I am a high school senior who’s filling the FAFSA online with my dad, but the only ones available are 2014-2015 and 2015-2016 school years FAFSA. I will begin college for the 2016-2017 school year and I understand that on January 1st you can begin submitting your FAFSA for that school year. The 2015-2016 school year FAFSA asks questions like “what grade level will you be beginning the 2015-2016 school year” and all of them are college level options, no high school! I’m confused and don’t understand if I’m filling the right FAFSA. Please help! Thanks…
You cannot fill it out until after Jan 1. Do not fill out the 2015 fafsa.
Next year, for the first time, they are going to open it earlier.
Your 2016-2017 FAFSA will be available on January 1, 2016.
Do not fill out the 2015-2016 FAFSA if you are enrolling in college in September 2016.
Oh wow! And I was stressing about it! Thanks so much
However, check the websites for your colleges, some of them, privates mostly, may require something else now, like CSS Profile.
Wait, if I feel the FAFSA on January and my parents don’t have the 2015 taxes filled (SINCE IT’S JANUARY), what will the FAFSA ask for? Are you able to submit a FAFSA without 2015 taxes filled? Will they ask you about the 2014 income/expenses? What kind of info are they going to collect for colleges if my parent doesn’t have the 2015 taxes filled until March or something… And everyone says the earlier you submit FAFSA, the better.
If the taxes aren’t done yet, you will provide estimates, and then amend as necessary once the tax forms are filed.
But can you submit it with just the estimates and make changes after it is submitted?
If you complete the FAFSA in January, you will choose “will file” as yoir FAFSA filing status. This means you will file taxes but have not yet done so. Complete the FAFSA using the BEST estimates for the 2015 tax year. Then after February 1, get those taxes done ASAP. This is NOT the year to wait until April to do the taxes. Submit your taxes. Wait two or three weeks…go into th FAFSA and amend your FAFSA by choosing “taxes filed”. Then you should be able to link to,the IRS data retrieval tool…and your 2015 tax information will port right into your FAFSA.
Then you submit again to your colleges.
Oh ok! Why people recommend to fill it as soon as its available if you still need to wait until March to submit it with taxes filled? Does submitting the FAFSA with estimates first is a good move or just irrelevant?
Yes. This is what “amend as necessary” means.
There are some forms of need based aid that have limited funds per college campus. They are awarded on a first come, first served basis…so the early bird catches the worm. These include Perkins loans, federal work study, and SEOG if your school has it.
Some schools award some aid on a first come, first served basis. That’s why.
Also each state has different deadlines for aid application and schools have FA deadlines as well. Some as early as Feb.
So it is best to do FAFSA asap.
Your parents will receive their last paycheck for 2015 end of December most likely. On it will be information on gross wages received year to date (YTD) and federal, state and local taxes withheld and 401k contributions made.
W2 forms should be received by early Feb.
If your parents are self employed they should try to add up income and expenses for 2015 as soon as possible.