Financial aid question

SFnursetobe12 · Dec 4, 2016

I have the same situation. The FASFA has gone to using taxes from 2 years ago talk to your school. While I can't do anything about the FASFA using my high income from 2015 my school allows students to fill out a form with updated income so the aid from the school can be adjusted accordingly.

Tccowboys · Dec 4, 2016

Thanks for that information. I guess I may have to just wait? Until next year when I can use this bare bones income I have now.

SFnursetobe12 · Dec 4, 2016

Yes. Unless something changes with the FASFA rules again.

oceanblue52 · Dec 4, 2016

You can try also submitting a letter along with your more recent tax returns as an "appeal" once they give you an offer. I had success twice with getting Perkins loans added to my package. Not sure if it would help to submit earlier; give financial aid office a call to see what they would prefer.

NICUismylife, ADN, BSN, RN · Dec 4, 2016

I had the same issue. I'm hoping that once the new tax season hits, we will be able to upload our updated tax forms. *fingers crossed*

If not, I will be contacting the financial aid office at my school and see what I can do.

WanderingWilder, ASN · Dec 4, 2016

I think they do that to allow people to file their fasfas sooner. Just wait until after you have filed your taxes next year and I would imagine they will be accepting the 2016 info.

SFnursetobe12 · Dec 4, 2016

FASFA will be using 2015 taxes for 2017 aid. I called the department of education to be sure and they said yes, 2015 for 2017. 2016 taxes will be used for 2018

SFnursetobe12 · Dec 4, 2016

I think they do that to allow people to file their fasfas sooner. Just wait until after you have filed your taxes next year and I would imagine they will be accepting the 2016 info.

They changed the rule this year. It's now going to a retro retro tax filing. 2015 taxes for 2017/2018 school year. 2016 taxes for 2018/2019 tax year and so on. I wish it wasn't since my income for 2015 is way higher but that's what it changed to

Livelaughlove72 · Dec 4, 2016

That is correct this is new for the 2017-2018 academic year, and the fafsa changed this so that students can complete the fafsa earlier and not have to wait for their taxes from the last year to be filed in order to start school and know how much financial aid you are eligible for. Be sure to bring this up with your financial aid office. You will have to request what is called a "Professional Judgement" or "Special Circumstance". What you have to submit will vary based on your particular circumstance but the other posters are correct you should submit your 2015 W2 and your 2016 W2 at a minimum and also include a letter requesting a second look at your FAFSA based on reduced income.

Best of luck!

WanderingWilder, ASN · Dec 4, 2016

They changed the rule this year. It's now going to a retro retro tax filing. 2015 taxes for 2017/2018 school year. 2016 taxes for 2018/2019 tax year and so on. I wish it wasn't since my income for 2015 is way higher but that's what it changed to

I see, I had heard about them allowing people to file the fasfa earlier, but I didn't realize they were going to have you use the income from the year before. Crazy that they will be basing your financial aid packages on income from two years ago.

SFnursetobe12 · Dec 5, 2016

I see, I had heard about them allowing people to file the fasfa earlier, but I didn't realize they were going to have you use the income from the year before. Crazy that they will be basing your financial aid packages on income from two years ago.

Its the first year for the switch and of course it's my highest income year. You are correct, the whole reason is so people can know early and know how much aid they will get from the schools they apply to. But for us transfers going back to school after having high paying jobs it's not fair. I'm hoping after filling out the form at my school letting them know I have lower income they will give me a better financial aid package!