02 Feb Current FAFSA Info (Apply For Financial Aid)
The Free Application for Federal Student Aid (FAFSA) is changing, and it’s important for students and their families to understand the new rules and requirements. Here’s what you need to know:
- The FAFSA is now available earlier. In the past, the FAFSA was not available until January 1 of the student’s senior year of high school. However, starting with the 2022-2023 academic year, the FAFSA will be available on October 1 of the student’s junior year. This means that students will have more time to complete the FAFSA and to explore their financial aid options.
- The FAFSA now uses earlier income and tax information. In the past, the FAFSA used income and tax information from the student’s senior year of high school. However, starting with the 2022-2023 academic year, the FAFSA will use income and tax information from the student’s junior year. This means that students and their families will need to provide earlier tax information when completing the FAFSA.
- The FAFSA now uses a more streamlined process. In the past, the FAFSA required students and their families to provide a lot of detailed information, which could be confusing and time-consuming. However, starting with the 2022-2023 academic year, the FAFSA will use a more streamlined process that requires less information and is easier to complete.
- The FAFSA now uses a new formula for calculating student aid. In the past, the FAFSA used a complex formula to calculate a student’s eligibility for financial aid. However, starting with the 2022-2023 academic year, the FAFSA will use a new formula called the “prior-prior year” formula. This formula will use income and tax information from two years earlier, which will make it easier for students and their families to understand their financial aid options. In short, the FAFSA is changing in several important ways. The new rules and requirements will make it easier for students and their families to complete the FAFSA and to understand their financial aid options. By understanding these changes, students can take advantage of the new rules and maximize their chances of receiving financial aid for college.