Finally filling out the FAFSA for next year and I’m finding it strange that it is only asking me for tax information for the 2015 year. No questions about 2016.
Is this new? Will it automatically link to our 2016 taxes? I didn’t see a place where you could ask for that.
Yes that is correct. They let you file early this year. In fact, you can file for 2017-2018 FAFSA in fall of 2016. So the tax information they want to use is from 2015 yr. And it’ll link you to your IRS 2015 filed tax information.
Yes…starting with the 2017-2018 fafsa, the prior prior tax year is being used (so 2015 for 2017-2018) for both the fafsa and Profile forms.
The fafsa for 2017-2018 was actually available for submission on October 1, 2016.
Couldn’t they have used the info, or at least some of it, from last year’s FAFSA then?
I don’t need to file early, it’s a formality for D’s school. We are only getting merit aid but they want the FAFSA submitted anyway. So I figured I’d wait until we had all our tax paperwork together.
I guess next year I’ll file earlier - if they don’t change things again!
Well, some school require that you file your FAFSA by so and so date, so make sure you check with your school. Don’t wait for your tax paper together since 2017-2018 FAFSA uses 2015 tax information.
My DD filed her fafsa in October. It took all of 15 minutes. She linked the fafsa to the ITS data retrieval too…and all of the tax information from the 2015 return was ported over to the fafsa. The demographic info was already there too.
All she had to do,was deal the assets.
Seriously…15 minutes.
Yes, I’ve done it all except the signature page. It always trips me up. D3 is abroad so I have to wait until she has wifi and can send me a code, etc.
Before the change, many students had to estimate income on FAFSA because taxes weren’t done yet, and then go back in later to update.
That won’t be necessary now.
Hopefully college freshmen will also receive financial aid packages earlier, to enable them to make an informed matriculation decision before May 1.