FAFSA

Good news – your student got accepted at a great college – yay! Bad news – you just took a look at the financial aid offer and checked it against your bank account – yikes! Now what? College application time is stressful for parents and students, but college acceptance time can be even more agonizing. That is the time when you begin getting letters of acceptance (and sometimes rejection) from colleges. It is also the time when the colleges make their financial aid offers based on the information submitted when you filed the FAFSA. Financial aid offers contain information on federal, state and institutional financial aid eligibility, as well as federal work-study and federal student loan opportunities. Now, you can sit down as a family, look at the bank balance, and figure out exactly what your costs will be to attend each college. If there is one particular college that is high on the “want to attend” list, but low on the “we can afford this” list, here are some steps you can take: Appeal the offer: Each college has an appeals process, if your financial situation has changed or if the offer does not meet those from other colleges. Check out the website or admissions packet to determine what the process is, and follow the recommended procedures to state the grounds of your appeal and provide supporting documentation. Look at all ways to lower costs: It might be possible to afford the college if you really tighten the budget. Analyze each area such as living, transportation, food, books, and personal living expenses, and try to minimize those costs. Any additional income your student can earn during the year or on breaks can make a big budget difference, too. Rethink the second choice: Given the new financial information, the second choice college might suddenly look a lot more appealing. There can be huge differences between in-state and out-of-state costs, or one college might be more interested in somebody with your student’s exact qualifications. Really talk about the variances in your options, and discuss whether they are as insurmountable as you think. Consider the possibility of a transfer to the first option as a junior or senior to save some of the initial costs. Is a gap year a good idea? There are pros and cons to this option. The family can all pull together during the extra year, and save as much money as possible, which could dampen the impact of the out-of-pocket costs. But, there is no guarantee the same financial aid offer will still be available, especially in light of any new income that might have to be reported on subsequent financial aid applications. On the other hand, if there is the chance that family income might decline, a gap year could have a positive financial aid implication. Look into public service: There are several job categories where the government will forgive certain portions of federal student loan debt for taking jobs in certain high-need occupations or locations. There were significant administrative problems with this program in the past, but great strides were taken this year to address those concerns. If your student is going into one of these fields, the future loan forgiveness could offset the current financial squeeze. Military opportunities: ROTC scholarships can alleviate the entire college cost conundrum, in exchange for military service after graduation. The military has every type of career field available, including those in law, medicine, and engineering. Don’t forget scholarships: It might be time to do a deep dive into the scholarship pool. You could snare a really great scholarship that would eliminate all your financial worries. CFAA helps with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to comparing offers and making the best financial choices for your family. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

As we move towards the end of December, many students anxiously start waiting for answers on their early decision or early action college applications. For some students the news may be very good, and they will receive an acceptance with a substantial financial aid offer. But for other students the news may not be as good, or it could be a bit more ambiguous. Your application might be rejected outright, or you could be put on the deferred list. In any case, it can feel downright disheartening. It is okay to acknowledge those frustrations and spend a little time feeling down, but then you still have to take control and get yourself back on the path to college. Here are some positive steps you can take to deal with the disappointment of early application rejection: Rejection or deferral? It is important to know the difference. An outright rejection means your application did not meet their standards for some reason, and there is no chance of admission. A deferral, however, means that they are interested but not ready to make an offer quite yet. The college is waiting to receive responses from students that received admission offers. If there is room left in their freshman class, you might still receive an acceptance. Early decision rejection: This might be one college where you had the highest hope of getting accepted. If that was the only college you applied to, go back to your college list immediately and rethink your top college opportunities. Visit colleges, find out their deadlines for regular admissions, and get your application in as soon as possible. Make sure to add those college codes to your FAFSA so they get your financial information. Check the financial aid web pages to find out if any require a CSS Profile or other financial aid application information. Early action rejection: This could have been one of your reach colleges, where you took a chance that did not work out. You probably had other match colleges on your list that have not yet responded, but it might be a good idea to take a look at applying to one of your safety colleges as a back-up plan. Review your application requirements lists again to ensure your match colleges have your letters of recommendation, current test scores, and other pertinent information. Early decision deferral: This is a tough one, as it is probably one of your top picks. If you want to consider pursuing this college, take a close look at their guidelines to find out what you need to do next. They may ask you to submit more current information, or they might make the next decision based on the information they already have. You can contact the admissions office to ask questions, or you can consider sending a short letter to let them know you are still committed to their college. Early action deferral: Perhaps you have heard from another early action option, and are happy with their offer. If not, there is still a chance you might get into the deferral college, but you want to review your list closely to see whether it was overly optimistic. One rejection or deferral does not necessarily indicate a trend, but two or more should make you re-evaluate your strategy. Don’t second-guess your initial application strategy; just take a minute and analyze your next step options. Think about why you wanted to attend these specific colleges. If one college is the only one in your heart, perhaps you can start at community college or another college and transfer. If other colleges offer equally exceptional programs, you might find yourself just as happy with a “second” choice. CFAA helps with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to making sure each college has complete information. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Once you submit your FAFSA, the next step is receiving a Student Aid Report, or SAR. If your application is complete and fully processed, an EFC (Expected Family Contribution) will display in the upper right-hand corner on the first page of your SAR. On the electronic SAR, the EFC is located in the “Processing Results” tab. If your application is incomplete, your SAR will not include an EFC, but it will tell you what you need to do to resolve any issues in the “What You Must Do Now” section of your SAR in the “FAFSA Data” tab. The EFC is an index number calculated using your FAFSA information and a formula specified by law. It represents what the federal government thinks your family can afford to pay for your student’s college education. For some students, this number might even be zero. Your eligibility for federal student aid depends on the EFC, as well as your year in school, your enrollment status, and the cost of attendance at each school on your list. It impacts the student’s eligibility for PELL grants, federal student loans, and the Federal Work-Study program. Some parents get concerned because this number is higher than what they feel they can afford to pay. Keep in mind, though, that this is not the final say-so on your cost of college. Financial aid is determined by each college based on this information, a review of your family’s current circumstances, and an assessment of their desire to welcome your student as a member of their upcoming freshman class. The EFC usually impacts need-based financial aid awards, but there are still plenty of merit-based awards available. Some colleges may choose to offer substantial grants and scholarships, to entice your student to choose them over the other available options. If you think the EFC is way too high, steps you can take include: Review your FAFSA for errors: You might have over-stated your assets by disclosing items you were not required to list. While certain items are required, you do not usually have to include the value of the parents’ primary residence, life insurance policies, or retirement accounts. Update your income: This year’s FAFSA uses data from your 2020 federal income tax return, and that was a crazy year. This information might not accurately represent your family’s current financial capabilities. If a major breadwinner lost a job or took a significant pay cut, your family incurred substantial medical expenses or somebody passed away, or you lost your home, make financial aid administrators at the colleges aware of your current financial constraints. Check household size: Some families can under-report household size on the FAFSA – it should include the parents and the number of dependents who receive more than half of their financial support from them. In cases of divorce, this may include dependents who don’t actually live in your home. If you have step- or half-siblings, who receive financial support, make sure they are reported in the household size. Even unborn children may be counted, so long as they will be born during the award year. You can make certain changes to update your FAFSA online, but other information must be supplied directly to the colleges and their financial aid offices if you want to appeal a financial aid decision. It is confusing, and the Department of Education actually recognizes that fact. Plans are being made to update the FAFSA and redefine the EFC to make it easier for parents and students. In the meantime, though, families need to understand the process as it stands now, to find the best way to pay for your student’s college expenses. CFAA is here to help with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing your Student Aid Report, understanding the EFC, and working through the verification process. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Just as you think you are getting closer to the end of the financial aid process, you find out there is yet another step. This time you receive something called a Student Aid Report, or SAR. The document comes from the Department of Education, and is a summary of the information you provided when you completed the FAFSA. This may be an electronic or paper document. You might receive an email notification (if you provided a valid email address on the FAFSA) with a link to obtain your SAR, or you can log into your FAFSA form and select, “View your Student Aid Report” from the “My FAFSA” page. If you did not provide a valid email address, you will receive either a paper SAR or a SAR Acknowledgement in the mail, but you can also sign in online if you have an FSA ID. It may take up to three weeks for you to receive this document, but the school or schools you listed on your FAFSA form will have access to your SAR data electronically within a day after it is processed. Information contained on the Student Aid Report includes: Summary of the information provided on your FAFSA. Current federal student loans. Expected Family Contribution (EFC), if your application is complete and fully processed. If you do not see an EFC, look for what you need to do to resolve any issues in the “What You Must Do Now” section of your SAR. Estimated eligibility for federal student loans and Federal Pell Grants Notice of whether the FAFSA you submitted has been selected for verification. If you have been selected for verification, look for an asterisk by the EFC. A four-digit Data Release Number (DRN). You will need this number if you choose to allow your college or career school to change certain information on your FAFSA form or include their school code on your application. You need to review your SAR carefully to make sure it is correct, and to determine whether it has been selected for verification. If you do find a mistake, you will need to immediately correct or update your FAFSA form. If there is a mistake like an error in your current address, you can update that information at the FAFSA site. A major error, like an incorrect Social Security Number, however, might mean that you will have to submit a new application. Contact your school’s financial aid office to let them know about the error, and determine exactly what steps you need to take now. The school or schools you listed on your FAFSA will use your information to determine your eligibility for certain forms of financial aid. A college may also ask you to verify the accuracy of certain FAFSA data. Don’t neglect to review the checklist in the “What You Must Do Now” section, and make sure all issues have been resolved. If you need assistance, contact your school’s financial aid office. If you do not have any changes to make to the information listed on your SAR, just keep it for your records. You cannot change any information as it relates to your 2020 financial status and income tax return. If your financial situation changed substantially in 2021 due to COVID, job loss, death, natural disaster, divorce, or other personal upheaval, you should contact each college directly to explain your current status. You may be required to provide additional documentation or proof, which they can check to verify your updated financial capabilities. Keep in mind that this is not a financial aid offer. That comes only from the colleges to which you have applied. CFAA is here to help with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing your Student Air Report and working through the verification process. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Many people take a trust-but-verify approach to life. They believe in others, and want to trust them, but also take the time to check their information, so they can make better decisions. The same can be said of the college financial aid verification process. After you have submitted your FAFSA or CSS Profile, you might be asked to supply additional documentation to support the information that was submitted. You might see a note on your Student Aid Report saying you’ve been selected for verification, or your school might contact you to inform you that your application been selected. This does not mean there is anything wrong; the Department of Education verifies some forms, while some colleges choose to verify all or a certain percentage of their applications. Sometimes there is insufficient information available for them to make a decision, so they will request more from you. Here is what to do if you actually receive a request for verification: Stay alert: Review your Student Aid Report, check your email, and visit college portals regularly to find out if your application has been selected for verification. Don’t get upset: This is a normal part of the financial aid process. It does not indicate that anything is wrong. Understand what information is needed: Look closely at the request to be sure you understand exactly what type of documentation is required. If you do not understand, contact the financial aid office immediately for further clarification. Items which might need verification include gross income, taxes paid, household size, or change in family financial status. Look for indictors as to what documents are acceptable to verify the particular area in question. If you need to provide a tax transcript you can use the IRS’s Get Transcript service at gov/transcript. Respond quickly: Don’t let this set you off your financial aid timeline. Gather the information and submit it promptly. Some colleges might ask you to provide the information by a certain deadline. You can check to be sure it has been received. FAFSA corrections: If you do realize that you made errors on your FAFSA, fix them before you send in your documentation. You can’t change everything, but correct the mistakes you can. If, and only if, you have been selected for verification, you must update certain household information. CSS Profile Documentation Requests Students who complete the CSS Profile may be asked to submit information through the Institutional Documentation Service (IDOC). IDOC allows you to submit your financial aid documents online, and the College Board then provides them to all of your IDOC schools automatically. Forms that might be required for IDOC include specific year tax returns, W-2 forms, and other financial aid documents for yourself and all of your parents. Parent documents are uploaded following the same process as the student. In some cases you’ll be required to print and sign a financial aid form. You may need access to a printer. You can also sign some forms electronically. View the instructions provided by College Board for more information on electronic signatures. Until you are notified, you cannot sign in to IDOC. After you’ve been notified, you can sign in to IDOC and: View your financial aid deadlines. Upload required financial aid documents. Track submitted documents. Trust-but-verify is the name of the game in financial aid. Verification is not meant to be a punitive process, but it can negatively affect your financial aid package if not completed promptly and properly. Don’t let a lack of attention to detail at the last minute foil your efforts to quality for financial aid. Follow the process through to completion, and try to qualify for the maximum amount of financial aid possible. CFAA is here to help with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to working through the verification process. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Sometimes even the best ideas need a little tweaking. Such is the case with the federal Public Service Loan Forgiveness (PSLF) program. The intent of this program was to motivate public service for college graduates by promising to forgive federal student loans after a certain period of payment. While the intent was good, the execution was bad, and most borrowers found themselves unable to meet the criteria to qualify for actual forgiveness. In response to these concerns, the Department of Education announced what it calls “transformational changes” to this program. Let’s take a look at what this could mean: What Were PSLF Requirements? The PSLF Program forgives the remaining balance on your federal Direct Student Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan, while working full-time for a qualifying employer. To be eligible, you must: Be employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service). Serving as a full-time AmeriCorps or Peace Corps volunteer also counts as qualifying employment for the PSLF Program. Teachers, nurses, firefighters and others may qualify, depending on their employer. Work full-time for that agency or organization. Have Direct Loans (or consolidate other federal student loans into a Direct Loan). Repay loans under an income-driven repayment plan. Make 120 qualifying payments. Applicants are required to submit an annual Certification and Application form, which is reviewed to let the student know if they are making qualifying payments. What Are PSLF Changes? PSLF waiver: For a limited time only, borrowers may receive credit for past payments made on loans that would otherwise not qualify for PSLF. Under the new rules, “any prior payment made will count as a qualifying payment, regardless of loan type, repayment plan, or whether the payment was made in full or on time. All you need is qualifying employment.” To qualify, you must submit a PSLF form to your loan servicer by October 31, 2022. Students with any FFEL (Federal Family Education Loan) Program loans and Perkins Loans must also complete a Direct Consolidation Loan by that time and submit the PSLF form. Payments on PLUS loans do not count towards this program. COVID payment suspension: During COVID, student loan payment requirements were suspended. If you have a Direct Loan and work full-time for a qualifying employer during the payment suspension period, you will receive credit for that time as though you made on-time monthly payments in the correct amount while on a qualifying repayment plan. To see these qualifying payments reflected in your account, you must submit a PSLF form certifying your employment for the same period of time as the suspension. Military: Active duty service members will be able to count deferments and forbearances toward their PSLF. The Department will implement data matches next year to automatically give these borrowers credit toward PSLF without an application. Denied Claims: ED will review denied PSLF applications for errors and give borrowers the ability to have their PSLF determinations reconsidered. These actions will help identify and address servicing errors or other issues that have prevented borrowers from getting the PSLF credit they deserve. For more information, visit StudentAid.gov/PSLFWaiver. Make sure ED has accurate contact information on file by updating your StudentAid.gov contact information. ED estimates these changes will put over 550,000 public service workers closer to loan forgiveness. This includes approximately 22,000 borrowers who will be immediately eligible to have their federal student loans discharged without further action on their part. The Department is also working to simplify the application process, and is exploring additional steps, such as partnerships with employers, to continue to make this process easier for borrowers. CFAA is here to help with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to working through the student loan process. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Once students and parents finish completing the FAFSA and completing the CSS Profile for the 2022-23 academic year, the next step in the process is that your financial information is forwarded to each of the colleges on your list. The financial aid administrators then review it, along with your admissions application information, to put together the financial aid package they will offer you to attend their college. The offer may be a combination of grants, scholarships, loans and work-study opportunities. Each college carefully crafts its own financial aid offer using their need-based and merit-based criteria. Some offers may be higher or lower than others, and the student might be disappointed to learn that a favored college does not have the best offer. Another area that can concern parents is that this year’s FAFSA relied on information from 2020 to create a picture of their family’s financial situation, and that could certainly have changed in 2021. Due to COVID, natural disasters, death, or divorce, some families experienced a dramatic change in their financial situation. Here are actions you can take in situations like these when you might need to make a stronger financial case to colleges: Appealing Financial Aid When Your Needs Have Changed: If you feel that your financial situation has changed significantly from what is reflected in your Free Application for Federal Student Aid, you will need to write a letter to the financial aid office, with details of what happened. If there was a job loss, divorce or death, provide a date and supporting documentation. Those families which experienced large medical bills due to COVID or other illnesses will need to total their out-of-pocket expenses for review. If a natural disaster caused damage or destroyed your home, you will also need to provide supporting documentation for that. In some cases, you may have experienced a non-recurring windfall in 2020 that will not be repeated again. Include specific amounts of money you now owe, compared to that which is reflected on your FAFSA. Appealing Financial Aid When Your Situation Has Changed: It can be harder to appeal merit-based aid, because this can be tougher to prove. If you received a significantly lower award from one school, it might be possible to ask them to reconsider based on the other offers. A student who scored significantly higher upon retaking an SAT or ACT exam might be able to submit that as evidence for further review. Keep these guidelines in mind when appealing financial aid or making a stronger case: Be polite and respectful. Yelling, swearing, or bullying seldom yield positive results. Follow the school’s recommended procedures and deadlines for appealing their financial aid offer. Keep copies of all documentation you provide. You can check once to be sure they have received all the needed information, but don’t contact them every day. Financial aid offices are swamped with requests from other students. Always check your portal or email to look for further communication from the financial aid office. If additional information is requested, provide it as soon as possible while your case is still fresh in their mind. After all this effort, it is still possible that the college may decline to change its mind on your offer. You will then have a decision to make in this case of whether you want to accept another offer, or try to find alternative ways to make up the financial gap at this college. Your student can look for additional ways to earn income, or put a big push on the search for scholarships. These efforts might yield enough funds to make up the difference between what you hoped to receive and the actual award. CFAA is here to help with every step of the financial aid process, including submitting working with colleges to appeal a financial aid award. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Applying to college can be a fraught process, with most of the attention focused on writing essays or completing the application in the most impressive way possible. In partnership with this, students and parents usually begin to concentrate on completing the FAFSA and completing the CSS Profile sometime in October. It is always best to be well ahead of a deadline, but some students do ask what the latest deadline is to submit an application and maintain financial aid eligibility. They may want to fine-tune some of their answers, or need more time to gather necessary support documentation. Waiting until the last minute might affect some of your financial aid eligibility, but it is better than not submitting the FAFSA at all. Here are different types of admissions and financial aid deadlines to keep in mind: College Admissions Deadlines There are different types of deadlines to get your admissions application submitted to each college on your list. The deadlines most students know are: Early Decision: This is the way to go if you absolutely have your heart set on one particular college, and will definitely want to attend if you are accepted. Most deadlines for Early Decision I applications are between November 1 and 15. Some colleges also offer Early Decision II opportunities, with deadlines often at the beginning of January, but you are still committed to attending this college. Check your school’s website for their exact dates. Early Action: This approach also has relatively early deadlines, but it allows you to apply to more than one college if you have not made your final decision. Early Action I deadlines may be anywhere from November through December, with some Early Action II deadlines in January and February. Regular Decision: If you are still working through your selection process, most regular decision deadlines fall somewhere in early to late January; however, you will receive a later notice of acceptance. Rolling Admissions: Some colleges use a rolling admissions system, where they review applications as they are received and make a faster acceptance decision. If your preferred college uses this strategy, you still want to apply as early as possible. Financial Aid Deadlines The FAFSA for 2022-23 is available from October 1, 2021 through June 30, 2022, but the reality is that high school seniors just applying to college will probably need to complete it much, much earlier. Here are the financial aid deadlines you need to know: School Financial Aid Deadline: Each college can set its own deadline for receiving your financial aid application, independent of their admission application deadlines, so they can send financial aid offers along with their acceptance notice. Some students may find that their financial aid deadline is as early as November 1. State Financial Aid Deadline: Many states offer financial aid to encourage students to attend their colleges. They also use the FAFSA to make this determination. Most state deadlines are in the first quarter of 2022, but note that some do advise applicants to file as early as possible after October 1 as their funding is limited. Also be sure to check your college’s financial aid website page to see if they require the CSS Profile or any other financial aid application forms. In any case, you do not want to wait until the last minute to submit any of your applications. This puts too much pressure on you, and allows anything that can go wrong to definitely go wrong. Leave yourself time to make corrections or submit additional information as needed. Another biggie on the application list is scholarships. Look for those in your local community or field of interest, and find out their application deadlines as well. CFAA is here to help with every step of the financial aid process, including submitting your personal financial aid applications in a timely manner. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter

Most of the information I provide in my blogs is focused on completing the FAFSA. But there are other types of applications which are used by colleges to determine financial aid eligibility. One of these is the CSS Profile. Put out by College Board, the company that oversees SAT and AP testing, this application is used to determine non-federal institutional aid. It delves into more of the financial details for a family, including Information about your family’s assets, income, housing, business income and other factors such as medical expenses, and is particularly concerned with obtaining information from non-custodial parents in cases of divorce or separation. The 2022-23 CSS Profile application will be online at cssprofile.org starting October 1, 2021. Check your colleges’ information to determine whether they require this application, or refer to the list of participating colleges. Tips for completing the application include: What is the process for completing the CSS Profile? You will sign-in using the same College Board username and password you created for your SAT, PSAT or AP exams. Have the documentation available which you use to complete the FAFSA. The application provides online help to guide you through the completion steps. A dashboard is provided which shows your payment receipt and any next steps, such as uploading documents through the Institutional Documentation Service (IDOC). You may also add additional schools at any time by clicking on “Add a College or Program,” but be careful to look for any additional information requirements. If you make a mistake, or need to include additional information after submission, you can update your application once by clicking “Correct Your CSS Profile” on your dashboard. What is the procedure for reporting parents? In today’s world of mixed and blended families, the procedure for listing parents can get somewhat confusing. The CSS Profile expects students to report their biological or adoptive parents, current stepparents, current parental partners or current legal guardians. Some colleges, in the case of divorce or separation, may require the CSS Profile from a non-custodial parent. Each parent will complete the application separately. If you have no contact with your noncustodial parent, you may request to waive this requirement, but submission of a request does not guarantee a waiver. What if I am an independent student? Policies for independent students are set by each college. Some may still require applicants to provide parental information. Direct any questions you have in this area to your college’s financial aid office. What if I need help? Helpful information is included along the way as you complete the CSS Profile. Click into any answer field and the tips will appear. If you need additional information, you can directly contact the customer support center. You can either chat live or speak by phone to a representative. Agents are ready to assist you Monday-Friday from 9:00 a.m. to 6:00 p.m. Is there a cost for the CSS Profile? The fee for the initial application is $25. Additional reports are $16. Payment may be made via debit or credit card. Fee waivers may be available for domestic undergraduate students whose family income is up to $100,000. What if my family’s financial situation changed in 2021? If your family has suffered a substantial financial change in 2021 due to COVID, natural disaster, job loss, medical emergency, or other incident, document those changes and contact each college directly to update your current status. Always be sure to submit the CSS Profile with sufficient time to meet your schools’ financial aid application deadlines. Unlike the FAFSA, you may not be required to complete the CSS Profile every year. Check with your college to determine if it will be required beyond your freshman year. CFAA is here to help with every step of the financial aid process, including walking through the FAFSA and CSS Profile applications. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

The FAFSA for the 2022-23 academic year will be available online beginning October 1, 2021. Since this application is required to determine eligibility for federal, state and institutional financial aid, it is important to complete it correctly. Here is a look at some of the FAFSA areas that often stump students (and their parents). Who is eligible for federal student aid? Most students are eligible to receive financial aid and student loans from the federal government to help pay for college or career school. Eligibility factors include: High school completion and enrollment in college. Social Security number. US. citizen or registered alien. Am I a dependent student? Dependent students are required to provide financial information for themselves and their parents, while independent students are only required to provide their own information. The FAFSA asks a series of questions that determine whether you are a dependent or independent student, including: Age: Will you be 24 or older by January 1, 2022? Marital status: Are you married, or separated but not divorced? Degree: Are you working toward a master’s or doctorate degree? Dependents: Do you have children who receive more than half of their support from you? Do you have dependents (other than children or a spouse) that live with you, and receive more than half of their support from you? Military: Are you currently serving on active duty in the U.S. armed forces for purposes other than training? Are you a veteran of the U.S. armed forces? Legal Status: At any time since you turned age 13, were both of your parents deceased, were you in foster care, or were you a ward or dependent of the court? Are you an emancipated minor or are you in a legal guardianship as determined by a court? Are you an unaccompanied youth who is homeless or self-supporting and at risk of being homeless? If you answer NO to ALL of these questions, then you may be considered a dependent student and may be required to provide your parents’ financial information when completing the FAFSA form. Who is my parent? Dependent students are required to report parent information on the FAFSA. Although this might seem like an obvious question, it is not quite as straightforward as you might think for some students. In most cases, a “parent” is a legal (biological or adoptive) parent or stepparent, or a person that the state has determined to be your legal parent. If your parents are divorced or separated, how you fill out the FAFSA will depend on whether your parents live together or not. It doesn’t matter if you don’t live with your parent or parents; you must still report information about them. The following people are not your parents, unless they have legally adopted you: Widowed Stepparent Grandparents Foster Parents Legal Guardians Older Brothers or Sisters Aunts or Uncles As you complete the FAFSA, you will be asked whether you are able to provide information about your parents. If you cannot do so, you have the opportunity to indicate that you have special circumstances that make you unable to get your parents’ information. You will then be able to submit your application without entering data about your parents; however, you will then be required to contact the financial aid office at your colleges to determine your next step. What if my family’s financial situation changed in 2021? You are required to use information from your 2020 federal income tax returns to complete the FAFSA. If your family has suffered a substantial financial change in 2021 due to COVID, natural disaster, job loss, medical emergency, or other incident, you will need to document those changes and contact each college directly to update your current status. CFAA is here to help with every step of the financial aid process, including walking through the entire FAFSA process. Set up a CFAA new client free strategy session 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 weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.