Call me disgusted. Income in this family will be much higher for 2015. I really want to use 2016.
edit: nevermind, I stand corrected.
If you qualify for the simplified needs test using 2015 tax return but will not qualify in 2016 (if the 2016 return is used)can you still use the 2015 return and qualify for 2017-2018 school year?
^ IMO Those are the kind of details that will have to be worked out before next year.
If there is a significant change in your income from 2015 to 2016, is there any way to reconcile that?
Will the same be true for CSS?
@isaelijohjac That is an interesting question. Some schools use FAFSA data to verify the CSS submission.
Not so great for parents of H.S. Class of 2017 who accelerated income into 2015 because that shouldn’t have been a FAFSA - reportable tax year.
Only good for families that have lower income this year.
“When the new rules go into effect next fall, students planning to attend college in September 2017 will be able to file the Fafsa as early as October 2016. They will do so using data from (already filed) 2015 tax returns. This means they have information about their federal aid eligibility as they consider where to apply to college. By filing the Fafsa earlier, they also maximize their chances of getting money from state aid programs that ration aid by giving grants only to those who apply early.”
this is GREAT news for parents and students!
Yep…not good if your income in 2015 is going to be $30,000 more than in 2016…or even 2014.
Call me disgusted.
For family reason, I may need to take a few weeks no pay leave. Now I am less hesitate to do that. 