Just because a college or university has a late final deadline for their admissions process doesn't mean you won't miss out if you wait until the last minute. Most schools run out of money for institutional financial aid long before they run out of qualified and deserving students, so the sooner you apply the better your odds will be.

Many colleges will continue to accept applications for admission until the space in their classrooms fills up, but applications for financial aid are due months before then. Since a student usually has to apply for admission to a program before they can apply for financial aid from that school, this situation can confuse students and make them miss out on a potential opportunity for free money. Another deadline complicating the matter is the one for the Free Application for Federal Student Aid (FAFSA). Since most schools use documentation based on the FAFSA report, students will have to complete this process early enough to receive results before the college's financial aid deadline. To be safe, one should apply for admissions and complete the FAFSA no later than January of the year they want to enter college. Applications for institutional aid should then be sent in immediately when the FAFSA data is available. For optimal results, the entire college applications process should be completed some time in the middle of February.

Institutional awards can be in the form of scholarships, grants, or reduced rate student loans. Scholarships and grants never have to be paid back, and the total cost of the student loans is much cheaper than what you would otherwise pay to a commercial bank. The reason these aid awards are considered institutional is because it is the college or university's own money, rather than a government source of funding. It may come from community donations, an alumni foundation, or from just about any private source of revenue that ends up in the school's general operating budget.

Even if your college doesn't have a wealthy foundation or endowment to help pay student costs, the university's student finance department might be in charge of distributing federal financial aid funds from the FAFSA. Some schools work with the federal government to help select which students will receive public funds for education expenses. Either way, these federal funds also run out quite quickly, and if the college is involved in the process they are likely to roll it all into their one financial aid program. Missing out on institutional awards often means missing out on government ones as well.

So when you are planning your schedule for college admissions applications, be sure to focus on the institutional financial aid and scholarship deadlines rather than the latest possible date you can apply. Of course, if your plans change at the last minute and you have no choice but to make a late application, it may be better to pay full price than to delay getting started. Whenever possible though, an early application help will get you a better chance of receiving some financial aid.


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