If you haven't filled out the Free Application for Federal Student Aid FAFSA forms recently, you will want to take note of the changes that FAFSA implemented to simplify filing the application and moving its availability to October 1st each year. For families finalizing college lists and applications, and making college decisions, the new FAFSA changes provide better flexibility. Families can now use "prior-prior" year tax information, which in the past had not been the case. Many families missed filing because their tax information was not available. These new changes in timing and the type of tax year information that can be used provide families more time to weigh their financial aid options and meet state financial aid deadlines. While each state has its unique deadline to submit, in general, it is better to submit your FAFSA forms early as some colleges are limited on financial aid funds.
How Your Financial Aid is Calculated
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