So, as you may know, FAFSA is opening earlier this year (october 1st).
Although this may come with many advantages, I’m not sure about what the best decision is in my case.
A few months ago, my dad had to switch from a full time job to a part time job. As you would assume, this has resulted in a decline in our family’s income (by about $10,000 or so). At the same time, my counselors have been telling me that the amount of aid we get depends heavily on how early we apply. So that leaves me questioning whether I should be applying early or waiting in order to submit my application with 2016’s tax returns instead. Which one would provide me with the most aid?
My understanding is that the FAFSA for the fall 2017 school year is dependent on one’s 2015 Form 1040. In other words, financial aid will lag life circumstances.
2016 income won’t make a difference in when you apply (will use 2015 tax returns) but the amount you have in liquid assets may vary if your family is having to use a lot of savings right now to pay bills.
You also may want to appeal any award based on the income change. What you would need to do is fill out the FAFSA with the information you have (2015 taxes, current bank balances) and then look on the FA page of the school(s) you are accepted to and file the change of circumstances paperwork.
Actually, you need to find out the process for a social circumstances consideration…which is what you are seeking if your dad has reduced income. Contact your colleges and find out the process for this at each college. It is NOT likely that they will do this prior to acceptance. Some colleges do not do special circumstances considerations. All that are done are on a case by case basis.
I suppose you could ask for professional judgment as well. This is different…and is used by financial aid officers at the school to make a professional judgment in terms of your actual EFC.
The switch to prior prior tax year this year will be a test as to whether colleges will do these things…considering tha the 2016 reduced incime will be used the following year.
File early. Get your paperwork together to appeal your financial aid award based on your current situation (primary earner decrease in income). Contact the financial aid offices at the schools in which you are applying and let them know of your situation (you will have to provide the documentation ). there are some things FWS, FSEOG, perkins loans (when available by the school) that are disbursed on a first come first served basis for those who qualify.
