This discussion was created from comments split from: Financial Aid Questions.
@thumper1 and @mommdc - We have 3 kids in undergraduate school right now. These circumstances, combined with a 1-parent income, got us a ton of grant-aid-scholarship money. Renewing the FAFSA and, in some cases, filing new CSS Profiles, we are using our 2015 returns, although the Profiles ask for 2016 estimates.
First question - Even though Federal guidelines provide for re-using 2015 income tax returns for 2017-2018 FAFSA filings, will schools request copies of 2016 filings?
Second question - If our income picture has not materially changed (it may even be down a bit), but the schools are now aware of the contributions we received from each of them, will this impact on the aid each school offers? When we first applied for aid for 2016-2017, we were legitimately able to project an average COA of $60k per school. We can still do that, grant-aid-scholarships for 2017-2018 not guaranteed, but the schools will each see what we did receive for 2016-2017.
Thank you for your advice!
- I've not heard of any schools requesting 2016 tax returns for the 2017-2018 tax year. Those tax returns can't even be filed until February 1. The whole point in going to prior prior year was so that tax returns would be available...and the 2015 ones would have even been completed by the self employed by 10/2016.
- I can't really answer your question about the schools knowing what younare paying...or not...to other schools. Some schools do take this onto account...and others do not.
Thank you @thumper1. Since this is a renewal of FAFSA the deadlines are much later, some into the first week of May. The use of the previous year’s taxes for 2017-2018 is per executive order of President Obama, the rationale being just as you say. However, this only applies to Federal Student Aid. For colleges, as is the case with all of my children, which are providing grant money over and above Federal loans, there may be a need/requirement to see current tax returns. This is less of a concern to me than the question regarding the impact of last year’s financial aid on this year’s. It would seem to defeat the purpose, i.e., if a family needs the money, they need the money, but it would not be the first time the rationale of college financial aid offices defied logic.
Where have you heard about requests for 2016 tax returns for 2017-2018 financial aid…which is based on the 2015 tax year information?
Schools using the Profile are also using 2015 tax year info for the 2017-2018 school year.
If you think this is going to be an issue…call your college and ask them.
Re: how colleges consider aid your kid’s siblings receive…again…YMMV depending on the colleges. Some DO consider your actual out of pocket costs…and some just want to know if there is another kid enrolled in college…not the costs. So…again…ask at YOUR colleges.