Erin and Jason’s twins will enter college in September 2019. They wonder how and if they will receive financial aid.
As small business owners, Erin and Jason’s income fluctuates from year to year. The Free Application for Federal Student Aid (FAFSA), which almost every college requires, moved up its submission date to October 1 from January 1 last year – a change for parents who have undergone this exercise before.
Because the FAFSA filing is earlier, they can submit a tax return copy that’s one year older than before. For example, their FAFSA next October should include a copy of their 2017 tax return for their twins’ 2019-2020 school year, but it won’t ask for additional years.
With twins, their college expenses are times-two, so they may qualify for aid even with relatively high income in 2017. Most colleges will ask for tax returns from multiple years, so financial aid officers may see their variable income.
Client Profile is based on a hypothetical situation. The solutions we discuss may or may not be appropriate for you.
|Next Article||November 2017 Newsletter||Previous Article|