Thank you VERITAS Prep for hosting a “Making College Affordable” workshop last night. We had about 40 people in attendance and the questions were excellent! The big questions on everyone’s minds are the new rules around the FAFSA. The new process of tax reporting call Prior, Prior.
Beginning the 2016/2017 school year, the FAFSA will be populated with information from the 2015 tax return and you can begin filling out the FAFSA your students senior year, October 1st. This is a change from previous years.
The easiest way to think about Prior Prior is if your student graduates from high school in 2017, your financial information from two years ago, 2015, will be used to fill out the FAFSA. You must fill out the FAFSA each year your student is in college and the tax information will continue to lag two years behind.
This change is forcing parents to think about the financial roadmap of college in their student’s sophomore year. To have a really effective college planning strategy, you should be planning as early as your student’s 9th grade year and NO later than their sophomore year. Remember, the government expects you to pay for your kid’s education, but if you plan correctly, there just might be some extra resources for you!