What Students Need to Know About FAFSA 2017-2018 (USA)
FAFSA is the Free Application for Federal Student Aid in the United States. This application is how many US students are set to receive loans and insurance based on required income and tax information supplied.
Applying for a FAFSA 2017-2018
The changes for the 2017-2018 year include students being able to submit a FAFSA earlier – Oct. 1, 2016, to be precise. An additional change to the system is that students will use earlier income and tax information within the application. Students will now be required to report their 2015 income and tax information for the 2017-2018 academic year.
For further years, students can follow the FAFSA timetable below.
WHY ARE THE CHANGES OCCURRING?
The Department of Education’s data implies that students would benefit more from applying to FAFSA earlier and submitting more tax and income requirements. Students would benefit because the timing of the traditional FAFSA application is not aligned with the starting dates of numerous colleges and universities, so students and families will have more time to research and understand financial aid options before the deadlines, and the information submitted will be based on actual income, rather than students submitting incorrect estimates on the required income and tax requirements.
There are many resources to assist students in applying for a FAFSA including StudentAid and Financial Aid Toolkit. The information for this article is published by Financial Aid Toolkit and can be found here.