Student loan deadlines for 2022-2023: COVID relief, FAFSA and more

What are the COVID-19 student loan relief deadlines for federal loan repayment? When do you need to file your FAFSA for this year? You may have heard that some student loan servicers are closing up shop – when does this happen?

To help you navigate this school year (and the next one), we’ve put together a list of important dates that should be marked on your calendar, whether you’re paying off student loans or applying to college now. Be

Important dates to be aware of:

Recurring Date:

Student Loan Calendar: Key Events to Be Aware of

Finally, here are a few more dates you might want to jot down, some of them a little further into the future.

December 31, 2022: Federal student loan forgiveness is set to expire

The Department of Education has again extended student loan forgiveness until all legal challenges to a separate student loan forgiveness program are resolved (or through the end of August 2023 if challenges remain). The Supreme Court is currently due to rule on the challenges in February. See more in our report here,

Due to the coronavirus pandemic, the government announced earlier this year that it was offering an automatic moratorium on repayments on all federally held student loans – initially until September 30, 2020, but later until December 31, 2020. Extended several times till 2022.

While it is possible that this period may be extended again, it is not guaranteed. So if you have federal student loans, mark this important date on your calendar and get ready to fall back on repayment. For example, you may need Switch Repayment Plan If so, consider applying sooner to get the ball rolling – to keep your monthly payments low enough to afford them.

That said, some borrowers have have already restarted the repayment Voluntarily reducing your balance faster than usual, as all interest has been set at 0% during the pandemic period.

If you can keep up with your repayments during the current moratorium (especially if it’s renewed), it may be worth it. But if you’re working toward public service loan forgiveness, you’re probably in a better position. No Making payments, since you’ll get credit each month for the required “120 qualifying payments,” even if you pay nothing due to the emergency tolerance.

Note that private student loans were not included in the pandemic forbearance, however. Some private lenders are allowing forbearance For eligible borrowers.

Six months after graduation: The grace period on your student loans ends

Federal student loans, as well as many private student loans, don’t require you to make payments while you’re in school or for six months after you graduate. This adjournment is known as grace period,

While repayment on federally held student loans is automatically halted until at least later this year (see above), you’ll want to prepare ahead of time for your first payment. Make sure you know how to log into all of your student loan accounts, and if necessary, update your email and mailing address so you don’t miss any important correspondence.

If you can afford it, set up autopay so you never miss a payment. Federal loan servicers and many private student loan lenders offer a 0.25 percentage point discount on your interest rate if you’re on autopay.

Also, you can use this time before the end of the grace period Explore different repayment plans And decide on a strategy to repay your student loans. (Our student loan repayment calculator can help).

You should also remember that you don’t have to wait until your grace period is over to start making payments on your student loans. with the exception of federally subsidized loansInterest will continue to accrue on your student loan during your grace period.

To protect your balance from the balloons, consider making Small, interest only or full payment while you’re in school,

Many federal student loan servicer contracts are about to expire

In June 2020, the Department for Education announced that it had Signed contracts with several new loan servicers, which would control most of the federal student loan portfolio. While this means that your student loan servicer may change, you probably won’t have to worry about it until the end of the student loan moratorium.

But that doesn’t mean you should wait. Once repayment resumes, you’ll want to be prepared so you don’t accidentally miss a payment on any of your student loans. This means contacting your server now so you can be aware of any changes.

And if you’re not sure who your loan servicer is, Consult our guide to finding student loan servicers,

Student Loan Calendar: Recurring Dates

Preparing for the school year and getting your finances in order can be very difficult. Here are some recurring dates and deadlines you can expect throughout the year.

When is the FAFSA deadline?

school year FAFSA Opens FAFSA Deadline
2021-2022 October 1, 2020 June 30, 2022
2022-2023 October 1, 2021 June 30, 2023
2023-2024 October 1, 2022 June 30, 2024

Whether you are a high school senior or already in college, you should Submit FAFSA To receive federal financial aid each year.

This free application opens on October 1st every year before this The beginning of the school year (so October 1, 2022 for the 2023-2024 year) and remains open until the end of the school year (June 30, 2023 for the 2022-2023 year).

Still, it’s important to submit the FAFSA as soon as possible, since some aid is awarded on a first-come, first-served basis. Also, some states set their own deadlines for priority consideration. Therefore, you’ll want to exceed these deadlines:

Submitting the FAFSA Will Also Know Your Expected Family Contribution (EFC) And let the colleges help you tailor your financial aid package. With all of this information in advance, you’ll have an easier time comparing college costs and choosing a school.

When does FAFSA open?

The FAFSA opens each year on October 1, the day before the start of the school year. For example, as noted above, the FAFSA will open for the 2023-2024 academic year on October 1, 2022.

When does FAFSA close?

The annual FAFSA deadline falls on June 30. For example, the deadline for the 2022-2023 school year is June 30, 2023, as shown in the chart above.

When should I apply for FAFSA?

It’s generally a good idea to submit your FAFSA as close to the October 1 opening date as possible. Some financial aid is first-come, first-served, and applying early may give you the best chance to receive financial aid.

Should You File Your FAFSA Before Applying to College?

Yes – it’s a good idea to prioritize submitting your FAFSA first, especially since you have the option of going back and adding schools to your FAFSA. However, since the FAFSA deadline is similar to many college application deadlines, there is a chance that you may have already applied to most of the schools you are interested in when you do your FAFSA.

November 1 or November 15: Deadline for early action and early decision for many colleges

If you are a freshman entering college, you have the option of applying for Regular Decision, Early Decision, or Expedited Action.

If you choose to apply through early decision or early action, your application deadline is likely to fall on November 1 or November 15, although you should note that some are earlier (in October), while some May be later (in December).

quick decision There is binding, but initial action usually does not take place. In other words, you can apply to only one school through early decision, and you agree to attend that school if you are admitted.

If you have your heart set on a specific school, you may prefer an Early Decision application, but this isn’t always the right move if you need to rely on financial aid. This is because attending early decision requires an advance commitment, so you will not get to see your financial aid package before a decision is made.

If cost of attendance is a factor in your college decision, you may be better off sticking with Early Action or Regular Decision applications. To learn more about the financial advantages and disadvantages of applying early, see this guide,

Mid-December: Decisions arrive for prompt action and quick decision applicants

One of the benefits of applying to college early is that specific program decisions are made months in advance. Most early applicants will find out in mid-December whether they were accepted.

If you get into a school you want to attend, you won’t have to spend the next few months gathering your application materials or materials writing your college essay, Instead, you can use that time apply for scholarship And hopefully get some gift aid for your next few years in school.

January 1 or January 15: Regular Decision Deadline for many colleges

The application deadline for students applying to the college through Regular Decision can be either January 1 or January 15. Many colleges expect your application in January, although some have a deadline of February or beyond.

Some colleges also practice “rolling admission”, meaning that they accept applications as long as spots are available. Since each college has its own process, keep a careful record of all your deadlines and application requirements.

March-April: Decisions come for Regular Decision applicants

For those applying through Regular Decision, acceptance or rejection typically begins in late March or April. If you are accepted, you should also get your financial aid package With, or immediately after, the Acknowledgment packet.

Yours financial aid award letter Show you any federal, state and institutional aid you’ve received, including grants, scholarships and loans. Note that you are not bound to borrow the maximum amount of loans offered to you.

You can compare your financial aid awards if you’ve been accepted into multiple with this handy tool To help you figure out which school will be the most financially beneficial for you and your family.

May 1: National College Decision Day

Many colleges and universities ask applicants for their official decision by May 1, which is why this date is known as “National College Decision Day”.

Depending on your school, you may need to officially accept your offer of enrollment by this date. But if you’re feeling overwhelmed by your choices, head to this guide For tips on choosing an affordable college.

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