I googled this - haven’t called FAFSA yet (maybe today) asking if this went through?.. and us as parents can start this process in October this year … as I heard it spoken about the last time on this forum…
All the articles I have found were written in 2015 though… …
https://financialaidtoolkit.ed.gov/tk/announcement-detail.jsp?id=2017-18-fafsa-changes
Thank you …
What is said in one of these articles is… for college year (July 1, 2017–June 30, 2018)… one would be using inome from 2015… They could submit their FAFSA in this time frame (October 1, 2016–June 30, 2018)
Then the next example was: For college Year (July 1, 2018–June 30, 2019)… they can submit October 1, 2017–June 30, 2019…using 2016 income…
The 2017-2018 FAFSA will use 2015 tax return info. It can be submitted October 2016.
The 2018-2019 FAFSA will use 2016 tax year info. It can be submitted October 2017?
This is correct…the first one is the 2017-2018 FAFSA.
The second one is the 2018-2019 FAFSA.
Yes, and the bonus is that 2015 tax return info should be ready to be imported with the IRS retrieval tool as soon as you can file FAFSA in October.
But you have to report assets as of the day you submit FAFSA.
I can sit down with my D together during fall break and get started on this.
Is most parents even aware of this… around here… not a soul has mentioned it… I only know about this -because it was spoken of on this forum last year … I wonder if this will hit the news… so does this mean even for those who do it in Jan/ Feb/ March like normal will still be using 2015 's income…??
I would imagine this would suck badly if that was a higher priced year… then 2016 income took a dive over a lay off or something…those parents will NOT be happy about this… for us… it’s not a bad thing. as this year I got a job & our income went UP… it’s just very odd… so this will be the one & only time we’ll be using 2 college years based on the same income (year 2015)…
This will be on the FAFSA 2017-2018 instructions. It will clearly say to use line whatever it is from the 2015 tax return.
It has been on the Yahoo news feed a lot in the last few weeks. I’m sure I get it because of cookies on my computer and it being discussed on CC a lot. Colleges are aware of it so will be telling students to file in October. High school guidance counselors know about it.
If the student doesn’t file the FAFSA until Jan or Feb, that will still be fine, but the instructions will tell you to use 2015 tax data when filling out the forms.