On October 1, FAFSA will release their new policies in regards to the application that will impact the 2017-2018 school year. The launch of the new application offers various benefits to students. Learn more about these changes!
No More Estimating Tax Information
Since FAFSA is released every year on January 1, the deadlines usually fall sometime between February or March, and taxes are not technically due until April 15 every year. That being said, oftentimes students will estimate their tax information for the previous year and have to deal with the hassle of going back into their application later on to update it. With the new FAFSA, you will be able to report your tax information from two years prior in order to reduce inaccuracies and ensure a more precise depiction of financial aid circumstances.
Ability to Meet Deadlines due to FAFSA Requiring an Earlier Submission
Since the FAFSA will have an earlier submission, you will have more time to research your options and understand what is offered in regards to financial aid before your college’s deadlines. Because FAFSA has previously been offered after January 1, many students might miss their deadlines while waiting for tax information to come back. It is well-known that FAFSA falls under a first come first serve basis, meaning that the earlier you fill out the application, the better chances you have of obtaining more financial aid. The new changes will allow students to have more time to fill out their application and even the playing field for those who insist on awaiting their tax information.
A More User-Friendly Application
The new FAFSA will provide students with a more user-friendly application. Applicants will be given the option to skip questions that don’t pertain to their certain situation. In addition, 26 financial questions have been eliminated due to a lack of relevance in regards to awarding financial aid. Lastly, you will be given the opportunity to use the IRS Data Retrieval Tool in order to import your tax information directly into your FAFSA. By implementing a more user-friendly application, FAFSA will ultimately lower stress levels of applicants and ensure authentic information.
Make a note of these new benefits and don’t forget to fill out the application on October 1. Learn more about South College’s Financial Aid or apply today!