Should I delay FAFSA submission?

October 4, 2018 5:58 PM

I'm applying for a second Masters' degree starting in the 2019-20 school year. I am married with one kid. Our income in 2017 was much higher than our income will be in 2018 (and 2019 and beyond). Would it be beneficial to wait to submit my FAFSA until after we file our 2018 taxes at the start of the year? Or should I just do it as soon as possible?
posted by HeroZero to Work & Money (1 answer total)

Best answer: Only your 2017 W-2 and 2017 Tax returns are considered in your 2019-20 FAFSA filing. Accordingly, there's no benefit to waiting .

Also note that your school may have a deadline earlier than April 15th in 2019 (some as early as January!) so it makes sense to submit as early as possible to maximize the time and amounts available to you through state and college financial aid funds. Same goes with scholarships that need to look at your FAFSA. Waiting may mean the funds run out by the time they process you.

After you've filed your 2018 taxes you can go to your schools' financial aid office and ask for a review to show the drop in income between 2017 and 2018 and whatever situation change led to it - they may be able to then find more aid for you on a discretionary basis.
posted by Karaage at 7:17 PM on October 4, 2018 [2 favorites]