The Chargeless Application for Federal Apprentice Aid (FAFSA) is the anatomy that every U.S. academy apprentice needs to ample out in adjustment to be acceptable for any need-based banking aid. That includes federal grants and loans, scholarships from the accompaniment and school, as able-bodied as academy work-study jobs.
Here’s what’s new:
Change #1: You can now abide the FAFSA as aboriginal as October 1, rather than January 1. This isn’t the deadline, but it’s best to get the anatomy in aboriginal because some aid awards are broadcast on a first-come, first-served basis.
Change #2: The FAFSA asks for banking advice appear on your federal tax return. Now, you can abject your answers on your acknowledgment from the antecedent year. This new action is referred to as “prior-prior year” and should accomplish it easier to acknowledgment the questions. You’ll be able to use your 2015 federal tax allotment this year, and you won’t accept to go aback and amend your anatomy aing bounce back you book taxes again.
These changes aim to accomplish the accomplished banking aid action a bit easier for you, but it charcoal a annoying and sometimes ambagious task. Here are some tips:
Where do I start? Go to fafsa.ed.gov. If this is your aboriginal time bushing out the form, you’ll accept to actualize an FSA ID. This basically acts as your user name and countersign for anniversary year you administer — so don’t balloon it.
What abstracts will I need? Yours and your parents’ Social Security numbers, driver’s licenses, federal tax returns, W-2 forms, and accustomed coffer and advance statements.
Does applying amount any money? No, it’s free. Don’t get bamboozled into advantageous for a account that helps you ample out the form.
My ancestors is average class. Should I still apply? Yes. There’s no assets cap. And if you don’t apply, you won’t be able to get any banking aid. You can use the White House Academy Scorecard or the online calculator that anniversary academy charge column on its website to get an abstraction of how abundant banking aid you ability receive.
What is the deadline? There can be assorted deadlines. To accept federal grants and loans, you charge abide the FAFSA by June 30, 2017. But colleges and states ability accept beforehand deadlines — and you could absence out on their money if you delay to apply.
I abounding out the FAFSA aftermost year. Do I accept to do it again? Yes. You accept to resubmit the FAFSA with adapted banking advice anniversary year you’re activity to college.
My parents are divorced. Do I account both of their incomes? No. The ancestor you alive with the best is the one you’ll address banking advice about. If that ancestor is remarried, you charge accommodate his or her income, too.
Back do I acquisition out how abundant money I’ll get? Your banking aid accolade letter will be beatific to you from the college. This usually comes in the spring, afterwards you’ve been accepted.
CNNMoney (New York) Aboriginal appear September 25, 2016: 8:42 AM ET
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