The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds.
However, that shouldn't prevent families from completing the FAFSA in the days that follow, he added.
"While there may be some hiccups along the way, students and families should do what they need to do to file as soon as possible," he said.
Up until now, "the multiple student adjustment has been the single most important data element affecting one's eligibility for federal student aid," Chany said.
At the same time, the new FAFSA will raise the family income threshold, making more students eligible for federal need-based aid.
Persons:
Rick Castellano, Sallie Mae, Castellano, What's, Kalman Chany, Chany, Pell Grant, Mark Kantrowitz
Organizations:
IRS, slims, Department, Education, Princeton, CNBC