When to submit FAFSA

[oldtimer]

I'm still new to the financial aid process, so please bear with me as I ask some simple questions.

When do people usually submit their FAFSA? An earlier thread mentioned that taxes should be filed before submitting FAFSA. Because the W-2's don't get sent out until end of January, I won't be able to file my taxes until the end of January. Therefore, I won't be able to submit my FAFSA until early February.

If I submit my FAFSA in February, am I at a disadvantage in receiving scholarship/grants from schools? Is financial aid a first-come, first-serve process that benefits those who apply the earliest? After seeing how the med school process heavily favors those who apply early, I don't want to be at a disadvantage. I shouldn't have a problem with getting loans as long as I meet the deadlines.

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[mpp]

I doubt you will have any problem sercuring federal loans even if you submit your FAFSA in February. If you are worried about having the form in late, ask the financial aid office at the school you will be attending and ask how they deal with aid. If you have yet to be accepted to a school, then I doubt it even matters when you turn in.