Financial Aid

How to Update Your Financial Aid Application to Reflect Your Current Income One of the most important steps in applying to college is completing the FAFSA, which will open in December. What many families don’t realize is that the FAFSA uses federal income tax information from the previous year to calculate financial aid eligibility. That means on the 2024-2025 FAFSA, numbers will be gathered from your 2022 tax return. Unfortunately, financial situations can change and that means that when families begin to review their expected contribution, they begin to worry about how they’re going to actually pay for college. Today, let’s take a look at some things that you can change on your FAFSA, and then discuss what to do if your financial situation is vastly different from the numbers from last year. Adjustments You Can Make on Your FAFSA While most information cannot be changed on the FAFSA form, some information must be updated if it changes year to year. Social Security Number: You must file the FAFSA using a valid Social Security Number. If it is incorrect, you will have to change it. Make sure your name exactly matches that associated with your SSN. Contact Information: You may update your mailing address, email address, and other contact information if it has changed. Dependency Status: You must update anything that changes your dependency status except a change in marital status. Number of Family Members: This may be updated only if you are selected for verification. Number of Household Members: This may be updated only if you are selected for verification. Schools: You may add or delete colleges listed on your FAFSA. Currently, you can add up to 20 schools on your FAFSA. Making corrections or updates online requires the student to sign in using his or her FSA ID username and password. The parent cannot sign in and make changes to the form. You can make changes to the FAFSA online or contact your college and ask if they can make revisions for you electronically. Write in the corrections or updates on your paper SAR, sign it, and mail it to the address provided on the SAR. If you filed an amended tax return you can also contact the school’s financial aid office to determine if that information can be updated. Changes That Could Affect Your Financial Aid Award If your financial situation has changed already this year or changed dramatically since you filed your FAFSA, you need to contact your financial aid office directly, provide details in writing, and submit documentation to support your new circumstances. Some circumstances which might motivate a college to reconsider its calculation include: Job loss or income reduction due to COVID, natural disaster, or other circumstances. Unexpected medical or dental expenses that were not covered by the family’s health insurance. Serious illness, disability, or death of a household income earner or family member. Mental incapacitation of a household wage-earner. Loss of home due to eviction or natural disaster. Marital strain, separation or divorce. Severe reduction in the family’s income or assets. Pregnancy or change in marital status of the student. Change in the number of family size or household members, or a change in the number of household members attending college. Contact your colleges as soon as possible so they can take this information into consideration when making financial aid award decisions. Any updates in income may impact your student’s possible financial aid package. Additionally, if you’re expecting a gap that you cannot cover, begin searching for scholarships to apply for. Scholarships are great free money for college students! Who We Are 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. Best College Financial Aid Advisors.

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.