Most Significant FAFSA Changes in over 20 Years
Beginning with the 2017-2018 college school year, the federal government has instituted the most significant changes to the Free Application for Federal Student Aid (FAFSA) that we have seen in our 20+ years in this industry.
Change #1: The filing window for the FAFSA now opens October 1st each year. In past years the filing window didn't open until January 1st.
Change #2: The base year (income reporting year) will be the calendar year two (2) years prior. In past years, for example, the base year would have been 2016 for the 2017-2018 college school year; the base year is now 2015 for the 2017-2018 school year.
Benefits of the FAFSA changes....
Benefit #1: This earlier filing of the FAFSA should better align the financial aid application process with the colleges' admission application timeline.
Benefit #2: The base year change will eliminate the need for families to 'estimate' income figures as they will now be using tax figures from two (2) years prior when the FAFSA is filed.
Understanding how these changes will impact your family...
Caution #1: Due to the fact that college funding is always on a first-come, first-served basis, it is important to be aware of and adhere to the new procedures, dates, and filing window.
Caution #2: The timeline for CFS to gather updated student and family financial information has been changed significantly. Our update reminders, which in past years have started right after Thanksgiving, will now start in the middle part of August.
Caution #3: Not all colleges may change their financial aid/funding timeline to coincide with the new FAFSA filing dates. Students should contact each school directly to inquire as to their processing timelines since theh FAFSA information will be available earlier each year. In other words, will the school distribute Award Letters (offers of funding) sooner.
Change #1: The filing window for the FAFSA now opens October 1st each year. In past years the filing window didn't open until January 1st.
Change #2: The base year (income reporting year) will be the calendar year two (2) years prior. In past years, for example, the base year would have been 2016 for the 2017-2018 college school year; the base year is now 2015 for the 2017-2018 school year.
Benefits of the FAFSA changes....
Benefit #1: This earlier filing of the FAFSA should better align the financial aid application process with the colleges' admission application timeline.
Benefit #2: The base year change will eliminate the need for families to 'estimate' income figures as they will now be using tax figures from two (2) years prior when the FAFSA is filed.
Understanding how these changes will impact your family...
Caution #1: Due to the fact that college funding is always on a first-come, first-served basis, it is important to be aware of and adhere to the new procedures, dates, and filing window.
Caution #2: The timeline for CFS to gather updated student and family financial information has been changed significantly. Our update reminders, which in past years have started right after Thanksgiving, will now start in the middle part of August.
Caution #3: Not all colleges may change their financial aid/funding timeline to coincide with the new FAFSA filing dates. Students should contact each school directly to inquire as to their processing timelines since theh FAFSA information will be available earlier each year. In other words, will the school distribute Award Letters (offers of funding) sooner.