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Current and prospective college students can now apply for Federal Student Aid (FAFSA) application for the 2021-22 school year. The FAFSA deadline for the 2021-22 school year is p.m., Central Time, on , with corrections or updates are due by the same time on .

“FAFSA is the gateway to $150 billion in aid to help pay for higher education, including scholarships, grants, work-study, and federal student loans, Ashley Boucher, who recently served as director of corporate communications for Sallie Mae, told CNBC. But some of that aid is limited, some of it is first-come, first-serve, and so families want to be among the first in line to apply for their fair share of aid and that means preparing for this October 1st application date.