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Attention Parents: Incoming First Year FAFSA Release Date!

by | May 20, 2023 | Blog

Every school year flies by and the same will be true for 2023-2024. As you celebrate the end of junior year with your child, there is another milestone that parents and guardians need to have in mind: the FAFSA form for incoming college freshmen opens on October 1.

Preparing for the Free Application for Federal Student Aid (FAFSA) form will only make your life easier. If you have a rising high school senior, the FAFSA form should be on your to-do list this fall to eliminate any excess stress. At the end of the paperwork comes congratulations!

Rising High School Seniors and the FAFSA Form

Need-based federal financial aid is determined for students based on their financial situation. The FAFSA form is for both the students and parents to fill out for financial aid. This aid can come in the form of scholarships, work-study, and/or loans.

The form requires you to submit your tax return from two years ago. For example, for the 2024-2025 school year, your 2022 tax returns need to be used. This process repeats every school year and financial aid is adjusted based on the tax return.

Subsequent Events

After submitting the completed FAFSA, the student will receive the Student Aid Report (SAR). This report is a breakdown of everything your family submitted and what the family is expected to contribute. At this point, you and your family wait for the prospective college to return with a decision letter containing the exact contribution amount.

Senior year is a busy one for both parents and students, so we recommend getting a head start on the FAFSA form when it is available on October 1. Paperwork can be tedious but with this form particularly, it is crucial to take your time and complete it fully.

At LCW CPAs we are committed to helping our clients, and as your student reaches another important milestone, contact us if we can assist you. Time goes by quickly, and soon you will be moving them into their freshman year dorm. Meet the deadline and enjoy the senior year celebrations.