Important College Deadlines to Put on Your Calendar

Important College Deadlines to Put on Your Calendar

By Lynnette Khalfani-Cox, The Money Coach®           

College deadlines don’t just apply to homework assignments, class projects and term papers. Some important higher education deadlines are also key to saving you money when you or your child is planning to earn a college degree.

Here are three important college deadlines to put on your calendar — so you can keep more dollars in your bank account.

Oct. 1, 2018 — If your child is a college-bound high school senior or a returning college student in college, fill out the FAFSA this month in order to qualify for financial aid the following school year. The FAFSA is the Free Application for Federal Student and the latest version of the form is available online beginning Oct. 1, 2018.

For the current 2018-19 school year, the federal deadline for filing a FAFSA is June 30, 2019.

For the upcoming 2019-20 school year, the federal deadline for filing a FAFSA is June 30, 2020.

Regardless of what school year your family needs financial aid, you definitely don’t want to wait for those June deadlines!

The earlier you file, the more grant money you are likely to receive — up to twice as much —, according to experts at Edvisors.com. Filing early also makes sure you don’t miss FAFSA deadlines for state and college aid, which may differ from the federal deadline. Find state FAFSA deadlines online. For a specific school’s FAFSA deadline, contact the college or university directly.

Nov. 1, 2018 — This is a common deadline to submit applications for Early Action or Early Decision schools. When a student applies “EA” or “ED” at a college or university, it means they are seeking to be among the first applicants college admissions officers will review.

High school seniors apply early to schools that are institutions on the top of their lists. Students who apply for Early Action or Early Decision often have better odds of gaining admission, relative to the general admission pool, whose deadlines typically fall two months later, on or around Jan. 1.

Students admitted early also may have the first shot at certain financial aid and merit-based scholarships from a given school.

May 1, 2019 — May 1 is “College Decision Day” and is the date when incoming freshmen must notify a college or university of their intention to enroll. When a student accepts a school’s offer of admission, he or she must also turn in an enrollment deposit by May 1 in order to hold the student’s spot. That deposit, usually $200 to $500, is later credited toward the student’s tuition bill.

When a college deposit is submitted, it’s official!

You can congratulate your son or daughter on a job well done and you can both look forward to your student making a successful transition into their next phase of life.

 

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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or GreenPath Financial Wellness counselor who can help tailor a solution for you.

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