The Prior, Prior What?

The name sounds odd, but the new FAFSA ruling allowing families to use income tax filings from two years prior (referred to as “Prior-Prior”), may make life much easier for many students submitting the Free Application for Federal Student Aid. In anticipation of this new ruling, Rivermont Collegiate will be holding its annual Financial Aid Night earlier in the 2016-17 year than in years past. ICAN (Iowa College Access Network) will come to campus on Wed Sept 14, 2016 at 7:00PM. ICAN experts will bring to you all the latest information on filing the FAFSA.

With the new deadline allowing filing of the FAFSA in October of the student’s senior year based on tax information of the year prior-prior to fall college enrollment, students and parents will not have to wait until Jan 1 to file the FAFSA as in the past; often, this deadline was out of step with college and university financial aid deadlines. Students enrolling in fall 2017 will be allowed to submit 2015 tax information for federal student aid.

The new ruling will also allow families to use the IRS Data Retrieval Tool and import IRS tax returns directly into the application; hopefully, this will allow for increased accuracy. Families will also have all the tax information ready when the FAFSA filing opens in October.

BalanceLastly, for students with a strong interest in rolling admissions colleges and universities (making acceptance decisions as applications are submitted) the new ruling will make early decisions with financial packages possible. Remember, however, the real advantages in applying to at least six schools and comparing financial packages.


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