Wherever you are on the college planning journey, here are a few actions you can take before the end of the year.

If you’re a parent of a high school sophomore (or younger) and reading this, congratulations! Today you’re going to learn some things you can do that will benefit you far more on the FAFSA than the last-minute moves families can make just before filing the FAFSA.

While it’s true that there is an income protection allowance on the FAFSA, it’s extremely low– roughly the federal poverty line for a family of your size. The bigger issue is what is included in income and what is subtracted from it to arrive at “Available Income.”

The FAFSA’s asset protection allowance is pretty low– about $19,000 for married parents or $11,000 for single parents, and zero for students. (See page 19 here for exact amounts.) What goes in that?

It’s summer job time! If your student is a rising high school junior or above, they should be aware of the FAFSA’s Income Protection Allowance for dependent students.

Unlike last year, when the Asset Protection Allowance in the FAFSA formula plummeted, adding thousands of dollars of family education savings back into the formula, this year’s numbers are generally modest changes from the 2016-2017 formula.

Behold, FAFSA season is upon us! Well, not entirely– the FAFSA isn’t available until January 1. Nonetheless, confusion and questions about the FAFSA abound already.