By Eric Stock
BLOOMINGTON – Seeking financial aid can sometimes be the hardest part about going to college. New rules are intended to make that easier.
Schools want to know by May 1 whether you plan to enroll, which can be difficult when you don’t know if you are eligible for aid if your taxes aren’t done until April 15. Starting next year, families will be able to turn in their FAFSA (Free Application for Federal Student Aid) application as early as October and use the financial data from two years prior.
“There are a lot of families who may own a business that can’t get their taxes done (by April 15),” said Scott Seibring, director of financial aid at Illinois Wesleyan University.
He added if your income changes in the meantime, schools will decide whether you would be entitled to more aid.
“A family could have lost a job or they had a change of job where they are making less,” Seibring said. “In that scenario, it’s about contacting the school. Schools can deals with that on a professional judgment (basis).”
Seibring said the move might prompt schools to start accepting students earlier because students will have their financial aid done sooner.
Eric Stock can be reached at eric.stock@cumulus.com.
