If you're applying to colleges this semester, you can't avoid hearing about FAFSA. The 2027-28 FAFSA opened on September 23, marking the earliest opening in the program's history, and for the second consecutive year, it opened before the legal deadline of October 1.

I was honestly a bit relieved to hear this news. Many of you might remember how much trouble parents had with errors and delays when the new form was first introduced a few years ago. This time, at least the start seems to be smooth.

However, the most confusing part right from the start is this: why are we asked to provide 2025 tax information when we're entering college in the fall of 2027?

This is due to the prior-prior year income reporting method. The 2027-28 FAFSA is based on information from the 2025 tax year. This means that the 2025 tax return, which you already filed this spring, is the basis.

The advantages are clear. You can apply using confirmed numbers at this point, so there's no need to wait for next year's tax return. This allows for submissions as early as October.

So, what do you need to prepare? Here's the order I suggest.

First, each student and parent needs their own StudentAid.gov account, or FSA ID. Although the identity verification process for new accounts has reportedly sped up, it's still best to create it in advance for peace of mind.

Next, you'll need a copy of the 2025 federal tax return, Form 1040. Most of the information will be pulled automatically from the IRS, but it's good to have it on hand to verify the numbers.

Importantly, there's the consent process. FAFSA uses a method called Direct Data Exchange to pull IRS data directly, and contributors like students and parents must each give consent. Remember, without this consent, the federal financial aid eligibility assessment will be blocked.

The third item is asset information. Bank balances and investment accounts should be reported based on the amounts on the day you submit the application, not the 2025 figures. Surprisingly, many people confuse this with the tax data from the same year.

Finally, you'll need a list of the schools you're applying to. You must enter the school codes so that the results are sent to those schools, so it's better to include potential schools even if your application list isn't finalized yet.

There are also a few changes in this year's form. The Department of Education explains that most families can complete it in about 15 minutes.

When inviting parents as contributors, you can now send invitations via text as well as email. This is quite practical for families with parents who live separately or travel frequently.

There's also a new feature that shows the estimated Pell Grant amount and federal aid eligibility during the application process. Additionally, an earnings indicator showing income information for graduates of the schools you're applying to has been added.

However, the pre-fill feature that pulls last year's information to fill in the form will be available later this fall. For families with current students, waiting to use this feature might be a good option.

Now, I want to emphasize something particularly for those living in Maryland: the State Priority Deadline of March 1.

The Maryland Higher Education Commission (MHEC) advises that to receive state scholarships and grants properly, you must submit your FAFSA by March 1 each year. Notable state grants like the Howard P. Rawlings Educational Assistance Grant also operate according to this date.

While the federal deadline is June 30, 2028, which seems ample, you shouldn't just focus on that date. You can still receive federal aid after March 1, but you may be at a disadvantage for state support.

Many schools have priority deadlines that are even earlier. If you're applying for Early Decision or Early Action, be sure to check the financial aid page of each school for their specific dates.

Even if you're not going to a four-year institution, it's still advisable to submit the FAFSA. MHEC also indicates that funding can be available for community colleges, technical schools, and vocational training programs.

There's a common saying in Korean households: "Our family has income, so we won't qualify anyway." I don't agree with this statement.

Many colleges consider FAFSA submission a basic requirement for their own scholarships or merit aid. Even if you want to use federal student loans, you need to have submitted the FAFSA.

I believe that a society where educational opportunities are less influenced by family circumstances is the right direction. In that sense, the application process becoming shorter and the ability to see results immediately is definitely a positive change. This will likely reduce the number of families who don't apply due to lack of information.

That said, this doesn't mean you can just fill in numbers carelessly. For families running businesses or with self-employment income, each item can significantly impact the results.

If your situation is complicated, such as in cases of divorce, separation, or foreign income, it's best to ask the school's financial aid office directly for the most accurate information. They tend to be surprisingly helpful.

If I were in your shoes, I would take out my 2025 Form 1040 and account balances this weekend and check my FSA ID first.

And if possible, I would submit it by October. There's no reason to delay while waiting for the March 1 Maryland deadline. It's a hectic time with kids applying, but those 15 minutes can make a significant difference.