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It is Fafsa time again, when parents and students fill out the required financial disclosure for college financial aid. For some parents, the economic environment—as well as various changes in the rules—makes it especially important that they understand the process this year.
The 2022-23 Free Application for Federal Student Aid, or Fafsa, opened to families on Oct. 1. It uses financial information from applicants’ 2020 tax returns, but some families’ financial circumstances may have deteriorated since then due to the pandemic and lockdowns, various weather-related disasters or other factors. If that’s the case, families should contact the financial-aid office of schools they’re applying to or attending and ask that their changed financial circumstances be taken into account.