FAFSA: What Tax Year is this Years FAFSA based on?
What tax year is this years FAFSA based on? Read on so you don’t make a grave and costly mistake.
This one is terrifying to me. One of my families just relayed onto me that their students guidance counselor told them that this years FAFSA, 2018-2019, is based on their 2015 tax return. NO, NO, NO and NO!!!!
It is very simple to figure out which tax year the current FAFSA is based on. If your child is graduating high school June, 2018 and will be attending college Fall 2018, the tax year that financial aid is based on is 2016 – Essentially Prior Prior Year, T-2 as I like to refer to it as, T being the year of graduation and the year the student will begin to attend college. In this case, 2018 – 2 = 2016.
Basing your financial aid form information on the incorrect tax year can cost you significant dollars and delays in your financial aid being processed.
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