Last Minute Considerations for the FAFSA Deadline

Published on June 4, 2025 | Webster Bank

For many, the expenses of college or technical school can be overwhelming. But, with financial aid programs, tuition, room and board, books, and other college-related costs can become more affordable. To determine if your student qualifies for financial aid, you must fill out the Free Application for Federal Student Aid, or FAFSA, by the deadline.

You must file your FAFSA earlier to receive your aid before the start of the school year. You only need to complete your FAFSA once for all types of aid you may be eligible to receive. Remember that

FAFSA deadlines vary for federal, state, and institutional financial aid. You need to remember the two most important dates which are the open date, December 1, 2024, and June 30, 2026, the closing date, for the 2025-26 academic year.ⁱ

The federal government gives students a deadline of June 30 after the school year in which they need aid. For instance, June 30, 2025, for the 2024-25 school year or June 30, 2026, for the 2025-26 school year to file the FAFSA. But make sure to check state and institution deadlines when your student plans to attend as they may differ from the federal deadline.

Documents you need for the FAFSA

Before applying for the FAFSA, you’ll need information from these documents:ⁱⁱ

• Your tax returns and W-2 forms
• Records of untaxed income, such as child support and interest income
• Records of assets, like savings accounts and investment accounts
• Social Security numbers of your student and both parents
• Your own phone number and email (student and parent)

Applying for Aid

Once you’re ready to apply for the FAFSA, follow these steps:

1. Visit https://studentaid.govⁱⁱⁱ
2. Create a Federal Student IDA or FSA IDA.
3. Answer each question thoroughly and accurately.
4. List the colleges, technical schools, or universities your student is considering.

Next steps after the FAFSA is submitted- Once you complete your FAFSA application online, the Department of Education will take 1 to 3 days to process it.^iv Here’s what happens next:

1. A student Aid Index (SAI) report estimates what your family and student is expected to contribute towards your student’s education.^v
2. FAFSA shares your SAI report with up to 20 schools.^vi
3. The financial aid office considers the SAI information to calculate your student’s financial aid:

• The Cost of Attendance (COA) – The COA estimates tuition, fees, room and board, books and supplies, etc.
• Your expected contribution (SAI) – The SAI is based on a unique formula that involves your family’s taxed and untaxed income, assets, and benefits, family size, and the student in college, but not other members who may be attending at the same time.^vii
• The financial aid office will subtract the SAI from the COA to determine the amount of need-based financial aid your student needs and how much they may receive.^viii

4. Your student receives their FAFSA award letter.

You can modify FAFSA information

If you receive no aid or see errors, you can correct and resubmit your information. Or, if you need more financial assistance due to a change in your family’s situation, you can update the FAFSA before the corrections deadline.^ix

Your financial professional can help – Your financial professional may provide assistance with completing the FAFSA and answer any questions. They can help you design a strategy for funding your student’s higher education.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Fresh Finance.

LPL Tracking #741373

Sources:

ⁱ Free Application for Federal Student Aid (FAFSA) | USAGov

ⁱⁱ What information will I need to fill out a FAFSA^® form? | Federal Student Aid

ⁱⁱⁱ Log In | Federal Student Aid

^iv I submitted my FAFSA^® form. What happens now? | Federal Student Aid

^v What is the Student Aid Index (SAI)? | Federal Student Aid

^vi Listing Colleges on the FAFSA^® Form | Federal Student Aid

^vii Financial Need | Student Financial Services | Student Financial Services

^viii How Financial Aid Is Calculated | Federal Student Aid

^ix Federal Student Aid