FAFSA

FAFSA filing season is almost upon us. For the 2024-25 FAFSA, the application will open up in December (it will return to the fall opening next year). This is one piece of the college and financial aid application process that stresses out many families. The application has recently been revised to be less challenging and more streamlined, but it can still feel scary. Today, we’re sharing 12 common FAFSA mistakes and how to avoid them. The point is not to stress anyone out further, but rather, to help you feel more prepared and ready to file this important application for your student’s financial aid!  12 Common FAFSA Mistakes (and how to avoid them!) #1: Filing too late  We recommend submitting your FAFSA as soon as possible after they become available, especially this year. Some programs have limited funding, and you don’t want to miss out, but you also want to leave plenty of time to fix any errors you might make, or reply to a request for verification. With the deadline being later this year, all offices are anticipating a much faster turnaround time and will need all of us to do our best to be on time and accurate.  #2: Not filing at all There are many students every year who simply do not file the FAFSA. They don’t understand the form, they think they earn too much or too little, or they think it is too complicated. You need this form to access federal, state and institutional funds, some scholarships, and federal student loans. Department of Education provides plenty of step-by-step completion guides, and has resources available to ask questions. The form has also been streamlined to make the process easier, too!  #3: Not having an FSA ID for parent and student The FSA ID is a username and password that provides access to Department of Education information. Both parent and student must have one. You can get an FSA ID at any time, so take care of that today and you’ll be ready for the winter! #4: Forgetting who is filing Technically the FAFSA is completed by the student, but in reality, most parents do it, and that’s where it can get confusing. If the FAFSA says “you” or “your,” that question requires the student’s information. The FAFSA does clearly identify which questions are intended for parent information. #5: Using the wrong name Make sure the name you use on the FAFSA matches the name associated with your Social Security Number. No nicknames. This mistake can cause major delays and we don’t want that!  #6: Missing deadlines  Check all state and college financial aid deadlines. Most fall before the end of the calendar year, so it’s important to track them and make sure you’re completing everything on time. #7: Old way IRS Data Retrieval Tool new way FTI  The FAFSA Simplification Act requires, wherever possible, the Department of Education use data received directly from the IRS to calculate a student’s SAI (Student Aid Index) and Pell Grant award. #8: Omitting information Although FTI  does provide a lot of information, look for the questions which need your specific details. These most likely refer assets, net worth of buisness, net worth of farm, family size and foreign earned income exclusion. #9: Limiting college listings The FAFSA is free to submit, so it does not cost anything to list additional colleges on your application. You can even include those that you are only thinking about at this point, even if you never actually decide to apply. This will make the financial aid process easier later on.  #10: Too many digits Some people like to be very precise and include commas or decimal points in the numeric fields. This is not necessary. Rounding to the nearest dollar is just fine – so don’t sweat this one! #11: Not signing the FAFSA  If you are filing electronically, you will use the FSA ID to sign the application electronically. Don’t omit this crucial step or your application will be delayed. #12: Not checking your work Carefully check your form before submitting it. A few extra minutes now could save you a lot of stress later. Remember to take your time and take a deep breath as you begin filling out your FAFSA. This form is crucial for financial aid and careless mistakes will only delay the process. Spend time gathering the documentation you need before beginning your application and just take your time.  Want More Help with Your FAFSA Application?  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

Since 2021, the Department of Education has worked to streamline and simplify the FAFSA application. These simplifications are also meant to make financial aid more accessible for all families. One of the biggest changes to the FAFSA is the NEW Student Aid Index (the old formula was Expected Family Contribution EFC). Here’s a breakdown of the major changes to the FAFSA for the 2024-2025 year and how they might impact your family.    Student Aid Index Changes   One of the major changes for FAFSA is how it will handle the Student Aid Index (formerly the Expected Family Contribution). As a reminder, the SAI represents how much money your family is expected to contribute to college in a year. This number determines how much need-based financial aid your student is eligible for. For the 2024-2025 FAFSA, changes have been made regarding the SAI. These changes will impact families with more than one student in college dramatically. Previously, the amount calculated for the Expected Family Contribution was divided between the number of students in school. But, that is no longer the case. For families with multiple college students, be aware that your SAI will increase and decrease eligibility for these families.  Changes also include the concept of a negative SAI, which should allow the very neediest students to receive aid in excess of the Cost of Attendance (COA) established by their school. The addition of a negative figure could prove helpful by further differentiating lower income students. SAI Considerations Each college will use a new SAI formula to take financial information into consideration to award families financial aid at each institution will attend in the fall of 2025. Remember if your student is applying to college in the fall of 2024 compare financial aid award letters before enrolling. Don’t get too worked up over the new SAI. Wait until you receive financial aid award packages from your colleges before making financial choices.  There can be differences in need-based awards from one institution to the next, and between public and private colleges. One big factor in these ranges is that there is a different Cost of Attendance for each college. The SAI does not take merit-based awards into consideration. Your student may receive a larger award package from one college that wants to recruit students with certain capabilities. Other FAFSA Changes for 2024-2025 Thanks to the FAFSA Simplification Act, major changes have been made to the FAFSA application to make it more accessible for lower income families, as well as easier for everyone completing the application. One of the most obvious changes is the length of the application. Questions will be nearly cut in half, and reduced even further with smart logic. Additionally, families will be required to give consent to transfer data from the IRS to gather federal tax information (FTI). An FSA ID is required for all applicants, spouses, and parents – so make sure to apply for that today!  The new FAFSA application should help more families pay for college. While we’re all anxious to see the changes and find out how it impacts our financial aid, just remember that these changes are meant to be helpful. Streamlining a complicated application and making it more accessible is always a huge win! If you still feel confused or worried about the FAFSA application, be sure to reach out to us at CFAA! Don’t forget – This year’s FAFSA will be delayed until December, and return to October after that.  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.  

Each year, students and families file the FAFSA to help determine funding for their college careers. The 2023 FAFSA won’t open until December, which is later than normal. With the new updates, the deadline is already going to be stressful. Every year, many families fail to prep for FAFSA applications in the months ahead of the deadline. A failure to plan often means feeling rushed and anxious about the process. Even though school is letting out for the summer, we encourage you to use your time off to prep for the FAFSA application. Remember, this year’s application will be even more rushed than normal, too!  Here are some steps students and parents can take in the spring to get a head start on financial aid:   #1: Know your deadlines One disappointing reason students miss out on financial aid is because they don’t know the deadlines they need to follow. Each college has its own financial aid application deadline you simply cannot miss, or you risk not even being considered for any financial help. You also need to closely monitor the FAFSA application deadline and state deadlines.  #2: Save your tax returns In December, the FAFSA will come online for the 2024-2025 academic year. This means that anyone who is planning on attending college in the fall of 2024 must complete this application in order to be considered for financial aid. As always, this year’s FAFSA will rely on data from your 2022 federal income tax return in order to calculate your expected contributions. Make sure you’ve submitted your tax return on time so you can pull in the information quickly online.  #3: Document any changes in your family’s financial situation Since this year’s FAFSA will rely on information from last year, it’s always possible things change. Life happens! There could be changes in your family’s financial situation. Although you must still utilize the most recent information on your FAFSA, document any changes and submit them directly to your colleges once the FAFSA has been completed. This is a very important step if there’s been major changes like divorce, job loss, or changes in your family.  #4: Start to research student loans now Although you might not know exactly how much money you will need to borrow right now, you don’t want to make a bad decision about student loans in the future because you are pressed for time. Learn about the differences between federal and private student loans now. As offers arrive, you’ll feel more prepared. We have lots of resources on our blog outlining the differences for you!  #5: Begin to find scholarships It’s never too early to look for scholarships! The more funding that you can find outside of student loans, the better! It’s less you have to pay back later. Scholarships can also be used for funding books, living costs, or other out-of-pocket expenses for your student.  While it feels really early to begin all of this prep work, being prepared is your best friend when it comes to college planning and applications. Preparing now means less stress in the fall and winter as everyone scrambles to complete the FAFSA. Now is the perfect time to research, read, and understand what all of these terms and numbers mean for your family’s financial future.  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 CFAA new client free strategy session or a 15 Minute Power Chat to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my bi-weekly JustAskJodi emails and my monthly CFAA e-newsletter. plan it

For many high school seniors, decision deadlines for their dream schools are just around the corner. May will be here quickly, and it’s likely that the topic of which college to commit to has come up in your home at least once in the last few weeks. As a parent who’s probably going to be responsible for some of the financial components of your child’s education, it’s easy to want to tell your student what to do. However, part of this transition to college is about showing your student has what it takes, and more importantly, that you know it and believe in them. As the decision deadline looms, you and your student will need to consider which school to choose, but also determine that they are indeed ready to commit to college. Wondering how to know if your student is ready for their next step? Here’s four ways to know your senior is ready to commit to college:  Look at their academics. Many students take college level courses in high school, causing parents to pay out of pocket while they learn the rigor of a college career. Make sure you know how your student performed in their college level courses (if they had any!). A strong academic foundation is key to college success.  Emotional strengths. College can be a big adjustment from high school life. When teenagers are on their own for the first time, they often feel lonely, struggle with time management, and lack organization. Your high school graduate should be capable of spending time on his or her own, as well as managing multiple demands. It’s important to feel confident that your student will thrive after they settle into college life away from home!  Understand the financial picture.  College is a huge financial commitment – not just for your student – but for your entire family. It’s critical that your senior understands not only the agreement they’re making for any loans they’re taking but also that they can manage the money they do have. Discuss your expectations as a family, especially the payment process after graduation. Don’t forget to review their ability to budget and prepare financially. (Check out our top money lessons here!).  Choosing a school that’s the best fit. Beyond the financial components, choosing a college is about finding a good fit for your student. If your senior feels uncomfortable or as though the school isn’t right for them personally, they’re going to struggle. Take the time to visit and learn the vibe of the campus – including size, location, and activities. Both you and your student should feel secure that the school they select is the one for them.  Committing to a college is about more than signing on the dotted line. It’s a promise from you to your student that you believe in them and are excited about their journey. We encourage you to have conversations about each school, financial aid package, and your student’s readiness before committing. Congratulations on this next big step in your student’s college career!  Find Out More: Give your child the financial, budgeting and emotional skills needed to succeed in college in my new book, Secrets of a Financial Aid Pro. You’ll also learn the different types of financial aid, what you should do to get the best possible college financing, and how to give your students the financial skills they’ll need for life. Pre-order now and take advantage of some terrific bonus offers. 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 CFAA new client free strategy session or a 15 Minute Power Chat to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my bi-weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Each year, high school students applying to college and college students currently enrolled in courses must fill out their Free Application for Federal Student aid (FAFSA). The FAFSA is the federal form that collects your family’s income and tax information. That information is then used to determine how much financial aid your student qualifies for at all levels. This form typically opens up in October each year for families to complete. However, the Department Education  has been working to streamline this document since 2020. With new changes coming, the Department of Education has delayed the application opening until December 2023. After the 2024-2025 year, the form will return to its October opening date. Today, we’re discussing what this delayed opening actually means and what’s going on with the FAFSA.  Why is FAFSA being delayed? In 2020, Congress approved the FAFSA Simplification Act. This act means to overhaul the way we approach federal student aid. Major goals included streamlining the FAFSA application, expending Pell Grant access, and replacing the Expected Family Contribution. The Department of Education has been working to simplify the form and now it’s almost ready for implementation. But, changing the FAFSA is about more than simply changing a single document. There are systems in place in every college across the nation that receive these applications. Processes must be updated along with the application itself. Additionally, the financial aid staff responsible for handling these documents and subsequent financial aid awards have to be trained on the updates.  What does the December opening mean for your family? With the application opening 2 months later than normal, everything else will be on a condensed schedule as well. First things first, be patient. Financial aid departments will have to review these applications more quickly  in order to have everything back to families on time. The later colleges get information from families, the less time there is to finalize award notices. Obviously a delayed opening also means that students and families need to be more aware of deadlines. Missed deadlines mean missed money! There are some priority deadlines for grant programs in January. Therefore, it’s critical that families apply as soon as FAFSA opens!  There is some concern that students who have less help at home to file these documents may be at an unfair disadvantage to receive funds. School counselors and financial aid advisors should prepare to assist these students. Sometime this spring, the Department of Education will publish tools to help families understand the differences between the new Student Aid Index (similar to the Expected Family Contribution). Make time to review this information so that your family knows what the numbers being presented mean. Staff, counselors, and families will also be able to review the testing and demonstration website before the December launch.  What can your family do to be prepared? Right now, the best thing you can do to prepare your family to file your FAFSA application is to gather your tax information. The minute the application opens, you and your student should apply. Remember, the sooner you apply, the sooner the school gets the documentation. Missing any deadlines, especially with the shift to a December open date, can mean missing out on potential money for your student! Finally, watch for the new tutorials and walkthroughs so that your family can review the changes together.  One thing hasn’t changed from the previous form to this year’s December opening of the FAFSA – and that’s being prepared. Even more so now, it’s important for families to watch for the changes, have their documents prepared, and be ready to file as soon as the form opens in December. Everyone is still waiting for the official date of opening to be released.  If you have any questions about the new FAFSA, please don’t hesitate to reach out. We’re all learning this new form together – and look forward to assisting you this year.  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 CFAA new client free strategy session or a 15 Minute Power Chat to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my bi-weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

The life of a high school junior is a busy one! They’re working through classes to keep their GPA up, participating in clubs or sports, and starting to think seriously about their college career. During your student’s junior year, one of the most important to-do tasks is to decide which colleges to visit. So, how does your student decide which colleges to visit and which are the most important “must see” locations?  Today, we’re sharing a few tips to help your high school junior decide which colleges to visit!  Why Should You Plan College Visits? College visits can feel like one more thing to do in an already busy school year. Campus visits can be very helpful in narrowing your student’s choices. There’s nothing that’s going to be as helpful to your student as actually standing on the campus and feeling the vibe and location in person. It will be important to visit and speak with other students, resident assistants (RAs), and even the financial office, if you’re able to. Your student should walk around the campus and get a peek at housing. It’s helpful to understand what a day might look like around the school.  What Kind of Colleges Should You Visit? You may have heard before that there are three types of colleges to apply to in the fall: dream, target, and safety. What do those terms actually mean? Dream schools might seem like they are out of reach, but they still have some type of appeal to you because of their reputation, location, academic programs, or campus environment. It’s possible they’re a little more expensive, or maybe the application criteria is more rigorous. They’re schools that could be out of reach financially unless you receive sufficient financial aid. The target schools are those that fit most of your criteria, and where you are most likely to be accepted. Target schools are also likely to be the schools which have costs in line with what your family expects to pay for college. Safety schools are those which are most likely to accept you, and that you will probably be able to afford. These might be schools with campuses close to your hometown, or public universities in states which offer a high amount of tuition assistance.  How to Decide Which Colleges to Visit Now that we understand why to visit college campuses in person and the types of schools your student should be thinking about, we can discuss how to pick their final list:  Think about the cost of attending: Figuring out how much you are going to pay for college might seem like it is a long way down the road, but it can be helpful to do some rough calculations now. Look at the websites of the colleges on your list. There, you can try to determine what the average student pays after financial aid is taken into consideration. You might be surprised to find that your dream school is more affordable than originally thought! Add in factors like cost of travel and living expenses, and then have an honest discussion about what your family can really afford to pay. Find more ways to pay for college: Your student might have a few schools in mind, but they seem out of reach financially for your family. Look into ways that you might be able to make those schools more affordable for them and for you. Getting creative about saving money and looking for scholarships is important. Work together to find and earn money that might provide the necessary extra boost you need to reach a particular financial level. Talk to people: Look for social media pages of the colleges you want to attend and talk to some of the current students about how they are making ends meet. Find out what it realistically costs to attend this school, so that you will know whether it should be a target or a dream. Now what? After you and your student know where the schools fall on their list (dream, target, safety) and you’ve discussed the financial components, it’s time to decide which are the schools they’re most interested in. That final list will help you decide which ones to visit. Aim for at least two target schools and one dream school. Once you have your list, make the travel plans! It’s also important to begin to brainstorm the questions you have for students, professors, admissions, and financial aids. Another pro tip? Don’t forget to look for visits being hosted by the school. They often have more activities and chances for interactions with the community!  While all of this might seem like a lot of work now, these steps will make your application process more realistic and less stressful when the time comes for your high school junior!  Learn more about CFAA! 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 CFAA new client free strategy session or a 15 Minute Power Chat to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my bi-weekly JustAskJodi emails. Don’t forget to join my monthly CFAA e-newsletter, too!