HOUSTON - Students can now start applying for financial aid for the 2022-23 college school year.
$150 billion is up for grabs. But one-third of students never apply for it each year.
Current and prospective college students can fill out the FAFSA, the Free Application for Federal Student Aid, for grants, scholarships, loans, and work-study.
You don't have to know which school you're attending, yet.
While you have until next year to apply for aid, you don't want to wait.
"Rather than say I have plenty of time, it’s first come, first served at a lot of schools. So the sooner you get it in, the better chance you have of getting some financial aid," explained personal finance expert Dan Rocatto with Credible.com.
Some aid is not need-based. Students who believe their family earns too much to qualify should apply anyway. Last year, FAFSA applications fell even though there was more financial aid available.
If the offer letter from your college does not cover the full bill, you can appeal to the school's financial aid office. A Sallie Mae report revealed 29% of families who received an offer appealed, and 71% received more aid, including grants.