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January/February 2018
The Race for Financial Aid
In the past, prospective college students and their parents waited for the starting bell on January 1 to begin the financial aid process with the FAFSA application. Now you can file the Free Application for Federal Student Aid on October 1, and you can use older tax information, too.
A Head Start
This means if you have an incoming freshman in September 2019, you can begin the federal application process October 1 and have more time to shop around for favorable aid packages. It’s first-come, first-serve for most grants, so the earlier start is a big help to parents.
Fewer Tax Headaches
The change also means if your child will enter college in September, you can use information from your 2017 tax return, which should be readily available months after the tax filing date. Previously, taxpayers needed to hurry their prior-year tax preparation to get copies of their most current returns, which typically aren’t due until April.
Deadlines May Have Changed
The earlier availability of the FAFSA doesn’t change the deadline for filing the form. June 30 remains the FAFSA filing deadline. Some states, though, have earlier deadlines. Check with your state and prospective college to find your due dates, or go to https://fafsa.ed.gov to learn more.
FAFSA Matters
The FAFSA is important because it determines how much students and their families can pay for college and the amount of financial aid they are eligible to receive. The office of Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of student financial aid in the country.
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