Treasury: Students have less than a week left to complete the FAFSA By Will Kriss Apr 26, 2021 4:08 PM LANSING, MI (WKZO AM/FM) â Students who want to be given priority consideration for state of Michigan financial aid programs have less than a week to submit their Free Application for Federal Student Aid, according to the Michigan Department of Treasury Monday. Known simply as the âFAFSA,â this application is a critical step when applying for grants, scholarships and other forms of financial assistance. FAFSA submissions received at the federal processor on or before May 1 are given priority consideration for the Michigan Competitive Scholarship and Michigan Tuition Grant.