The Advantages of Filing the FAFSA Form Early

[QUESTION]My son is applying for college for next year, and I see that we can submit the FAFSA form starting on October 1. Is there a benefit to doing it now rather than later? How am I supposed to fill out the form when I haven't filed my taxes for 2018 yet?

The timeline for applying for federal financial aid changed two years ago, on October 1 rather than waiting until January 1. It's a good idea to submit the FAFSA as soon as possible because some colleges award their aid on a first-come, first-served basis. You'll also find out where you stand for aid awards faster. "Those who complete and submit the FAFSA on or soon after October 1 will receive their Student Aid Report sooner and may receive financial aid award letters from schools earlier," says Rick Castellano, a spokesperson for , which provides student loans.