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Tips for getting your scholarship application deadlines in order as you apply shared by financial aid expert Jodi Okun

Mastering Scholarship Deadlines: Your Guide to Organized Application Success

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Navigating the world of scholarship applications can be daunting, especially when you’re juggling multiple deadlines and requirements. Missing deadlines can mean missing out on valuable financial aid opportunities. To help you stay organized and maximize your chances of success, here are some practical tips for managing your scholarship application deadlines effectively. #1: Create a Calendar or Spreadsheet One of the most effective ways to stay on top of scholarship deadlines is to create a calendar or spreadsheet dedicated to tracking application deadlines. Include important details such as: Deadline Dates: Note down the deadlines for each scholarship you plan to apply for. Requirements: List the specific requirements for each scholarship, such as essays, letters of recommendation, transcripts, and financial information. Submission Methods: Record how each scholarship application should be submitted (online form, email, mail, etc.). #2: Set Reminders Once you have your deadlines organized, set reminders well in advance of each due date. Use digital tools like calendar apps on your phone or computer, or set alarms to alert you a week and a few days before each deadline. This ensures you have ample time to gather materials and complete your application without rushing. #3: Prioritize Scholarships Not all scholarships will have the same level of importance or relevance to your academic and personal goals. Prioritize scholarships based on: Fit: How well does the scholarship align with your background, interests, and career aspirations? Value: Consider the financial award and how it would impact your educational expenses. Feasibility: Assess the effort required to apply and your likelihood of meeting the eligibility criteria. Focus your efforts on scholarships that best match your profile and offer the greatest potential return on investment for your time and energy. #4: Break Down Tasks Breaking down the application process into smaller tasks can make it more manageable and less overwhelming. Assign specific days or times to work on different aspects of the application, such as drafting essays, requesting letters of recommendation, and gathering supporting documents. #5: Use Scholarship Search Engines Take advantage of online scholarship search engines and databases, such as Fastweb, Scholarships.com, and College Board’s Scholarship Search. These platforms often allow you to filter scholarships by deadlines, eligibility criteria, and application requirements, making it easier to find relevant opportunities and stay informed about upcoming deadlines. #6: Check for Updates Regularly Scholarship deadlines and requirements can sometimes change or be extended. Make it a habit to regularly check the websites of scholarship providers or follow them on social media for updates and announcements. This ensures you have the most current information and don’t miss any changes that could affect your application.  #7: Seek Help and Feedback Don’t hesitate to reach out to teachers, parents, current students, or counselors for advice and feedback on your scholarship applications. They can provide valuable insights, help proofread your essays, and ensure you’re meeting all the requirements effectively. Managing scholarship application deadlines requires careful planning, organization, and attention to detail. Remember, staying organized not only reduces stress but also ensures you can present your best self in each scholarship application. Good luck! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Why it's never too early or too late to apply to scholarships for college students shared by college financial aid advisor Jodi Okun

It’s Never Too Early (or Too Late) to Apply to Scholarships: A Guide for College Students & Families

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As college tuition costs continue to rise, the search for scholarships becomes increasingly crucial for students and their families. Whether you’re a high school student preparing for college or already navigating your way through higher education, the pursuit of scholarships should never be underestimated. Here’s why it’s important to start early and maintain your search throughout your academic journey. Start Early, Reap Rewards: For high school students, the adage “the early bird catches the worm” couldn’t be more fitting. Scholarships are available for students as early as middle school, targeting various achievements, talents, and demographics. Starting your scholarship search early allows you to: Maximize Opportunities: Many scholarships have specific eligibility criteria that align with academic achievements, extracurricular involvement, community service, and more. By identifying these requirements early, you can tailor your activities to meet them and increase your chances of qualifying. Build a Strong Portfolio: Scholarships often require essays, letters of recommendation, and detailed applications. Starting early gives you time to develop your writing skills, gather necessary documents, and refine your applications for maximum impact. It’s not generally as simple as filling out a form. It will require work and creating a strong set of materials to apply! But, the good news is that once you’ve got most of the standard pieces, you can easily apply them to most applications and gather modified essays or letters.  Reduce Financial Burden: The financial support from scholarships can significantly alleviate the burden of college expenses, including tuition, books, and living costs. By securing scholarships early, you can better plan your finances and potentially reduce the need for student loans. Scholarships During College: Even if you missed out on applying for scholarships as a high school student, it’s never too late to start during your college years. Many scholarships are available specifically for current college students, covering a wide range of majors, academic achievements, and personal backgrounds. Here’s why continuing to search for scholarships in college is beneficial: Offset Rising Costs:  College expenses don’t end after freshman year. Scholarships for current students can help cover tuition increases, study abroad programs, internships, and other educational expenses that arise throughout your college journey. Support for Specific Needs:  There are scholarships tailored for various demographics, including minorities, first-generation students, veterans, and students with disabilities. Researching scholarships that align with your background and circumstances can provide much-needed financial support. Enhance Resume and Network: Winning scholarships can bolster your resume and demonstrate to future employers or graduate schools your dedication, achievements, and ability to compete for prestigious awards. Additionally, some scholarships provide opportunities to connect with mentors and professionals in your field of study. The pursuit of scholarships should be a continuous effort. Starting early allows you to maximize opportunities, build a strong application portfolio, and reduce the financial burden of college expenses. Even if you’re already in college, there are numerous scholarships available to support your academic journey and career aspirations. It’s never too early or too late to start this process – and remember, scholarships are FREE money that you will not have to pay back!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

When College Bound Students Should Begin Looking for Scholarships

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As students embark on their educational journeys, the prospect of financing their studies often looms large. Scholarships can be a game-changer, offering financial assistance that reduces the burden of tuition fees, books, and living expenses. However, the question of when to start looking for scholarships is one that many students grapple with. Is it ever too early to begin searching for these opportunities? Let’s explore when to begin looking for scholarships as a college bound student! Effort Now Means More Opportunities Later The simple answer is: it’s never too early to start looking for scholarships. In fact, the earlier you begin, the better your chances of finding and securing relevant awards. Many scholarships are available to students starting from middle school through graduate studies, each with unique eligibility criteria and application deadlines. By starting early, students can: Understand Requirements: Scholarships often have specific requirements regarding academic achievement, extracurricular involvement, community service, and more. Starting early allows students to align their activities and achievements with these criteria.   Research Options: There are numerous scholarships available from various sources such as universities, private organizations, corporations, and government bodies. Researching these options over time gives students a broader perspective on what is available and what they might qualify for. Prepare Strong Applications: Scholarship applications often require essays, letters of recommendation, and other supporting documents. Starting early gives students ample time to refine their writing skills, gather necessary documents, and seek feedback to improve their applications. Key Milestones for Scholarship Search Early High School: While not typically applying for scholarships at this stage, students can start exploring what scholarships are out there and begin to understand what might be required in the future. This is helpful to simply gather information and learn what options might exist.  Late High School (Grades 11-12): This is a critical time for scholarship research and application. Students can identify scholarships specific to their intended college or university, as well as national and local scholarships. Starting applications early in senior year ensures they don’t miss deadlines. College and Graduate Studies: Scholarships are available throughout college and even into graduate studies. Continuing to search and apply for scholarships can help offset the costs of tuition and living expenses. Strategies for Effective Scholarship Searching Use Online Resources: Websites like Fastweb, Scholarships.com, and College Board’s Scholarship Search offer comprehensive databases of scholarships. Setting up profiles and alerts on these platforms can streamline the search process. Network: Utilize school counselors, teachers, and community organizations to learn about local scholarships. Networking can uncover hidden opportunities and provide valuable insights into specific scholarship requirements. Stay Organized: Keep track of deadlines, application requirements, and submission processes. Creating a calendar or spreadsheet can help manage multiple applications without missing important dates. Apply Strategically: Focus on scholarships where you meet the majority of the criteria to maximize your chances of success. Tailor each application to highlight relevant achievements and experiences. The quest for scholarships should begin as early as possible. Starting early allows students to explore a wide range of opportunities, understand what is required to qualify, and prepare strong applications. By adopting a proactive approach and staying organized, students can significantly enhance their chances of securing financial aid that supports their academic journey. Remember, the effort put into scholarship searching and application preparation can pay off in reducing the cost of going to college for your entire family!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

College financial aid advisor Jodi Okun shares 10 creative ways to cover your students college costs - from scholarships to a side hustle

10 Creative Ways to Cover Your College Costs

Pay for College, Scholarships / By

Navigating the financial hurdles of college can be daunting, but there are numerous creative strategies to help ease the burden. From scholarships to unconventional gigs, there’s options available to resourceful students (and their families). I know that closing the gap between what aid is being offered and what your family can provide can feel tricky. So, here are ten creative ways to cover your students college costs: #1: Apply for Scholarships and Grants Start by researching scholarships and grants offered by various organizations, institutions, and even local businesses. There are scholarships for almost everything – from academic achievements to unique hobbies and backgrounds. Don’t underestimate the power of smaller, niche scholarships; they can quickly add up and significantly reduce your student’s expenses. The best part is that scholarships are free money and don’t have to be paid back!  #2: Freelance or Remote Work Encourage your student to leverage their skills by freelancing in their spare time. Whether it’s graphic design, writing, coding, or tutoring, there are platforms where they can offer services remotely. Websites like Upwork, Fiverr, and Tutor.com provide opportunities to earn extra income on your own schedule. This can even continue while at school, if it’s beneficial for your student.  #3: Participate in Research Studies Many universities conduct research studies and clinical trials and are often in need of participants. These studies can range from psychological experiments to medical trials. While compensation varies, it’s a unique way to earn money while contributing to scientific advancements. #4: Utilize Crowdfunding Platforms Websites like GoFundMe and Kickstarter aren’t just for entrepreneurs; they can also be used to raise funds for educational expenses. Create a compelling campaign outlining your educational goals, financial situation, and why you need support. Share it with friends, family, and your social network. Your family may even consider doing this in lieu of graduation gifts.  #5: Become a Resident Assistant (RA) Many colleges offer free or reduced housing for students who serve as resident assistants. In addition to saving on housing costs, RAs often receive stipends or tuition waivers. It’s a great way to build leadership skills, make connections, and offset living expenses. At some schools, these positions are only available for upperclassmen, so just check out the schools’ requirements and keep it as an idea after freshman year, if necessary.  #6: Rent Out Your Space If your family has an extra room or property near your college campus, consider renting it out to fellow students or through platforms like Airbnb during peak tourist seasons. This can provide a steady stream of income to help cover your own housing expenses. Renting is also a great option at home, if your student’s space is open!  #7: Explore Work-Study Programs  Work-study programs provide part-time employment opportunities for students with financial need. These jobs are often located on campus and can range from administrative roles to positions related to your field of study. Not only do they provide income, but they also offer valuable work experience. Schedules can often be crafted around their classwork, so it’s a great option if your student can handle it!  #8: Start a Side Business Tap into your student’s entrepreneurial spirit by letting them start a side business. From selling handmade crafts online, offering pet sitting services, or creating a niche blog with affiliate marketing, there are countless ways to generate income outside of traditional employment. #9: Take Advantage of Employee Benefits:  If your student is currently employed, check if their employer offers tuition reimbursement or educational assistance programs. Some companies provide financial assistance for employees pursuing higher education relevant to their job or career advancement. #10: Negotiate Financial Aid: Don’t hesitate to negotiate with colleges regarding financial aid packages. If your student received offers from multiple institutions, use them as leverage to request more favorable terms. Colleges want to attract talented students, and they may be willing to offer additional grants or scholarships to make their school more affordable for you. Read more of my tips on negotiating financial aid packages here!  While the cost of college can be overwhelming, there are numerous creative strategies to help finance your education. By combining some of these unique ideas, you can significantly reduce your out-of-pocket expenses. Remember to explore all options, stay proactive, and don’t be afraid to think outside the box when it comes to covering your college costs!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

5 Topics for Your Family’s College Money Talk - College Financial Aid Advisors

5 Topics for Your Family’s College Money Talk

Financial Aid, Scholarships / By

Help Your Student Make an Educated Decision About How to Fund College For many families, the joy of college applications and future dreams is starting to form as your students fill out applications, complete college visits, and make lists for next year. Despite all of the joy, it’s not uncommon to feel anxiety or worry about how your family might be able to pay for college. The reality for many students and families is that they’ll likely be paying something out of pocket in order for their child to attend college. Even with generous scholarships and grants, sending a student to college can sometimes put an extraordinary burden on a family’s financial structure. The question naturally arises about how much a parent should be expected to pay for their student’s college degree. That is why the college money talk is so important! Before accepting any college offer, it is crucial to have a frank financial discussion with your student. Have an open conversation about the family’s financial situation, and then discuss the costs of college together. Money talks are always tough, so… Here’s 5 points to cover during your college money talk with your student! What it could cost to attend the colleges on your student’s list? Not all college costs are created equally! Sit together and review the Net Price Calculator for each college, to determine what the average student is likely to pay out-of-pocket. Then, add in all the miscellaneous costs such as travel, food, entertainment, and data plans. If you don’t have financial resources to cover these amounts, you might have to rely on student loans and it’s important to see the full picture. What kind of budget will your student have? When chatting about college finances, discuss now how much money you will be able to supply for your student’s living expenses. Keep in mind that you still have to run your own household. You don’t want to rely on credit cards to cover ongoing expenses and your student shouldn’t float a credit card either. Take the time to lay out what their extra funds might look like during college. Will your student work during college? Some students might have to apply for the federal work-study program, or find a job on their own. While many students can juggle work hours and class time, some students have difficulty achieving a workable balance. They might also need to work during the summer and various breaks, while their peers are enjoying great vacations. However, if you’re trying to create extra money in the budget for college costs, a job can be a great option. Can you find any scholarships? If your family does not have sufficient resources to cover college costs, make sure your student is searching for every available scholarship to help defray some of the costs. There are scholarships available year round from private and public organizations. Don’t forget to look for scholarships every year during college – they aren’t just for freshmen! Scholarships are money you do NOT have to pay back, so they’re invaluable to close the gap between your funds and payments. Who will repay student loans? I recommend that families have the discussion of who is responsible for which parts of the student loans now – not after graduation. There are some fantastic student loan calculators to determine what future payments might look like, so that you can have an educated conversation about the funds needed to repay any student loans borrowed. This part of the money talk can be tough but it’s an important reality that students should understand before agreeing to take on any loan. If the numbers don’t work, it is best to make hard decisions now about which college to attend, rather than waiting until your student starts attending classes, and the bills become overwhelming. This is such an exciting time, but it’s important to remain grounded and honest about what your situation is so that everyone can make an educated decision about the future. More about Jodi and College Financial Aid Advisors Jodi helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. Still Want More Help? Get more information on financial aid in my book, Secrets of a Financial Aid Pro – it makes a great holiday gift! You’ll find information on everything including admissions deadlines, financial planning, filling out the FAFSA, award letters, searching for scholarships, and comparing student loan options. Order it now, and get the information you need to successfully navigate the financial aid journey.

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

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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.  

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

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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

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

What Is Your Plan To Pay For College

15-minute Strategy Session to answer your personal questions about financial aid.
15-minute Strategy Session
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