Although Obama's new rule change allows the financial aid process to begin in October instead of January — making it possible for high school seniors to know their aid packages substantially sooner — the potential implications are much broader than just a three-month timing shift.
to bestselling scholarship and financial aid author Ben Kaplan, founder
of Scholaroo — the world's first instant college
scholarship alert system — there are three things that every
college-bound family must know about Obama's announcement:
1) SOPHOMORE STRATEGY
Obama's rule change means that tax returns from two year's prior will
now be used to calculate financial aid, families must make strategic
family finance decisions even earlier — surprisingly, during the
student's sophomore year of high school.
2) SEPTEMBER RUSH
the start of the college application season, scholarship application
season, and financial aid season will all be simultaneous during the
busy back-to-school time frame, families will need to manage their time
more efficiently during a new September rush period.
3) DON'T DELAY TO PLAY
these new Obama rules won't take effect until next year, savvy students
and families can realize many similar benefits THIS YEAR by being
proactive in the scholarship and financial aid process (including using
new online tools like Scholaroo).