FAFSA

February is one of my favorite months of the year because it’s National Financial Aid Awareness Month. Throughout this month, all of us in the higher education community make an extra effort to provide even more information about how to use and access financial aid for college. All of us want you to feel more confident about the entire financial aid process, so that you can feel better through the next few years of college applications and acceptance.  Over 80% of full-time, first-time undergraduate students receive financial aid every year for college, so it’s important to really understand the financial aid process. This month (and always), I want to share helpful information about paying for college.  Here’s just some of the recent blogs about college financial aid that I recommend:  The Beginner’s Guide to Financial Aid: Get the most out of your financial aid application by learning more about how the process works. All Things FAFSA: FAFSA stands for Free Application for Federal Student Aid. The Department of Education uses the FAFSA to determine students’ eligibility for federal financial aid based on their financial situation. Completing this form could provide you with access to federal grants, scholarships, work-study, and loans, different forms of money to pay for school. Here’s some other tips about filing the new FAFSA forms. What’s the FAFSA and Why Should You Care: Completing the FAFSA can help you earn federal financial aid.Not filling out the FAFSA is one of the biggest college blunders to make! It’s money that helps pay for school. FAFSA Tips & Common Mistakes to Avoid: The best way to complete the Free Application for Federal Student Aid is early, online or via the myStudentAid mobile app, and without any mistakes. The sooner you complete the FAFSA, the more aid you could be eligible for. The FAFSA typically opens on October 1 each year for the following academic year. How to Start Preparing for College Applications: The more prepared you are now, the easier your FAFSA will be when it’s time to fill it out! Check out my top tips for preparing early.   Other financial aid applications: Depending on the college(s) your student applies to, there may be additional financial aid application requirements beyond the FAFSA. This might include the CSS Profile or supplemental forms a college may require. Take the time to review each school’s financial aid requirements!  Scholarship awareness: Scholarships are another great way to find money to help pay for college. This process should be on the high school junior’s schedule, in addition to admissions and financial aid applications. Learn more about how to talk with your student about paying for college. The biggest question most students have about financial aid is, “Will I be eligible?” for financial aid.  If you have the desire to get an education, don’t let worries about finances be discouraging. With a little effort, you will find many options available to you. I always encourage students and families to file the FAFSA and apply for aid, even if they don’t think they’ll qualify for anything. You’d be surprised what can happen!  Happy National Financial Aid Awareness Month!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

How Finding Money for College Is Now Easier Than Ever For the last 40+ years, students and families have been frustrated by the process of filing the FAFSA. This single document is the key to funding a college education, yet it’s been one of the most notoriously difficult documents to file. Many families often decide to skip the entire process together, even though it’s necessary to file in order to receive financial aid. However, with the release of the 2024-2025 FAFSA, families, students, and financial aid offices alike are hopeful that the once complicated application will be easier to complete and process. Here are some of the changes we’re excited to see with the opening of the 2024-2025 FAFSA: Questions: The number of questions have been reduced around the primary areas, with follow-up subsets depending on the answers given. More information will be directly input from the appropriate federal tax return using the IRS Data Retrieval Tool. EFC: The Expected Family Contribution will be changed to the Student Aid Index (SAI). You can learn more about the changes with the SAI here. Pell Grants: More students will be eligible to receive maximum or partial federal Pell grants. The hope is that7 million more students will qualify for the maximum Pell Grant each year, and allow hundreds of thousands more to receive partial awards. Form Completion: For students with divorced or separated parents, the parent who provides the greater portion of a student’s financial support will be the one who is responsible for completing the FAFSA. COA: Changes are being made to the definition of Cost of Attendance. Colleges will be required to provide more specific cost details on their websites. Some students with extremely low income may be able to qualify for financial aid which exceeds the cost of attendance. Untaxed Income: Changes have been implemented to streamline the definition of untaxed income and benefits. Income Protection: Important changes have been made to the income protection allowance (IPA) for parents and students, which shelters a portion of income based on a basic living expense standard. Multiple Students: Families with multiple members attending college will no longer need to divide the parent assessment among that number, which could in effect reduce the amount of aid available for middle- and high-income families. This is going to be a major change! Formula and Appeals: Other changes will be made to the formula used for determining financial aid. There will also be changes to the financial aid appeals process. The hope, of course, is that all these changes will motivate more families to file a FAFSA and qualify for federal financial aid. The information collected also forms the basis for aid decisions made by state governments, colleges and some private scholarships. As of early January, the FAFSA has been released in a soft launch. This means that it’s accessible – but the site is being regularly monitored for efficiency and you may find that the application can be temporarily unavailable while updates are made. Try not to worry and instead just focus on completing your form. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. Twitter: Now that the 2024-2025 FAFSA has been released in its soft launch, learn about the major changes made to make this form easier and more accessible. Facebook Tip: The FAFSA is the most important document your family will file to receive funds for college. The Department of Education has been hard at work to make this form easier to complete – see a list of some of the biggest changes made to this year’s application! Instagram: For the last 40+ years, students and families have been frustrated by the process of filing the FAFSA. This single document is the key to funding a college education, yet it’s been one of the most notoriously difficult documents to file. Many families often decide to skip the entire process together, even though it’s necessary to file in order to receive financial aid. However, with the release of the 2024-2025 FAFSA, families, students, and financial aid offices alike are hopeful that the once complicated application will be easier to complete and process. Check out some of the major changes made to the new FAFSA!

What We Know About the New FAFSA and Financial Aid Offers As a result of the FAFSA Simplification Act in 2020, the FAFSA has been updated to help millions of students and families maximize their financial aid for college. In the past, the FAFSA has been available in October for families to start their financial aid process – but this year, things are a bit different. The new form has not been released yet (but will by December 31st!). This has been the biggest update in 40 years for the FAFSA and we’re all ready to see what the new application looks like. Here’s what we do know about the updated FAFSA and your student’s college financial aid process so far: Applicants will be able to pull data from their tax returns. An exciting new update for the 2024-2025 FAFSA is that you’ll be able to automatically retrieve income from your taxes and the IRS. During the application, families will give consent to the Department of Education to send their identifying information to the IRS, who will match up records and retrieve the necessary financial aid information for the FAFSA.  This will save time and provide more accurate responses to income related questions. Families must consent to be able to receive financial aid. If you don’t, the application will be considered a reject. So, make sure you hit the button to consent to this data transfer! Are there any format updates to the FAFSA? The FAFSA will still be available on paper if you don’t want to do it electronically – but you’ll still have to consent to the data transfer. Additionally, the new version of the FAFSA has been shortened from the original 110 questions to somewhere around 40-50 questions. As we’ve discussed in previous blogs, the questions about drug convictions and selective service have also been waived. Will the delayed release impact financial aid offers? Understandably, this is the question most students and families are most worried about. If your student has applied for early decision, it’s likely that the colleges are using old processes to review and process financial aid applications. The schools are estimating aid offers and once the FAFSA arrives, they’ll be able to confirm any information already provided by families. If you’re a current college student and your information is kind of same, your offered financial aid package should come in later in the year. For students who are applying on the regular timetable, the delay of the FAFSA release is likely to not impact financial aid. Many states and universities have pushed back due dates, so be sure to check your college’s site! How are the updates impacting Pell Grants or other offers for low to middle income students? The FAFSA’s calculator for student financial need has changed from the Expected Family Contribution to the Student Aid Index, which is now based on federal poverty guidelines. Honestly, this change will make knowing what you’re going to receive more predictable. The Department of Education has also released a new Federal Student Aid Estimator simulator online. Families can look as early as middle school to determine if college is a realistic option for their students. This may help in the long run with selecting appropriate classes and activities. Filing the FAFSA, no matter what your financial situation is, is a way to open possibilities for paying for college. I encourage all families and students to file the FAFSA – even if you think you might not qualify for aid. You’d be surprised what’s available! Good luck completing the application this year and if you have any questions, don’t hesitate to reach out! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.  

Updates to the FAFSA Have Delayed College Financial Aid for Millions The Free Application for Federal Student Aid (FAFSA) has undergone some major updates for the 2024-2025 application cycle. Unfortunately, many families and students are wondering exactly where the FAFSA is. Traditionally, the FAFSA is released in October and is the cornerstone for students’ financial aid packages and offers from their dream colleges. Because of the revisions, the application has been delayed – which means the entire financial aid process is being delayed for millions of students and schools everywhere. So, the question remains: when will the FAFSA become available? FAFSA Release for the 2024-2025 As of this moment, the Education Department has announced that FAFSA will be released by December 31st. While I wish we had more details, that’s the best we have at our current time. As a reminder, schools cannot access applications until 30 days after the FAFSA opens – so that means colleges won’t be able to review applications until the end of January 2024. Schools understand that without financial aid packages, students cannot make decisions about which school to attend – or if they can even afford to go to college. Financial aid offices will be working incredibly hard to complete their side of this equation for all of the students. Please give the financial aid staff members grace and patience, as no one really knows what to expect with this application cycle. When is the FAFSA due? While the application typically opens in October (and by December 31st this year), the application is actually due until June 2024. However, aid is often distributed on a first-come, first-serve basis so if you know your student will need aid to attend college, submit the application as soon as you can. Remember to check your college’s deadlines as well as deadlines for state or federal funding you might be considering, as those may be different. While we wait for the FAFSA to open up, review our tips on how to prepare for your application and what to do if you receive any verification requests.  This year, more than ever before, it’s important to fill out your application quickly and correctly the first time. The new updates were completed to streamline the FAFSA, which should also help this cycle! More about Jodi and College Financial Aid Advisors Jodi helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. Still Want More Help? Get more information on financial aid in my book, Secrets of a Financial Aid Pro – it makes a great holiday gift! You’ll find information on everything including admissions deadlines, financial planning, filling out the FAFSA, award letters, searching for scholarships, and comparing student loan options. Order it now, and get the information you need to successfully navigate the financial aid journey.  

Be Prepared for a Fast Financial Aid Application Cycle It’s a well known fact that the “early bird gets the worm” and as I’ve talked about often on the blog, the earlier you submit your financial aid paperwork, the better chance you have of more funding for college. But, in a year where the FAFSA is being delayed (because of some great changes that are happening!), many students and families are left wondering how financial aid distribution will work for the 2024-2025 school year. 2024-2025 FAFSA Updates For the 2024-2025 college application cycle, the FAFSA will be open to students and family by December 31, 2023. Unfortunately, that means we’re not 100% sure when that opening day is. College financial aid offices cannot access that information until 30 days after the application opens, which means that the earliest colleges will begin reviewing applications is the end of January. This is almost 3 months later than the FAFSA timelines have been in previous years. It also means that the window of time that the schools have to compile and disburse financial aid offers is also shortened. As a student applying to college in the fall, or a student returning for another year at a university, be prepared to be patient and understanding with your financial aid offices. What Does It Mean for the FAFSA This Year? Like every other year, the advice of applying early still matters. As soon as the application opens, be prepared to submit your paperwork. Check out our tips on being prepared for that here! Colleges are actively working to determine how they need to adjust their financial aid deadlines, so it’s important to stay on top of that information for the schools you’re applying to.  It is very important that students and parents check each college’s website to find out whether it uses the FAFSA or CSS/PROFILE, and when it must be submitted. You don’t want to miss a deadline! Especially in a year like this, where everything will move quickly. Remember, some financial aid is awarded on a first-come, first-served basis, which is why it’s critical to apply as soon as you can. If you receive a request for verification you also want to make sure you respond to that as quickly as possible.  As the opening of the FAFSA application approaches, it’s the perfect time to schedule a free strategy session with Jodi of College Financial Aid Advisors now! Although you want to apply to college and submit the FAFSA as early as possible, make sure you have all of your financial aid award letters before making your final selection in the new year. Keep a lookout in your email to make sure you don’t miss any communications from your prospective colleges. Know when your college requires a definite commitment from you, and adhere strictly to that deadline. This year is going to feel like a whirlwind in the world of financial aid, so hold on tight and give the offices you’re working with grace as they figure it out alongside us all. More about Jodi and College Financial Aid Advisors Jodi helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. Still Want More Help? Get more information on financial aid in my book, Secrets of a Financial Aid Pro – it makes a great holiday gift! You’ll find information on everything including admissions deadlines, financial planning, filling out the FAFSA, award letters, searching for scholarships, and comparing student loan options. Order it now, and get the information you need to successfully navigate the financial aid journey.