FAFSA Changes for College-Bound Students

If you are the parent of a high school junior who is preparing to attend college in the fall of 2017, the filing process for financial aid just got easier!  President Obama’s recently signed executive order changes the rules for completing and submitting the Free Application for Federal Student Aid (FAFSA) beginning October 2016 for the 2017-2018 academic school year.  For this and subsequent academic school years, the FAFSA application process will start in October 1st of the year prior to the child starting college and it will rely on prior-prior year income. October Start Date Traditionally, the FAFSA opened on January 1st and utilized income figures from the previous year to determine how much aid a child or family might be eligible to receive at the start of the school year in September of the same year.  This may seem reasonable but colleges often want to provide student aid estimates by mid-March.  Since tax related documents are sometimes not available until mid-February, with K-1s from partnerships, LLC, S-Corporations or Trusts often not arriving until March, the window for completing Read on! →