When is the Best Time to Apply for Financial Aid?

There is no one time to apply for financial aid, but there are deadlines and requirements to be aware of on all applications. First, you must apply before the deadline specified by any particular loan. However, you typically will not be able to apply until you have your class schedule and can determine the exact cost of tuition for the upcoming semester. This provides a narrow window in which to complete and submit applications for aid.

Apply as Early as Possible

Financial aid is not a limitless source of loans for as many students as possible. Rather, each financial aid fund, whether it is federal or issued at the university level, has a limit for a given year. You should apply early so you get in while the funds are still available. Waiting too long means you are running the risk the funds will no longer be available.

Cancel Loans by Deadline

If you apply too early, you may experience a change in your schedule. This can mean you need less money than has been funded toward your tuition, and you will end up taking on more debt than is necessary. There is a loan cancellation deadline on federal debts typically related to when you are notified the funds have been received. Check this deadline on all of your loans before applying.

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