It’s back to school time and you know what that means: a fresh start on classes, all of your friends returning to town and the crushing stress of knowing TOPS may not pay for your tuition anymore.
If you’ve been stressing out about financial aid, you should know about the changes being made to the Free Application for Federal Student Aid (FAFSA) for the 2017-2018 year.
The first change is that students will now be able to submit FAFSA earlier. Previously, the first date for submission was Jan. 1 of the year you were applying for aid. However, starting in 2017, you’ll be able to apply beginning Oct. 1 of the year before you need financial aid.
This means if you are planning to submit FAFSA to receive financial aid in 2017-2018, you can now submit your request on Oct. 1, 2016. This is great news for all of you procrastinators out there.
It will hopefully give students a better understanding of their financial situation before the new year begins and give them plenty of time to apply before school and state deadlines.
The second change is that you will now be able to use earlier tax and income information when applying for FAFSA. If you’re applying to receive aid in 2017-2018 you can use your or your parents’ 2015 tax information. Previously, you would have been using 2016 tax information.
Under this new system, there shouldn’t be a situation where you will have to estimate tax information. This is helpful for you as a student because both you and FAFSA will see your complete financial situation, and hopefully you will be awarded the appropriate financial aid.
I believe these changes will help students align the financial aid process with the college application process, increase the time for students to apply and eliminate the need to estimate tax information.
Jay Cranford is a 22-year-old finance senior from St. Simons Island, Georgia.
A student fills out the Free Application for Federal Aid (FAFSA) form on Tuesday, Sept. 1, 2015, in Hodges Hall.
