The Free Application for Federal Student Aid (FAFSA) for next fall became available Oct. 1. That means people are applying for financial aid almost a year before they’ll need it for college. It’s a long time until the next fall semester starts, so why is it so important to file now?
It’s best to file your FAFSA as soon as you can once it becomes available. While some types of financial aid are available year-round, other forms are not.
Work-study is a type of aid that is earned, rather than borrowed. Your eligibility is determined by your financial need. Students use the money they earn at a part-time job to pay toward their college expenses. There is a limit to the number of work-study jobs available each semester, so if you don’t submit your FAFSA early and answer yes to the “I’m interested in work-study” question, those jobs could all be filled before you start the school year.
Oklahoma Tuition Aid Grant (OTAG)
OTAG is a grant funded by the state of Oklahoma for students who are Oklahoma residents and will be enrolled at an Oklahoma college or technology center. It’s an example of first-come, first served aid because it’s funded only once a year. Typically, OTAG receives more eligible applications than can be awarded with available funds, and how early a student applies can be the deciding factor in whether that student is offered an OTAG award. To apply, you simply have to complete a FAFSA. Your eligibility for OTAG is determined by your financial need, and the amount of the award is $1,000 ($500 in fall and spring).
Oklahoma Tuition Equalization Grant (OTEG)
OTEG is also funded by the state of Oklahoma, and goes to students who demonstrate financial need on a first-come, first served basis. Recipients must be Oklahoma residents. To receive this grant, your annual family income must be at or below $50,000, and the grant can only be used at an approved private/independent, not-for-profit postsecondary institution in Oklahoma. OTEG funds are sent to the approved institutions; students to be awarded OTEG will be selected and notified by the institutions. The grant pays $2,000 ($1,000 in fall and spring).
Be sure to submit your FAFSA as soon as you can. You don’t want to miss out on these chances for earned and free money for college that doesn’t have to be repaid!