You not only can fill out the FAFSA every year, but you really are expected to do so. The reason for this is that families' financial situations can change over the course of the student's time in college, sometimes drastically. Those changes in financial situation should be reflected in the annual financial aid packages awarded to students.
In fact, if the family's financial situation changes quite a bit between when you file the FAFSA for any given year and when the school year happens, you can file a "change of circumstances" appeal with the FA office. They may change the award mid-year.
Timing things to be aware of:
1. FAFSA now uses "prior prior" year tax returns. So if your kid is starting their first year in college this fall (2024), then you'll use your and your student's 2022 tax returns.
2. FAFSA expects you to report non-tax related things (like the value of assets) as of the day you complete the FAFSA. So if you have a major expense, yes, it can help a little bit to wait until after you've paid that expense to complete the FAFSA.
3. You can complete the FAFSA starting October 1st the year before (so in the example from above, that would be1 Oct 2023). Aid packages usually come out in April or May of the next year (so April/May 2024 in this example). Some aid is first come first served, so the usual advice is to file the FAFSA and any other financial aid stuff earlier rather than later. Some years we got it done in October; most years it was by January or February at the latest.
If you really can't afford the school in your current situation, you can either have your student switch to a school that you can afford, or hope that there's enough aid later when you run out of your own funds. Universities tend to load up aid packages with loans rather than direct grants, so don't be surprised if the school makes it "affordable" for you and your student by loading everyone up with student loans and PLUS loans that you can pay off for a number of years after graduation. Some universities are more generous in their initial aid packages than they will be later on, hoping to hook you and the student with "Well, student already finished their first year at State U and they really love it; we can't ask them to transfer so we'll find a way to make it work (i.e. loans)."
In fact, if the family's financial situation changes quite a bit between when you file the FAFSA for any given year and when the school year happens, you can file a "change of circumstances" appeal with the FA office. They may change the award mid-year.
Timing things to be aware of:
1. FAFSA now uses "prior prior" year tax returns. So if your kid is starting their first year in college this fall (2024), then you'll use your and your student's 2022 tax returns.
2. FAFSA expects you to report non-tax related things (like the value of assets) as of the day you complete the FAFSA. So if you have a major expense, yes, it can help a little bit to wait until after you've paid that expense to complete the FAFSA.
3. You can complete the FAFSA starting October 1st the year before (so in the example from above, that would be1 Oct 2023). Aid packages usually come out in April or May of the next year (so April/May 2024 in this example). Some aid is first come first served, so the usual advice is to file the FAFSA and any other financial aid stuff earlier rather than later. Some years we got it done in October; most years it was by January or February at the latest.
If you really can't afford the school in your current situation, you can either have your student switch to a school that you can afford, or hope that there's enough aid later when you run out of your own funds. Universities tend to load up aid packages with loans rather than direct grants, so don't be surprised if the school makes it "affordable" for you and your student by loading everyone up with student loans and PLUS loans that you can pay off for a number of years after graduation. Some universities are more generous in their initial aid packages than they will be later on, hoping to hook you and the student with "Well, student already finished their first year at State U and they really love it; we can't ask them to transfer so we'll find a way to make it work (i.e. loans)."
Statistics: Posted by secondcor521 — Fri Aug 09, 2024 5:50 pm — Replies 1 — Views 65