BREAKING NEWS: FAFSA Based on Prior-Prior Year Income
Good news coming out of Washington for future college students and their families: the financial aid application process just got a whole lot easier! On Sunday, September 13th, President Obama signed an executive order mandating the collection of what is referred to as prior-prior year income data on the FAFSA.
As many parents know, the FAFSA form becomes available for the coming school year on January 1st. In order to meet financial aid application deadlines, families must complete the FAFSA in January or February of their child’s senior year in high school, long before their tax returns are complete for the prior year, and must guesstimate that year’s tax data as best they can.