The Obama administration pushes forward with its “Change” agenda which impacts the FAFSA (Free Application For Federal Student Aid).

High income earners tend to not fill out this form based on the Myth that they believe they make to much money to qualify for aid. While it is true that some of these families won’t qualify for federal grants which are reserved for the lowest income students and families. These high income families are leaving money on the table. Filling out this form accurately with understanding of all the nuances could result in a surprising financial aid award letter.

The Obama administration hopes that soon it will become simpler to provide tax return information that is requested on financial aid applications.

The IRS plans to set up a new system where you will be able to visit a secure web page, verify your identity and then retrieve the essential info needed—such as your adjusted gross income (AGI) for the prior year—in order to complete college loan applications, scholarship forms and other types of financial arrangements. The IRS hopes to have the system up and running next year.

Because of these new planed changes it is more important than ever to properly plan and have adequate time to implement these strategies so that you can qualify for as much aid as possible.

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Uncategorized by J.D Wyczalek