Is it possible for a parent to use 2015 tax info on FASFA etc for a student who is starting college in 2016?
For a 2016 start you would use 2015 info. Do you mean what you filed in 2015 (which is based on 2014)? If so, at this point, no. It looks like that might change for 2017.
^I think you’ve given me good news; I guess I just didn’t understand the timing. So I think you’re saying that parents with current high school seniors will prepare their tax return for 2015 and then use info from that return for financial aid purposes for the 2016-17 academic year. Is that correct?
^Yes, like normal. Then the 2015 return is used again for 2017-2018.
How would it work for a kid who applies ED this November 1? Do their parents use the 2014 tax return or wait until 2015 is ready?
Can’t complete the FAFSA until 1/1/2016 using estimated 2015 tax return numbers which must be corrected to actual later before final aid package determined. The 2014 tax return is not used for your final 2016-2017 FAFSA.
Ok, got it. Thanks very much.
But some schools also use their own FA forms or CSS profile so check with the school as to the paperwork they need and when for ED.
If your kiddo is applying ED, it is highly likely that the school either uses the Profile (which should be fail le for 2016-2017 by October), or a school based form to collect financial data.
Check the website to see what they require. In our experience, they will want your BEST estimates for the whole 2015 calendar year when completing these forms for ED.
Understood - thanks everyone