FAFSA, or the Free Application for Federal Student Aid, is a form many students are accustomed to which grants financial aid to students. While it is typically the same each year, this year the FAFSA has been changed, allowing students to complete the form earlier.
Students who want to receive any form of financial aid, whether it be loans, scholarships or grants, are required to fill out the FAFSA every year. Typically, the FAFSA opens on Jan. 1 of each year and is due at a certain priority deadline, which changes depending on school. However, this year will be different.
“The FAFSA for the 2017-18 academic year is available for students to complete three months earlier than in prior years,” said Krista Ringler, director of the Office of Scholarships and Financial Aid at NC State. “The 2017-18 FAFSA opens on Oct. 1, 2016 rather than the typical date of Jan. 1 each year.”
These changes are meant to give students more time to complete the FAFSA.
“I like that I will have more time,” said Maria Parker, a junior studying psychology. “I don’t do it all in one sitting, I usually start on it then come back to it later.”
Also, the goal is for students to be able to get their award notices earlier so that they have more time to properly plan, financially speaking. However, this only applies to incoming freshmen. Students that are currently enrolled at NC State will not receive their financial aid awards until after the spring 2017 grades have been posted.
“To simplify the application process, the federal government has changed the FAFSA to request income information from two years prior,” Ringler said.
This change allows students who have not yet filed their completed income tax information to be able to more accurately fill out the FAFSA. Also, the hope is that students will be able to make better use of the IRS Data Retrieval Tool within the FAFSA, rather than having to recall all of the information themselves.
“Students should complete the FAFSA as early as possible after Oct. 1. The idea is to get in line as early as possible so that your application is considered before limited institutional need based grant funding runs out,” Ringler said.
While most of these changes are meant to help students, there are many factors that go into financial aid besides the FAFSA. Also, students who have drastically different finances currently than they did two years ago may be adversely affected, as the FAFSA might reflect a different level of financial health than they currently have. Only time will tell if this will be a significant problem.
“It’s going to affect me personally because I will be able to complete the tax portion without having done my taxes for that year,” Parker said. “Since it asks for tax from two years prior I won’t have to have done my taxes prior to completing my FAFSA. As for my friends, I know they tend to procrastinate just as I do so it will also give them more time to do it and they will be able to complete it even if they don’t have their taxes done.”
Students should be aware that turning in their FAFSA earlier gives them a better chance at receiving the financial aid they need. With a limited amount of money, many times financial aid is awarded on a first come, first serve basis, even if it is need based.
The federal government has made some significant changes to the FAFSA this year, with the aim to make life easier for students. The FAFSA has been open all month, so if students have not already completed the form, they are encouraged to complete it as soon as possible.
