For the first time, the FAFSA will be available beginning October 1. This is a big move from the traditional January 1st date for FAFSA availability, and will change the timeline for financial aid processing with implications for admissions. If you’re planning college admissions in Fall 2017, it’s already time to get started!
Prior-Prior Year Taxes (PPY): A move that will help streamline the process is the use of Prior-Prior Year Taxes to complete family financial information on the FAFSA. The 2017-2018 FAFSA will require info from the 2015 year tax returns. Those returns have long since been completed by most families, and may be available for digital transfer from the IRS via their Data Retrieval Tool. This means the financial details of your tax return can automatically populate the FAFSA, saving you time from data entry. Also, using Prior-Prior Year taxes negates the need to make estimations on the FAFSA when tax returns were incomplete. In the past, when FAFSA filers were required to use only the Prior year tax returns, they were encouraged to file the FAFSA on January 1st, before their actual tax returns were completed. Now that tax returns from the Prior-Prior year are used, there’s no need to estimate.
Expect similar admissions deadlines: Most colleges are maintaining their same admissions deadlines. May 1 will still be the major deadline for enrollment decisions. Early Decisions will be the exception from school to school. The big impact early FAFSA makes is that there will be more time for schools to process new incoming financial information, and families can get a better idea of their financial aid eligibility earlier in the process.
Pay attention to institutional funding deadlines: Institutional funding is money reserved by the college and awarded based on their own internal criteria and methodology. Eligibility requirements and deadlines can vary from school to school. Make sure to identify any deadlines for institutional funding to stay ahead of the curve. The simplest way to achieve this is by making sure all financial aid forms are completed and submitted in advance of any deadlines.
Remember the CSS profile: The FAFSA obviously gets a lot of attention, but the CSS / Financial Aid Profile is also required for about 400 select colleges when applying for financial aid. It goes more in depth than the FAFSA and is also available beginning October 1.
Dealing with uncertainty on the state level: Many states provide need based grant programs to students with low income based on data provided on the FAFSA. While the federal FAFSA is available beginning October 1, not every state will have their grant budgets for the 2017-2018 years ready yet. Be aware of any financial aid awards relying on estimates for state based funding as they may be subject to change based on final state budget legislature.