College students need to complete the Application for Federal Student Aid (FAFSA) to qualify for any needed financial aid. Two new changes have taken affect for the new FAFSA process:
You can now submit the FAFSA form as early as Oct 1st., instead of the previous Jan 1 submission date. This is not the deadline, but students who apply earlier tend to receive more aid.
Going forward, you can base your answers on your federal tax return from the previous year (referred to as “prior-prior year”). You’d use your 2015 federal tax return for the 2017-18 academic year; the 2016 return for the 2018-19 academic year; and so on.
To fill out your FREE application, go to FAFSA First-time users will have to create an FSA ID (user name & password). Documents needed to complete the FAFSA are:
Student and parents’ social security numbers
Federal tax returns
Bank and investment statements
You have to resubmit the FAFSA with updated financial information each year you’re going to college, so don’t forget your user name and password. If you’re having trouble with a FSA ID, you can call 1-800-557-7394 or go to Student Aid
Tom Scanlon has over thirty years experience in public accounting with an extensive background in the areas of financial, tax, and estate planning. He prides himself on providing in-depth and customized solutions to privately held businesses and their owners. He is a Certified Public Accountant and Certified Financial Planner®.
Tom is a frequent speaker for area organizations and has recently been quoted on CNBC, Fox 61 News and AARP's blog. Tom also has been a guest columnist for numerous publications including The Wall Street Journal, Barron's, Money Magazine, The Hartford Courant, The Hartford Business Journal, and The New Haven Register. He is a member of the American Institute of Certified Public Accountants, the Connecticut Society of Certified Public Accountants, and the Financial Planning Association. Active in the community, Tom supports a variety of not-for-profit organizations.