New FAFSA Changes 2017

New FAFSA Changes 2017 are effective as of Saturday, October 1st 2016 now allow families to file their 2017-18 FAFSA and the CSS Profile using their 2015 tax information. It is called prior-prior year (PPY). Many families are being encouraged to file their FAFSA and CSS Profile forms as soon as possible.

However, there can be a problem with this advice is the new timetable when people have changing income levels year to year. The financial aid amount will be based on their older financial data that does not reflect their current economic reality because of either job changes (i.e., losses) or a drastic drop in the value of assets. Financial aid decisions will be based on out of date bank and brokerage account balances, not to mention previous income levels.

Families do have options here. If you would like more information on this topic and or would like the appropriate advice for your family, please contact our office.

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