 2020 tax return to transfer their tax return information directly into their FAFSA form.”