How Your Taxes Affect College Financial Aid Opportunities
With January coming to an end, not only does it mean that the days are getting (ever-so-slightly) longer, but tax season has officially arrived. Whether you file early or for an extension, how you file this year’s taxes can have a lasting impact for years in the future, especially when it comes time to fill out FAFSA (Free Application for Federal Student Aid). Completing the FAFSA helps you pay for college!
FAFSA completion is required for a variety of Federal Financial Aid options, including need-based Grants, Scholarships, Work Study, and Loans. Students (and their families) complete the FAFSA in the fall of a student’s senior year in high school. At DSST, each school’s college team supports students and families as they navigate and fill out FAFSA. Even though you complete the FAFSA during your student’s senior year, years of tax information is taken into account.
One of the most important components in receiving comprehensive Federal Aid is completing your yearly taxes correctly and accurately.
Need help completing this year’s taxes?
Check out the below free and low-cost community resources that can help you file your taxes accurately.
- Denver Asset Building Coalition: Free tax help is available starting January 26, 2020, for families making less than $55,000 or Single filers under $35,000.
- Mi Casa Resource Center
- Free Tax Return Preparation for You by Volunteers