Paying for College Without Going Broke, 2018 Edition by Princeton Review

Author:Princeton Review
Language: eng
Format: epub
Publisher: Random House Children's Books
Published: 2017-11-07T05:00:00+00:00

So When is the Optimal Time to Submit the Aid Forms?

One of the most difficult things about financial aid is that the answers to most questions are: “It depends on your situation and other factors”. While conventional wisdom holds that one should always file “as soon as possible after a certain date”, the reality is that you should file at the appropriate time when you will demonstrate the greatest need for aid. So…..

1) If you are applying for aid at one of the few schools (Florida State is one such school that comes to mind) that still awards financial aid on a first come-first served (FCFS) basis instead of setting a priority filing date, then you should file the 2018-2019 aid forms as soon as possible after September 30, 2017. (Be aware that the overwhelming majority of colleges no longer award funds this way, as they learned a long time ago it is better for their enrollment goals to leverage their aid by rationing their funds instead. If a school’s aid requirements advise you to complete the forms “as soon as possible after X date but before Y date, then Y is the priority filing deadline and they do not award funds first come-first served.)

2) If you reside in one of the states that awards state aid on an FCFS basis until funds run out, then you also want to file the FAFSA and other required forms ASAP after September 30, 2017. Based on state aid information listed on this page of the 2018-2019 draft version of the FAFSA, the applicable states are: Alaska, Illinois, Kentucky, Missouri, Nevada, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Vermont, and Washington. The other 37 states and the District of Columbia appear to not have such policies (providing a fixed cut-off deadline to apply), though it is best to contact your state agency for full details. (See this page for a contact info.)

3) If none of the colleges or your state agency award funds on an FCFS basis, the earliest school’s deadline by which a standardized need analysis form must will be sent to or received by the need analysis company becomes your overall deadline. In this case, you should file the form after October 1 but before your earliest deadline, during the time period when your family contribution is likely to be the lowest number. Let’s say your earliest deadline is January 31, 2018 for the 2018-2019 year, but you will be getting a large bonus check from your employer right after New Year’s Day for the prior year. You would be better off filing the form before that the bonus money inflates your assets. Do you make estimated tax payments? You would be better off making that next payment and have the payment clear your account before you file so that your reportable assets are lower at the time you file.

And even though the FAFSA filing period now begins three months earlier, from what we have heard so far from

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