A new process in filing the Free Application for Financial Student Aid (FAFSA) will take place starting this semester for those who wish to seek student aid for the 2017-18 semesters.
As past applications began accessible on January 1, the new process will allow students to access the application starting on Oct. 1 of this year. Students are encouraged to fill out the application as soon as possible to ensure the maximum amount of aid.
According to College Ave Student Loans, students who request financial aid sooner are historically more likely to receive more than twice the aid as opposed to those who file later.
An additional change includes the way income is reported by the student and parents. Previously, students were required to submit income for the previous year and often did not have the tax returns for the exact information.
Now, students will report the income from two years before the year filed on the application. For example, if a student files for the 2017-2018 FAFSA, the student will report income from the 2015 tax return statements.
More information on this change will come as it is made available.