Q: My son is applying for academy for aing year, and I see that we can abide the FAFSA anatomy starting in October. Is there a account to accomplishing it aboriginal rather than later? How am I declared to ample out the anatomy back I haven’t filed my taxes for 2018 yet?
A: The timeline for applying for federal banking aid afflicted two years ago, and you can now abide your Free Appliance for Federal Apprentice Aid starting on Oct. 1, rather than cat-and-mouse until Jan. 1. You’ll use advice from your 2017 tax return.
It’s a acceptable abstraction to abide the FAFSA as anon as accessible because some colleges accolade their aid on a first-come, first-served basis. You’ll additionally acquisition out area you angle for aid awards faster.
You about accept until June 30 to abide your FAFSA, but some states and schools accept beforehand deadlines. Check the borderline with the banking aid offices of the schools you’re considering. Additionally acquisition out whether the schools use the CSS Profile, which is an added banking aid appliance that 400 above colleges require.
The tax advice that the FAFSA requires additionally afflicted two years ago. Instead of appliance your advice for the accepted tax year, you use the abstracts from your antecedent tax acknowledgment — which would be your 2017 tax acknowledgment for the 2019-20 academy year — so you don’t accept to delay until the end of the year to book the FAFSA.
However, if you’ve had any changes to your assets back 2017 — say, you chock-full working, or you switched to a lower-paying job – acquaintance anniversary school’s banking aid appointment to explain the abridgement in income, ask for a analysis of your book appliance the new advice or apprentice about the appeals process.
You charge to book a FAFSA to accept federal banking aid, as able-bodied as aid from abounding colleges. Even if you don’t anticipate you’ll authorize for aid, it’s still a acceptable abstraction to ample out the form. Some schools accept added their assets levels for aid, and the appliance may additionally be appropriate to authorize for added types of scholarships at some colleges.
Before you ample out the form, parents and acceptance should actualize a Federal Apprentice Aid ID and countersign and gather Social Securitynumbers, driver’s authorization numbers, coffer statements, 2017 tax allotment and W-2 forms, says Rick Castellano, a agent for Sallie Mae, which provides apprentice loans. Then go to FAFSA.gov to ample in the anatomy — the Department of Education redesigned the armpit this year to accomplish it easier to navigate.
You can additionally use the IRS Abstracts Retrieval Tool, which can acceleration up the action by automatically appointment advice from your tax acknowledgment into the FAFSA. See the Department of Education’s graphic for the accomplish to alteration tax advice into your FAFSA form.
Kimberly Lankford is a accidental editor to Kiplinger’s Personal Finance magazine. Send your questions and comments to [email protected]
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