College Admissions Expert Elizabeth Levine: Tax Returns and Financial Aid

Families with high school juniors or high school seniors who are contemplating applying for financial aid need to have their 2015 tax information in order. 2015 will be the only year that will be the base year for two consecutive years of financial aid disbursement. Seniors applying to college for the fall 2016 entering class will be providing tax information from the 2015 calendar year for both their freshman year financial aid award (PY) and their sophomore year (PPY). This is because the FAFSA will become available October 1, 2016 (vs. 1/1/17) for the 2017/2018 academic year. With 2015 coming to a close, I wanted to make you aware of what an unusual tax year this is and how large an effect it will have on financial aid awards for the next two years.
If you have any questions about the college admissions process or the above information please do not hesitate to contact me at info@signaturecollegecounseling.com or by phone, 845.551.6946.