As you have read here before, the best time to complete the Free Application for Federal Student Aid (FAFSA) is at the beginning of the year. This is when grants and scholarships are most plentiful and the opportunity to receive them is the greatest. Many of these are issued on a first-come first-served basis. So, waiting until tax-time will hurt your student’s ability to receive the most aid available. However, now that tax-time is past, it is time to update your FAFSA numbers.
Many families are worried that updating their information will raise “red flags”. Yet, the government, colleges and universities fully expect your numbers to change to a degree. No one is expected to have all their numbers right on their taxes on January 1, and the same is true for the FAFSA.
So, take the time to log back into the FAFSA site and plug in your real numbers from last year. You may be surprised to see the difference and the impact it may have on your student aid package from the school of your choice.
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