Does FAFSA Run Out of Money?
Every year, students and their families fill out the Free Application for Federal Student Aid (FAFSA) to help pay for college. FAFSA is the gateway to federal student aid, including grants, work-study, and loans. But does FAFSA run out of money?
The short answer is no. Unlike some other grants and scholarships, funding for the Pell Grant does not run out over the course of a year. The Pell Grant is a federal grant for undergraduate students with financial need. The amount of the grant is determined by the student’s Expected Family Contribution (EFC).
That said, it’s still important to file the FAFSA early. Other types of financial aid, such as state grants and scholarships, may be first-come, first-served. If you wait too long to apply, you may miss out on some of these opportunities.
In addition, some colleges and universities have limited funds for their own grants and scholarships. These funds are typically awarded on a first-come, first-served basis. So, if you wait too long to apply for FAFSA, you may miss out on these funds as well.
It’s also important to note that the deadline for FAFSA varies from state to state. Some states have earlier deadlines than others, so it’s important to check the deadline for your state.
Finally, it’s important to remember that FAFSA is just one part of the college funding process. You should also explore other options, such as private scholarships, grants, and loans.
In conclusion, the answer to the question “Does FAFSA run out of money?” is no. However, it’s still important to file the FAFSA early, as other financial aid may be first-come, first-served. It’s also important to remember that FAFSA is just one part of the college funding process, and you should explore other options as well.