But because a custodial parent is not defined as the parent who has legal custody, other factors must be evaluated to determine which parent’s information must be provided. When parents live apart and are divorced or separated, the custodial parent is the one who needs to provide information for the FAFSA. Consequently, tax returns filed in the student’s last two years of college will not affect aid awards. This means that a family filling out the 2021–2022 FAFSA should use the data from its 2019 tax returns.
Due to a recent change, there is a two-year look-back regarding the data required. Information from the student’s and his or her parents’ tax returns is used to complete the FAFSA’s income-related questions. Subscribe to our Fearless Flyer newsletter
Get more financial tips and resources delivered right to your inbox each month. Here’s what you should know before filling out the FAFSA. Check with each school’s financial aid office to determine which applications are required. The most common of these is the CSS Profile. Many private colleges and universities require aid applications in addition to the FAFSA. It also asks for details about the income, assets, and education history of the applicant’s parents. The FAFSA’s more than 100 questions ask for a host of personal information, including marital and citizenship status, tax- and income-related information, household size, and the schools the student will apply to. Schools also use the FAFSA to assess whether additional aid is available from an applicant’s state of residence and from the school itself. It is used to determine the student’s eligibility for federal aid programs, such as grants, work-study options, and loans.
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The first step in applying for aid is to complete the Free Application for Federal Student Aid (FAFSA).
For many families, financial aid programs help make higher education attainable.
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