On Oct. 1, the Free Application for Federal Student Aid (FAFSA) opened for college students to complete for the 2023-2024 school year. This is used to determine if a student is eligible for federal grants, work-study and loans. Colleges also apply the collected data to measure eligibility for financial aid awards. The last day to submit the FAFSA is June 30, 2023, and all corrections must be made by Sept. 9, 2023.

However, students are recommended to file the FAFSA early, as some aid is limited on a first-come, first-served basis. Those who complete the FAFSA between October and December also receive twice as much aid than those who fill it out later.

All undergraduates are encouraged to submit this free form—even if they think they will not qualify. According to Education Data Initiative, only 66% of students file the FAFSA, and over $2 billion in federal grants go unclaimed every academic year. If students do not complete the FAFSA, they may miss out on both institutional and federal aid.

In addition, experts recommend that undergraduates should exhaust federal loans instead of private loans. Private loans are more difficult to get because they are credit-based and require a co-signer. Interest rates tend to be higher, while those on federal loans are fixed. Private loans also do not qualify for cancellation by the federal government. In August, the Biden administration announced its plan for student loan relief. Those earning less than $125,000 per year are eligible for $10,000 in cancellations, and those that receive Pell Grants can have up to $20,000 of debt forgiven. Students can visit https://studentaid.gov/debt-relief/application to apply for federal student loan debt relief. However, the only way to obtain federal student loans is by submitting the FAFSA.

Financial aid is limited, so all students should fill out the FAFSA. Those at Elizabethtown College can visit https://studentaid.gov and use the school code 003262 to apply for federal aid. The priority deadline is March 15, 2023.