Do I fill out FAFSA now or wait 2 years?
My son will enter college in the fall of 2019.
I recently retired, my wife does not work. My 2017 tax return is my last year of employment.
Our 2018 EFC will be half the number for 2017. We won't qualify for need based aid based upon net worth. We need those funds to live!
Here's the rub: In 2019 we'll qualify to submit IRS form 1040A with a lower AGI. That means no reporting of net worth to FAFSA! However if the college already has a record our financial position from 2 years prior
they will have reason to reject our aid request. There's a big difference between a $31K public university
cost and a more reasonable $12K adjusted cost with aid. We have another child that might attend the same university 3 years later. So do we pay full price for 2 years to get a better rate on the other 6 years (both kids) or submit FAFSA now and hope for a sympathetic financial aid office?