FAFSA....It's Really Not That Difficult
Posted By: Holly Scheller - 1/3/2017 11:22:01 AM
FAFSA....It's Really Not That Difficult
 
There are two exciting changes coming to the Free Application for Federal Student Aid (FAFSA) process this year.

1. The 2017–18 FAFSA will be available earlier.

The 2017–18 FAFSA is ready NOW. You do not have to wait until Jan. 1, 2017. The earlier submission date will be a permanent change, enabling you to complete and submit a FAFSA as early as October 1 every year.

2. You’ll use earlier income and tax information.

Beginning with the 2017–18 FAFSA, you’ll be required to report income and tax info from an earlier tax year. For example, on the 2017–18 FAFSA, you—and your parent(s), as appropriate—will report your 2015 income and tax info, rather than your 2016 income and tax info.

The following table provides a summary of key dates as we transition to using the early FAFSA submission timeframe and earlier tax information.

We know you probably have some questions. Here are some we’ve been hearing from students:

How will the changes benefit me?

You might find that the FAFSA process is easier than you expected.

  • From now on, the FAFSA will ask for older income and tax information that you will already have. This change means you won’t have to use estimates anymore, or log in later to update your FAFSA after you file taxes!
  • Because you’ll already have done your 2015 taxes by the time you fill out your 2017–18 FAFSA, you may be able to use the IRS Data Retrieval Tool (IRS DRT) to automatically import your tax information into your FAFSA.
  • Having the FAFSA available three months earlier will give you more time to meet most deadlines (although some will be early, so fill out the FAFSA right away just in case) and to explore and understand your financial aid options.

Since the 2017–18 FAFSA asks for the same tax and income information as the 2016–17 FAFSA, will my 2016–17 FAFSA info automatically be carried over into my 2017–18 renewal FAFSA?

No. Too much could have changed since you filed your last FAFSA, and there’s no way to predict what might be different, so you’ll need to enter the information again. However, keep in mind that many people are eligible to use the IRS Data Retrieval Tool to automatically import their 2015 tax information into the FAFSA, making the process of reporting tax info quick and easy.

Do I have to update my 2017–18 FAFSA with my 2016 tax information after I file my 2016 taxes?

No. The 2017–18 FAFSA asks for 2015 tax info, and only 2015. No updating necessary. (Hooray!)

But what if my family’s financial situation has changed since our 2015 taxes were filed? Can we report our 2016 tax information instead?

No. You must report your 2015 tax info on the 2017–18 FAFSA. You do not have the option to report your 2016 tax info. If your family has experienced a loss of income since the 2015 tax year, talk to the financial aid office at your school.

Note: The FAFSA asks for marital status as of the day you fill it out. So if you’re married now but weren’t in 2015 (and therefore didn’t file taxes as married), you’ll need to add your spouse’s income to your FAFSA.

Similarly, if you filed your 2015 taxes as married but you’re no longer married when you fill out the FAFSA, you’ll need to subtract your spouse’s income.

Where can I get more information about—and help with—the FAFSA?

Visit StudentAid.gov/fafsa/filling-out; and remember, as you fill out your FAFSA at fafsa.gov, you can refer to help text for every question and (during certain times of day) chat online with a customer service representative

Please let us know if you have any questions.  The VC Financial Aid Office wants to provide you the financial support you need to afford your education! 

- See more at: http://www.vernoncollege.edu/Blog/FAFSA-It-s-Really-Not-That-Difficult/20106#sthash.wO0R2BtR.dpuf
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