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With the current earliest date of January 1st, of the year the student will be attending, there are many students unable to finalize even by February or March, because their parents are still waiting for information needed to complete taxes.I'm wondering what the rationale is to move it up? I would worry it would increase disproportionality.Its true that students applying early decision to private colleges may have earlier deadlines for financial aid, but the PROFILE is generally needed in those cases anyway.
I see that this allows use of tax numbers from the previous year, so no estimating early. Instead file using the previous April's return. Perhaps the PROFILE will follow.-HS Parent
So aid packages will be based on income from two years ago throughout their college years, not one.I hope families of current high school students are getting this information, it could change their plans.
Hmm. My kid is a college freshman (leaving on Sunday, OMG). So I can use the same tax info I used for this year's FAFSA for next year's as well? Fascinating.
@NW Mom - No. As I understand it (and someone please correct me if I'm wrong), this change will take effect when your current college freshman is applying for financial aid for his/her junior year.So:**For this coming cycle (i.e. 2015-16 HS seniors & college freshman applying for 2016-17 academic year), Nothing changes. FAFSA window opens Jan. 1, 2016, based on 2015 tax filings.**For the next cycle (High school class of 2017 [this year's juniors] & 2016-17 college sophomores [this year's college freshmen], the FAFSA application window opens Oct. 1, 2016, is for financial aid for the 2017-18 academic year, and will be based on 2015's taxes.**For the years after that, FAFSA application window continues to be opened on October of the year prior to the academic year one is applying for, and will be based on taxes filed 2 years prior to the academic year one is applying for.Clear as mud, right? I apologize if I haven't explained that well.
Thank you Rufus X! Those years are clearly listed, jeez. My reading comprehension was lacking.
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