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FAFSA 2022: When does FAFSA open and when is the 2022-2023 deadline?

Federal financial aid for those looking to continue their studies is due in June. We took at look at what you need to know.

Update:
For those planning off to college next, one important factor is financial aid. Here is how to apply for federal aid, known as the FAFSA, due in Jun

Each year around eighteen million students submit a Free Application for Federal Student Aid, or FAFSA. Through the filling out of this form, the federal government will offer loans, grants, and work study options to help students pay for university. In most cases, the money borrowed will need to be paid back with interest.

The application opened in October 2021 and for 2022-2023 school year, the FAFSA will due on 30 June 2023. The application is sent to the Department of Education and the higher education institution must also receive a copy by the "last day of enrollment in the 2022-2023 school year." This date is likely to pass before the federal deadline. Lastly, some states also offer loans and may have their own deadlines, which should tracked as well.

What information must be provided when filing out the FAFSA?

 Besides the basics like your name, birthday, address, and contact information, the FAFSA asks students to provide their citizenship and marital status. You will then be asked questions about the education level of your parents. Some loans and grants are only available to first generation college students.

Then both the student and parent will be required to provide details about their financial situation, starting with much of the same information that they would report when completing their taxes. Both sectors section will ask a student or parent to report if they or their family has been the recipient of a welfare program like Medicaid, Supplemental Security Income, SNAP, or a child nutritional program. All of this data will help to determine the financial need of a student, for which the federal government can create a student loan package. 

What is the IRS Data Retrieval Tool?

The IRS Data Retrieval Tool makes centralizing all of the information needed to complete your FAFSA easy. The tool can be accessed "either through fafsa.gov or the myStudentAid mobile app." The most important feature is that it allows students and parents who "who led a 2020 tax return can transfer their tax return information directly into their FAFSA form."