Can juniors submit FAFSA before college applications?

As a high school junior, I want to get everything in order for college. Is it possible to submit the FAFSA before I start my college applications, or do I have to wait until senior year to handle financial aid?

While it's great that you're thinking ahead, the FAFSA operates on a specific timeline. It becomes available each year on October 1 and requires tax information from the prior year (for example, you'll need 2023 tax return information for the 2024-2025 school year). Therefore, as a high school junior, you'll typically have to wait until the fall of your senior year to submit the FAFSA for your first year of college.

A unique feature about the FAFSA form is the Student Aid Index (SAI), which replaced the Expected Family Contribution (EFC). Your SAI essentially determines your financial need and how much federal student aid you may receive. The lower your SAI, the more aid you may be eligible for.

Income and assets play a big role in calculating your SAI. Therefore, keeping your financial records in order will be helpful when it comes time to fill out the FAFSA. And remember, it's essential to submit your FAFSA as early as possible because some types of aid are awarded on a first-come, first-served basis.

While you wait, you can make use of the FAFSA4caster tool to get an estimate of your potential financial aid. Also, exploring various scholarships can be helpful to alleviate future financial stress related to college fees. Finally, consider looking up each college's Net Price Calculator, which can provide personalized estimates of your cost to attend a particular school.