Early FAFSA filing among important changes for college aid

A higher education is one of the most important investments people can make in their future. So if college is on your radar next year, it's important to know about some big changes currently rolling out in the world of financial aid.

It all starts with the Free Application for Federal Student Aid (FAFSA) - that universal form families submit to determine eligibility for federal grants, loans and work study funds.

So what's new about it? The FAFSA filing period for the 2017-18 school year will open on October 1, three months earlier than in the past.

The idea of applying for financial aid before filling out a single college application may seem overwhelming, or even illogical. But the changes are part of an ongoing effort that aims to simplify and streamline the process. Here are some things to keep in mind:

1. Filing a FAFSA got a lot easier.

Students can now report income information from an earlier tax year. In the past, when FAFSA filing began January 1, the bulk of families had yet to file a tax return for the previous year. As a result, families either waited until tax season to complete their forms, or they had to estimate their income and correct the figures at a later time.

Now, families can use their 2015 tax return for the 2017-2018 school year. And, the FAFSA is able to electronically retrieve tax information and automatically fill in the form using the IRS data-retrieval tool, speeding up the process and reducing the chance for errors.

2. Don't procrastinate or you could lose out.

If you overlook the new October kickoff, you risk losing out to others. That's because some student aid programs have limited funds that are given out on a first-come, first-served basis.

MAP grants in Illinois are awarded this way, and available funding for the program runs out quickly each year, according to the Illinois Student Assistance Commission. In addition, many colleges and universities have priority filing deadlines, meaning you need to get your FAFSA in by that date to maximize grant eligibility.

3. An earlier timeline won't necessarily mean receiving an earlier financial aid package.

Multiple factors can impact an institution's financial aid package from state budgets to college admissions calendars. So even with the earlier FAFSA filing, many colleges won't be able to significantly accelerate their own timetables.

Students can, however, receive their federal Student Aid Report immediately when submitting a FAFSA. The report states some of the federal aid that a student will be eligible for, as well as Expected Family Contribution (EFC), which is the minimum amount that a family will be expected to contribute toward a child's education.

4. Everyone, and we do mean everyone, should fill out a FAFSA.

No matter how much or little your family makes, you should fill out a FAFSA. Many kinds of grants and scholarships require it, and students of all income levels may qualify for various types of aid.

At Harper College alone, more than 9,000 students were awarded nearly $23 million in scholarships, grants and tuition waivers during the 2015-2016 school year.

Millions of dollars in federal grant money currently is being left on the table. And unfortunately, the students who most need assistance submit the FAFSA at lower rates than their peers.

5. Get started soon and remember that help is available.

Although you can't start filling out the FAFSA until Oct. 1, you can visit FAFSA.gov to set up your user ID and password. High schools and community colleges also are invaluable resources for navigating the financial aid process, so be on the lookout for workshops or call to set up an individual appointment.

Once your FAFSA is complete, you'll be one step closer to accessing the aid that will support you through your college endeavors.

Laura McGee is the Director of Student Financial Assistance at Harper College in Palatine.