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A Full List of College Admissions and Financial Aid Application Deadlines for High School Students

A Full List of College Admissions and Financial Aid Application Deadlines for High School Students

FAFSA, Financial Aid / By

The fall is one of the busiest times of year for high school seniors who are applying to college. There’s normal school work and extracurriculars, as well as the various deadlines for applications and financial aid. It’s a lot for any student to keep track of.  Yet, it’s important to track the deadlines so that you have the best chance of getting your financial aid application in – and then, the best chance of getting the maximum aid available to you. With that in mind, here’s a few deadlines to track for your financial aid and college applications.  College Admissions Deadlines There are generally a few types of college admissions deadlines: Early Decision Early decision is important for students who have their heart set on one specific college. Students who receive early decision approval agree to attend that college. Early decision deadlines can be as soon as November 1, so most students should be well on their way to having their application submitted. For most colleges, students who apply early may hear back from schools by mid-December, which means that you might have your plans finalized by the new year (which is so exciting!).  Early Action These acceptances have a little more flexibility. The student gets an earlier response, but is not obligated to commit to that college. Again, these deadlines can be as early as November 1, but there is more opportunity to choose between colleges once you receive responses from each.  Regular Admissions Regular admission deadlines are usually the latest, sometime in late December or early January. Many colleges will have filled a significant portion of their class by then, so that’s just something to keep in mind. It is better to apply for an early action or early decision at a school, if you have your list finalized. Rolling Admissions Some colleges are flexible about their admissions deadlines, but here again the advantage goes to the early applicants. Rolling admissions are a great way to apply to a school if it’s lower on your list and you’re waiting for other decisions.  Financial Aid Deadlines There are many forms of financial aid which can supply funds to help pay for college. This can come from federal, state and institutional resources. Access usually begins with filing a FAFSA. College Deadlines Each college sets its own deadline for financial aid applications. We’ve said it before and we’ll say it again: check your preferred college and their deadlines. Students may find that they need to submit their financial aid applications as early as November. State Deadlines Many states have their own forms of financial aid for in-state institutions. While most use the FAFSA (which comes live in December), some states do have separate applications. Although timeframes differ, the general recommendation is that you should file as soon as possible after October 1. Federal Deadline Technically you do have until June 30 to submit the FAFSA, but many financial aid funds could be deleted by then. It is best to file as early as possible, which will be in December for the 2024-2025 application cycle.  Scholarship Deadlines Some scholarships come from your college, and are awarded based on your FAFSA information. There are also private scholarships which can provide additional money for your education.  Scholarships are often based on your personal qualities and abilities. Every scholarship has different rules and different deadlines. Some can be as early as November or December, while some want only applicants who are already in college. The great news is that there is no limit to the amount of scholarships you could receive. The best approach for any deadline is to aim to submit your information before it is due. Last minute scrambles can lead to mistakes and could even cause you to miss out because of silly errors. The earlier you submit your paperwork, the better chance you have at receiving the maximum aid possible – and feeling less stressed about your college application journey.  Working with Jodi 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.

How to Follow-Up On Your College Applications

End-of-Year College Application Tips

FAFSA / By

Some high school seniors are still feeling the pressure of getting their college applications completed. Maybe they aren’t sure of their final college choice yet, or haven’t discussed the money part with their parents, but there isn’t much procrastination room remaining. Early decision and early action deadlines have passed, and most regular deadlines fall somewhere between January 1 and February 1, unless the college utilizes a rolling admissions process. If you put everything off until the last minute, here are some end-of-year college application tips to boost your college admission possibilities: •  Be decisive: At this point there isn’t enough time to crank out a whole series of applications with any quality to them, so it might be best to focus on fewer colleges and make sure the applications you complete are representative of your best work. •  Get organized first: Instead of just randomly attacking each school’s list of requirements, make a complete list of everything you need to do. Then look at things that might require a little more time and get them done first. If you don’t have transcripts or letters of recommendation, get that process in motion while you are working on the other components. The list will also help make sure you don’t forget any additional elements a particular college might want. •  Focus on one thing at a time: It can be overwhelming to look at a whole list of requirements, and think that there is no way to get everything done. Instead, look at getting just one thing done at a time. Give yourself the task of completing one item by a certain time. When that is done, move on to the next item on your list. •  Watch for mistakes: With all the hustle and bustle of trying to get everything completed, the possibility of mistakes increases dramatically. Santa is very good at checking his list twice, and you need to think along those same lines. Once you think you have everything completed for a particular college, take a moment to check twice before hitting the submit button. Be especially careful of careless errors like using another college’s name in your application. •  Don’t wait until the very last minute: While the good news is that you are not alone in this process, the bad news is that there could be hundreds or thousands of students just like you trying to submit applications at the very last minute. Sites can crash or information can get lost, and you might be out of luck. Get your stuff in before the rush. •  Don’t forget the financial aid: If you have not completed the FAFSA yet, that should also be high on your to-do list. While you might already be too late for some types of financial aid, you definitely won’t receive any help without this crucial piece of the puzzle. So, make good use of the holiday breaks from high school and get those college applications done!

How the CSS Profile Can Help Your Student Find More Money for College

FAFSA, Pay for College, Scholarships / By

While the focus of financial aid applications is often the FAFSA, it’s important to understand that some schools require students complete the CSS Profile to receive non-federal financial aid. In fact, 400+ colleges and scholarship programs use the CSS Profile. Your student should confirm whether or not they need to file the CSS Profile and FAFSA based on their potential school’s websites. Be aware that some also require their own financial aid applications, too.  What is the CSS Profile? The CSS Profile is administered by our old friends at The College Board  (yes, the same people from the SAT exam and AP classes!). The  CSS Profile is a little more in-depth than the FAFSA because it is designed to help colleges see a truer picture of your family’s financial need. It may even request financial information on a non-custodial parent. It is meant to help schools better understand what your finances look like.  How do I complete the CSS Profile?  To complete the CSS Profile, you’ll need to use your College Board username and password. If you have an account for the SAT or to view your AP scores, use that. If not, you can sign up for a new account. As you complete the CSS Profile, the system automatically builds an application tailored to your family’s specific situation. The application is very responsive and they provide plenty of support online to help you through the entire application!  Unlike the FAFSA, there is a fee associated with submitting the CSS Profile. We always encourage students to be incredibly sure they want to apply to the schools that require the profile. Fees can add up quickly during application season! If you cannot afford the fee, there is a hardship waiver you can apply for!  Once you have submitted your application, keep an eye on your dashboard in case a college wants you to submit additional information.  Anything else I should know about completing the CSS Profile?  Like all applications, there’s a few common mistakes to avoid when completing the CSS Profile. They include: Consistency with the FAFSA: Some colleges may require both the FAFSA and the Profile to award federal, state and institutional aid. Information must be consistent between these two applications, or it will raise a red flag. As most applications are completed at separate times, double-check to look for any inconsistencies. Usually, it’s an accident but do your best to avoid any discrepancies.  Keep your income figures straight: The FAFSA makes it pretty easy to report income from your federal income tax returns using the Federal Tax Information, but the Profile may also request updates on your 2022 financial situation and can ask for projections about 2023. If your financial situation has changed dramatically, this could be an advantage for you, but be sure to provide a concise explanation in the “Explanations/Special Circumstances” section. Watch the supplemental questions: Make sure you answer any additional questions required by each college, but do that in the “Supplemental Questions” section, so only that college will see your answers.  Completing the CSS Profile is about being prepared and reviewing your financial information carefully. It’s simply another option to help your family find money to pay for college! Read more tips about completing the CSS Profile here.  Want more help with college financial aid?  CFAA 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.  

Your Guide to Filing the 2024-2025 FAFSA

FAFSA, Financial Aid, Pay for College, Student Loans / By

Fall can be a challenging time for high school seniors with college applications, the Free Application for Federal Student Aid (otherwise known as FAFSA), and searching for scholarships. The 2024-2025 FAFSA will come online in December, which will condense this year’s application cycle, so it’s important to be on top of getting this task off your to-do list! Remember, every student should complete the FAFSA. Without it, colleges cannot provide financial aid offers or determine who is eligible for what amount of support.  When you begin filing the 2024-2025 FAFSA,  here are some of the key steps you will need to make so you don’t miss out: Get an FSA ID: Both students and parents of dependent students need an FSA ID to log onto the FAFSA site and electronically sign the application. Gather your information:  Have materials you will need readily available before you start, so you won’t lose momentum each time you need a new piece of data. Gather Social Security numbers, driver’s license information, and income/investment information. FAFSA is using the Federal Tax Information tool to gather data this year – read up on that here.  Complete parent and student information:  Both the student and the parent or parents of dependent students must provide financial information. Be very sure you understand who can be listed as your parent for financial aid purposes.  Supply college names:  You will be asked which schools are to receive your FAFSA. Have your list of  colleges available, and determine whether your state requires them to be in any particular order. If you have more than twenty colleges, you can go back later and update your list. Receive your financial aid award letters:  Your FAFSA information is reported to the colleges on your list to be used in making their final aid determinations. You will be sent a separate award package from each college.  Some common missteps could delay or impact the amount of financial aid you receive so be sure to take your time and avoid these common errors: Not completing an application at all: Don’t put yourself out of the running by not even applying.  Proofing errors: Check your application carefully before sending it in. The name you use must exactly match the one on file with the Social Security Administration. Missing a deadline: There are several types of financial aid deadlines. Miss one and you could miss out.  Paying a fee: Although you may want to pay someone to help you complete your application, there is no fee to file a FAFSA.  Failure to sign: Use your FSA ID to electronically sign your FAFSA before submitting it online.  Break down each part of the FAFSA and other applications into manageable tasks. Don’t be afraid to ask for help – especially from us here at College Financial AId Advisors. Remember, to take your time, and make sure you get it right the first time. Delaying the process only adds more stress for everyone involved. Good luck!  Want More Help? CFAA 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. plan it

What You Need to Know to File the CSS Profile This Fall

FAFSA, Pay for College, Scholarships, Student Loans / By

The fall is a wonderful and busy time of year – especially if you’re a student applying for college. All of a sudden, your calendar is filled with deadlines for school applications and financial aid applications. Almost all families will be completing the FAFSA this winter. Some families may also need to complete the CSS Profile. The schools that you’re applying to will tell you what you need to complete to be eligible for financial aid on their websites. Take time to check their lists carefully (and double check, while you’re at it!). The CSS Profile is similar to the FAFSA but a bit more in depth, so be prepared to show an in-depth picture of your current financial situation. If you need to file the CSS Profile this October,  we’ve got a few tips for you!  What is the CSS Profile? The CSS Profile is an online application from The College Board. It helps to determine your eligibility for non federal student financial aid. The CSS Profile is used by nearly 400 colleges, universities, professional schools, and scholarship programs to award more than $9 billion in grants, some of which might not be available through the FAFSA alone. Like the FAFSA, you should complete the CSS Profile as soon as you can. The sooner you submit your application, the better chance you have at some of the funds that may be more limited.  You do not have to complete the CSS Profile in one sitting, but remember to finish and submit the application in time to meet your schools’ financial aid deadlines.  What to Know About the CSS Profile:  User Account:  If you have a College Board account, sign in using the same credentials you created for the SAT, AP tests, and other purposes. Using the same account will save you time and help apply any fee waivers received to your CSS Profile application. Documents:  You will probably have most of your documents already available if you are also completing the FAFSA this year. The CSS Profile may ask you to provide information about your financial status in 2022 and anticipated income for 2023. This can be crucial if your family has experienced a dramatic change such as divorce, death, job loss, or natural disaster in the last year.  Submission:  The CSS Profile uses a dashboard to track progress. The dashboard offers an at-a-glance snapshot of your application status, payment information and important deadlines and messages. It is updated in real time as you progress through the application. The dashboard is also mobile-enabled, and can be viewed on a smart device, such as a smartphone or tablet. You can add a college or program from the dashboard, although a few new questions may be required if the selected school requires additional information.Make it a habit to check your dashboard frequently to look for messages from your colleges, including requests for additional documents.  Non-Custodial Parents:  One of the biggest differences from the FAFSA is that the CSS Profile may also require financial information from a non-custodial parent. You will be prompted to share your parent’s email address after you have selected your colleges. If you are not in contact with the non-custodial parent, a CSS Profile Waiver Request is available. This may or may not apply to your family’s situation, but be prepared if it does.  Cerification:  Prior to submitting your CSS Profile to the schools you have chosen, review your responses. If any section is incomplete, you will be prompted to complete it during this final review process. You must certify that your application is correct by clicking the check box in the application certification. When you’re ready to submit, click the “save and continue” box. Fees:  In contrast to the free FAFSA, you may be required to pay a fee for your CSS Profile submission. The fee for the initial application and one college or program report is $25. Additional reports are $16. Fee waivers may be available for low-income families.  You may still be required to file the FAFSA if you want to participate in the Federal Work-Study Program, hope to qualify for federal student aid, or will need to borrow money through Federal Student Loans. Taking the time to review each college’s website is the best way to ensure that you’ve met all requirements they might have.  Who We Are CFAA 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. plan it

Demystifying Financial Aid: Key Terms Every High School Senior Should Know

FAFSA, Pay for College, Scholarships, Student Loans / By

For many high school seniors, the reality about balancing school, life, and even work may be settling in as the first month of classes finishes up. Work, school, and a social life are all important uses of their time – especially during their “last” year of school. But, for many of these students, they’re about to enter a new realm of responsibilities: college applications. The next few months are crucial to determining where high school seniors will go to college next fall. Not only that, but they have to figure out how they’re going to pay for it all.  As families begin to work on financial aid applications, it’s easy to get caught up in the jargon you see. That’s why we’re talking about must know financial aid terms every high school senior (and their parents) should know. When to Apply to College In recent blogs, we’ve talked about how important it is to know your deadlines for college admissions and financial aid. While some students wait because it is still possible to get into a school in the spring, the reality is that the fall application cycle is the best bet. The earlier you apply, the better chance you have for entry and financial aid. Applications for early decision can be due as early as October or November. Regular admission applications are usually due by the end of the year.  When to Apply for Financial Aid As for financial aid, you can begin applying as early as October 1st with the CSS Profile. The FAFSA will come online in December for the 2024-2025 application cycle… Neither of which are that far off anymore. While you don’t have to apply that early, you want to make sure you are eligible to receive the maximum amount of financial aid. However, some programs might have a limited amount of funding. Or, you could miss a critical deadline if you wait too long to apply.  Once you familiarize yourself with all the necessary deadlines, it is also helpful to have a good working knowledge of the applicable terminology.  Here are the most important financial aid terms you should know: FAFSA: The Free Application for Federal Student Aid. Some colleges use The College Board’s CSS Profile, or their own financial aid application to gather information. For most schools and students, the FAFSA is the primary means of applying for federal and state aid, institutional aid, and even some college scholarships. You may decide to pay an advisor to help you with the FAFSA. But, remember: there is no fee to submit it and receive a determination about your eligibility for federal financial aid. COA: Cost of Attendance, or “sticker price,” is the amount a student might be expected to pay to attend a particular college, before financial aid. Net Cost: This is the amount most students pay after financial aid and other grants and scholarships. Student Aid Index (SAI) The Student Aid Index is a measure of the family’s financial strength, namely its ability to pay for college. Merit Aid: This is usually some type of grant or scholarship provided by the college based on a student’s abilities in academics, athletics, arts, or some other area. Need-Based Financial Aid: These are grants, scholarships, work-study opportunities and loans that are available to students based on their family’s demonstrated financial need. Need-Blind Admission: Some colleges make admissions decisions without looking at financial circumstances.  Verification: Colleges will often request additional documentation to verify information provided on the FAFSA or CSS Profile. If you are selected for verification, pay very close attention to deadlines. Student Loans: This is money which is borrowed for the purpose of attending college. It must be repaid after graduation.  Completing college admissions forms and financial aid applications can be a challenge. With more knowledge of the financial aid terms and what to expect, you’ll complete them confidently in no time!  Who We Are CFAA 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. plan it

Everything You Need to Complete Your 2024-2025 FAFSA

FAFSA, Financial Aid, Pay for College, Scholarships, Student Loans / By

The FAFSA is coming. For the 2024-2025 application cycle, the FAFSA will be released in December. If you’re attending college in the fall of 2024, then you’ll likely need to complete the FAFSA this winter. Be sure to review your college’s website to make sure you don’t have any other components to file. Sometimes schools require the FAFSA as well as the CSS Profile or additional forms. If you’re a current student, make sure to file the FAFSA again this year. It’s not something you only do once! We’re reviewing everything you need to know to complete your 2024-2025 FAFSA correctly – and on time!  What is the FAFSA again? As a reminder, the Free Application for Federal Student Aid (FAFSA) is how schools determine your eligibility aid. This includes federal and student aid, and institutional support. Even some scholarships require you to file the FAFSA.  If you think you will qualify for the Federal Work-Study Program, or will need to borrow money through Federal Student Loans, the FAFSA is a must do application. It’s important to apply as soon as the application opens, as many programs have limited funding. The FAFSA usually opens in the fall. Because of massive overhauls made recently, the 2024-2025 application will open in December. This limited time table will impact how quickly aid packages are delivered. So, work hard to complete yours as quickly as possible.  Here’s everything you need to complete your 2024-2025 FAFSA:  Identification FSA ID: Each student and one parent of each dependent student will need an FSA ID, or username and password to log in to certain U.S. Department of Education (ED) websites and complete the FAFSA. You do not have to wait until December to obtain this information – apply for your FSA ID now. Social Security Number: If you do not yet have a Social Security number, get one now from the Social Security Administration. If you are not a U.S. citizen,  you will need an Alien Registration number. Driver’s License: This may be needed for identification purposes, but don’t worry if you don’t have one yet. Income Tax Returns: You will need to use tax information from your 2022 federal income tax return, even though your financial situation may have changed in 2023. Starting with the new 2024-2025 application, information will be gathered from the IRS through the Federal Tax Information tool. Untaxed Income:  You may be asked to provide details on untaxed income such as child support received, interest income, and veterans non-education benefits.  Assets: You will be asked to provide information on available assets such as savings and checking account balances, as well as the value of investments such as stocks and bonds and real estate (but not the home in which your family lives). You will report the current amounts as of the date you sign the FAFSA form. Other Prospective Colleges: Make a list of colleges you may apply to, so your FAFSA information can be forwarded to them, even if you have not yet applied or been accepted. You can list up to 20 schools at a time on your FAFSA form. If you aren’t sure about all the schools you want to send it to, you can add schools in later. As soon as you are ready to apply in December, complete the FAFSA form online using the fafsa.gov website. A quick tip: if using the online version, enable your browser to allow pop-ups. There are several prompts and helpful information that appear along the way. Always make sure the name you use on your FAFSA exactly matches the one on file with Social Security, check your form for any errors before submitting, and be sure to sign your FAFSA. Once all that’s done, you’ll be ready to hit “submit” and the first step of your college financial journey has begun!  Who We Are CFAA 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. plan it plan it

How to Prep for the 2024-2025 FAFSA This Fall

FAFSA, Financial Aid, Pay for College / By

Fall marks the beginning of the school year for students nationwide. For high school seniors, the fall also marks the beginning of college application season. As we all know, time moves faster once all of the activities and classes begin. Now is the best time to start preparing and getting ahead of those college and financial aid application deadlines.  To apply for college financial aid you will need to be prepared to file the Free Application for Federal Student Aid, or FAFSA. For the 2024-25 application cycle, the FAFSA will come online in December. Since it is a shorter opening for the application, it’s imperative to be prepared to fill it out as soon as you can.  Why File the FAFSA?  The FAFSA is how the amount of aid a student receives is calculated. No matter what your financial situation, you should absolutely file the FAFSA. As mentioned, this year’s FAFSA is being released later to accommodate the new changes being made to the application. Because of that, the time for schools to review and approve aid will be much shorter. So, you want to be prepared to complete it as soon as possible after it is available. The FAFSA is also required to determine your eligibility for student loans when that becomes necessary, and is even used by some scholarship grantors. All of this makes it a very important document that is well worth your time investment. Why Should I Prepare Now?  Even though it might seem like there is sufficient time before December, time can slip by very quickly. Additionally, with a smaller application window open, it will be important to be ready to file as soon as you can. The first thing you will need to do, if you have not done so already, is obtain your FSA ID by creating a unique username and password. This will give you access to the online FAFSA application and other information. It will also serve as your legal signature for submitting the completed application. Once that is in place, start gathering the following documents and information: Social Security Numbers for students and parents, or Alien Registration Numbers for non-U.S. citizens. Driver’s license.  Any applicable bank statements and records of investments to document additional income. Records of untaxed income, such as child support. Names of potential colleges for applications. Independent students will only have to provide their personal information, while dependent students will need to provide it for themselves and their parents. If your financial situation changed dramatically in 2022,  you still need to report the information, but be prepared to state your case directly to your selected colleges. When you are ready to begin filing your FAFSA, be sure that you only go to the Federal Student Aid website at https://fafsa.ed.gov/. You can also use this site to find information on college costs, graduation, and post-college earnings. Their site is a great source of information for financial aid and information related to college!  Who We Are CFAA helps with the financial aid process, from helping to complete 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. Learn more about completing the FAFSA in my book, Secrets of a Financial Aid Pro! You’ll find complete information on financial aid, saving for college, paying for college, and student loans. Order it now, and make your journey to financial aid a success.

Federal Tax Information: What It Is and What You Need to Know

FAFSA, Financial Aid, Pay for College, Scholarships / By

One of the biggest changes with the 2024-2025 FAFSA is how Federal Tax Information (FTI) is gathered during the application process. FTI is any tax return or return information received from the Internal Revenue Service and is important for determining income, eligibility, income-driven repayment plan options, and more through the FAFSA process. Starting this year, your Federal Tax Information will be sent directly from the IRS to the Department of Education. Today, we want to talk about what you need to know about FTI and FAFSA! Do I have to provide consent for FTI?  Providing this information is critical to determine your student’s eligibility for aid programs, so yes – you should provide your FTI. During the FAFSA application process, you will provide consent for this information to be used. Anyone who is involved with the application (the applicant, the applicant’s parents, or spouse) will also provide consent to have their FTI retrieved from the IRS. So, rest assured that you have the option to say “yes” or “no”. We recommend you say “yes” and allow the IRS to send that information!  What exactly are they gathering? Starting with the new 2024-2025 application, the following information will be gathered from the IRS: tax filing status, adjusted gross income (AGI), number of exemptions, number of dependents, and income earned from work. Additionally, information about your educational credits, untaxed IRS distributions, payments, tax exempt interest, untaxed pension amounts, and profit/loss information will be gathered, too.  How does the Department of Education/FAFSA gather my FTI? About ten years ago, the Data Retrieval Tool was created for the FAFSA process. This tool helped applicants import their data from the IRS to their FAFSA application. In the future, a new tool will be used: FUTURE Act Direct Data Exchange (FADDX). This new program simply means that in the future, your information will not be imported. Instead, it will be received directly from the IRS to the Department of Education.  As you can see, Federal Tax Information is part of the FAFSA application process. The Department of Education has been working diligently to make this all run smoothly for applicants. Updating the process to gather FTI results in fewer errors and protects your information in a more robust way.  Who We Are CFAA 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.         plan it

Did the Updates to the 2024-2025 FAFSA Actually Make It Better?

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It’s been 40 years since the last major overhaul of the FAFSA application. To say it’s over due would be an understatement. If you need a reminder, FAFSA is the application every college student should file for financial aid assistance as a freshman and throughout college. The information on this application helps to determine your eligibility for aid for each year student applies while in college. During the 2019-2020 year, Congress passed the FUTURE Act and FAFSA Simplification Act – both of which makes it easier for students to apply for financial aid, while ensuring more students and families qualify for help. Because of the new legislation, there have been major changes to the FAFSA itself. These changes impact how you fill out the form, how various aspects of financial aid are calculated and more.  We’re sharing 3 of the biggest changes for the 2024-2025 FAFSA!  #1: Revisions to Cost of Attendance  For years, there have been standard allowances for certain components of the college experience, including room and board, food and housing, and transportation. Together, these make up the Cost of Attendance (COA) allowance. Starting this year, “room and board” has become “food and housing”, “food and housing” has been grouped into “living expenses” and transportation includes travel between campus, home and work for the student. While these don’t change much for you and your families, this may impact the way colleges break down fees. Colleges are also required to list the COA alongside any information about tuition now. That’s a huge win for potential students!   #2: Student Aid Index Will Not Determine Pell Grant Eligibility  The Student Aid Index is how your need is determined. FAFSA takes the cost of attendance minus your student aid index (formerly the Expected Family Contribution) minus other aid to calculate your expected need for funds. While that calculation really isn’t new, the laws have changed the eligibility calculations for Pell Grants and other need based student aid. The SAI will not be the primary determinant of Pell eligibility. That’s an important change. As of now, the minimum  and the maximum values of the Pell Grant will be based on the family’s adjusted gross income along with household size and federal poverty guidelines. SAI will only be a  factor for students whose eligibility falls in between the minimum and the maximum awards – which is a change from previous years.  #3: Role Based Applications For the 2024-2025 year, FAFSA will change the online experience to be role based. That means there will be roles for the student, the parent (and other parent as appropriate), and student spouse. The student’s dependency, marital, and tax filing status will determine if additional contributors are required on the form. It will also dictate who will sign the paperwork under their own FSAID ID, too. Different situations will dictate who needs to sign in and complete the paperwork. But this role based system will make those distinctions even easier to follow.  The main goal of the changes to the 2024-2025 FAFSA was to make the process more simple and easier to understand while helping more families qualify for aid. While we all have yet to access the system and determine if the changes have worked, the new changes do seem promising! Remember to keep preparing for this year’s application to open in the winter!  Still Have Questions? Let’s talk! CFAA 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. plan it

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