If you haven't done so yet, sign up right now for student aid for the 2018-2019 school year.
The Free Application for Federal Student Aid became available in October. If you haven't signed up yet, there is no time to lose. Some colleges have deadlines for applications in January.
FAFSA uses students' and parents' yearly income, financial assets, brokerage accounts, and any savings in a 529 plan to determine how much a family is expected to be able to pay for college. If the amount is lower than tuition and other expenses, then grants, scholarships, and student loans will often be available to fill in the gap.
Starting on the government's fafsa.ed.gov website, parents will now be able to use 2016 income and use an IRS retrieval tool to expedite the process. You'll need social security numbers for parents and student, the 2016 tax returns and W-2 forms, and current bank statements to answer the more than 100 questions on the application.
