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What to Consider When Choosing Your College by National College Decision Day - College Financial Aid Advisors

What to Consider When Choosing Your College by National College Decision Day

Pay for College / By

College Decision Day is May 1st – and believe it or not, this exciting day will be here before you know it! While some students who applied for early acceptance are sitting back, comfortable in the knowledge of where they’re going for their college journey, other students may not be. Whether you’re just unsure about which school is right for you, or just not clear on how to make the decision you want, the final deadline is coming up. Please note: Deadlines are changing college by college – due to late FAFSA. Some colleges have changed their enrollment date, please check each college so you don’t miss the new announced deadlines. Here are some tips that might make it easier to plan ahead for College Decision Day: Talk to someone  You don’t have to make this exciting and momentous decision alone. Talk to your parents, siblings, friends, relatives, teachers and counselors to get their advice on what path to take. In the end, the decision is a combination of your desires for college, financial ability to pay, and which school is the best fit for your studies.  Compare in two ways Look at emotional reasons to pick one college over another, and then think about financial reasons. Take all possible costs into consideration, including travel and out-of-pocket living expenses. Be sure you know how much of each financial aid offer comes. You’re likely to see  scholarships and grants you will not have to repay, and student loans that you will have to repay.  Make one last effort at increasing financial aid Remember, the colleges are looking at financial aid information from the last year.  If your family faced financial problems last year, put together a compelling case for more help. Be patient with financial aid offices as you appeal your offer, as they’re likely overloaded right now. I have more tips on appealing financial aid offers here! Check your bank balance If you do have an idea of the college you want to attend, find out how much money you will be expected to pay. If you don’t have enough, you’ll need to earn more by then or learn a lot about student loans in a hurry. Remember to watch which loans you’re agreeing to take – as they become your responsibility after graduation. If your family is helping you pay for school, have a conversation about who will be responsible for what, as well!  There is still time to look for scholarships Does the final decision for which school you’re going to choose rest on a specific amount of money? If so, a scholarship might just do the trick. Scholarships do not have to be paid back and are free money that can really help with your college costs.  Take a minute to reflect on what you need, what you have in the bank, and what’s coming from the schools. Make your choice as soon as you feel ready (by May 1st!).  Carefully read all the information provided to be sure you complete everything you need to secure your spot! Be sure to let other colleges know that you will not be attending. This allows them to offer your spot to other students on their wait list. Congratulations on making it this far and good luck in the years ahead! A quick note: recent updates from the Education Department indicate colleges will not receive FAFSA information until March. Please watch your application portals and school announcements carefully in case deadlines change.  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.

The 2024-2025 FAFSA is Live - Or Is It? - College Financial Aid Advisors

The 2024-2025 FAFSA is Live – Or Is It?

Blog, FAFSA / By

A Soft Launch of This Year’s Financial Aid Application is Causing Frustration For months, parents, students, and financial aid experts alike have been waiting for the 2024-2025 FAFSA to go live. The Education Department opened the FAFSA this month – in a soft launch that’s causing confusion and frustration for applicants. While the application is technically live, it’s only been available for small windows of time with maintenance work locking individuals out frequently… and that’s just one of the concerns the application is facing.  Let’s talk about what’s going on and how this impacts financial aid applications for students nationwide. What’s really going on with the FAFSA? The Education Department released the new version of the FAFSA on December 30th. For the past year (plus!), they have been working on making updates to the application to make it easier to understand, complete, and to be more accessible. See more about those updates in one of our latest blogs here. However, technical issues delayed the roll out of the new application from October to December… and many of those issues still aren’t fixed. Applicants have expressed frustration over being locked out – if they can even get into the application at all right now. Many are stuck waiting in a digital waiting room because the site is at capacity. While over 400,000 people have started applications and 150,000 have actually been submitted, there’s still many more to go. These applications are critical for gaining access to funds to pay for college. Unsurprisingly, these issues are causing concern for parents and students who are wondering how they will pay for college. How Will Colleges Get the Information? Despite the current issues, the Education Department made it clear early on that colleges and universities who need the information on the FAFSA to offer aid will not receive information until the end of January. This was meant to help ensure students and families had adequate time to complete their applications. While it may have bolstered the families, colleges and financial aid offices worried about being able to access what they needed – or the new form being reliable… which is proving to be more accurate than anyone expected. Without knowing exactly when all information will be accessible, schools cannot guarantee any timelines about when students will receive their financial aid offers, potentially throwing off more components of the traditional timetable for college acceptance and decision making. How Long Will the Soft Launch Last? It’s hard to say how long the application will be in this state, unfortunately. Experts note that it could last the rest of the month. FOr students and families who want to submit their application and figure out how to fund college, that timeframe is very disappointing. However, I’d encourage you to keep trying the site – at different hours of the day when volumes might be low and do your best to be patient. It is SO important to file your FAFSA – even if it takes longer than usual this year. Do your best to submit the FAFSA as soon as you can, as we aren’t sure how future deadlines for college acceptance will be affected. What happens now? Right now, the best thing families and students can do is finish filing their FAFSA for the 2024-2025 year. At the moment, we are unsure if colleges will adjust their acceptance deadlines or how that process will look. There are still too many unknowns. What I do know is that the rest of the year will be chaotic however it plays out – so buckle up! Experts say that the delays will hit lower-income and first-generation students hardest, as they’ll be on a more consolidated timeline to make choices. But, the reality is that someone who applies for financial aid now will be in the same spot as someone who does it at the end of the month. Traditionally, that has not been the case. Earlier applications meant earlier access to funds… but this year it’s different. If you take anything from this update about the 2024-2025 FAFSA, please remember to file your application as soon as you can and just be patient over the next few months. The delayed soft launch has truly caused a domino effect in the world of financial aid and we’re all still waiting to see how much further that will go. Hang in there! We’ll all get through this strange year of college funding together! 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. Twitter: The 2024-2025 FAFSA is live… or is it? The Education Department’s soft launch has confused and frustrated students and families while trying to figure out college funding! Instagram: For months, parents, students, and financial aid experts alike have been waiting for the 2024-2025 FAFSA to go live. The Education Department opened the FAFSA this month – in a soft launch that’s causing confusion and frustration for applicants. While the application is technically live, it’s only been available for small windows of time with maintenance work locking individuals out frequently… and that’s just one of the concerns the application is facing. This year is proving to be difficult and confusing – so let’s talk about what’s going on. Facebook: For months, parents, students, and financial aid experts alike have been waiting for the 2024-2025 FAFSA to go live. The Education Department opened the FAFSA this month – in a soft launch that’s causing confusion and frustration for applicants. Today’s blog shares more about what’s going on and what we can expect in

3 Tips to Discuss the Reality of Paying for College - College Financial Aid Advisors

3 Tips to Discuss the Reality of Paying for College

Financial Aid, Pay for College / By

How to Talk with Your Child About Funding their College Education One of the most difficult parts of a college education is figuring out how to pay. The college experience is not cheap! In fact, the question about who is going to pay for college is one of the hardest questions for many families to answer. There are parents who want to shoulder the burden – to eliminate debt for their child, give them a path of success for life, and who can afford to do so. There are also families where they want to do all of those things but doing so would cause a huge financial burden to the family, too. No matter where you fall on that spectrum, it’s important to sit down with your child(ren) and discuss who is responsible for paying for college. Having money talks – especially with your children – can be a super difficult thing to do But, the reality is that many students assume their parents will pay for college if that’s the path they choose. However, many of those same parents know that they can only contribute a certain amount of money to their child’s education. That disparity leads to frustration throughout the application process. Instead, it’s important to sit down and have a money talk with your family. Here’s my top three tips for talking about the reality of paying for college: Let your child know whether you have saved any money Most children don’t understand the reality of family finances, and might just assume that there is some type of college fund available, if they even know what those are. Let your child know early on whether you have been able to start a 529 Savings Plan, or have put money aside in other ways. This will go a long way towards finding and attending an affordable college. Plus, that’s the first money available to them to pay for school and should be highlighted right away in the calculations. Think carefully about taking money from your retirement account It’s so tempting to use your own retirement fund to cover college loans. But, you put money into retirement accounts for your own purposes, and withdrawing anything could adversely affect your financial stability in later years. It’s not just the principal amount you’re putting on the line; it’s the interest that will not accrue, too. You might think you are withdrawing just $5000 from your retirement, but that could end up being $7000 or $8000 less in your account, depending on your investment plan and time until retirement. There could also be tax consequences for an early withdrawal. It seems like an easy solution but is often anything but that! Know why costs go up for college educations Many families don’t have an adequate understanding of why college costs increase between schools and even between years. Discuss the cost differences between public and private, two and four-year, or in-state and out-of-state colleges. Learn about financial aid, and roughly calculate how much you will have to pay out of pocket or borrow through student loans. Start budgeting early, and look for scholarships that might be able to draw costs down. Remember, loans HAVE to be paid back. So, while you’re chatting about the options – determine who would be responsible for paying those in the future, too. Parents should not get disparaged or feel entirely responsible about paying for college. In many households, it’s a joint effort from the student and parents. It’s important to strike a balance between helping and overburdening your student and having clear discussions to set expectations should make it easier for everyone! 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.

Borrowing Smartly for College: What High School Juniors Need to Know - College Financial Aid Advisors

Borrowing Smartly for College: What High School Juniors Need to Know

Financial Aid, Pay for College / By

How to Start Preparing for College Applications in the Fall High school juniors are now halfway through their junior year of high school. For 6 months, they’ve been balancing your scholastic, athletic, family and personal activities. Now, it’s time to start thinking about college admissions and financial aid. As of this moment, they have only eight or nine months left to complete preliminary activities before your application. Today, I’m sharing what high school juniors can do now to be ready for college applications in the fall. re your application. Today, I’m sharing what you can do now to be ready for college applications in the fall. Organize Your Financial Paperwork Keep track of all those end-of-year financial statements/W-2 forms that are starting to arrive in the mail. If you’re working, you’ll need your own W-2 or financial statements in addition to your parents. Carefully document all changes in your family’s financial situation from last year to this year. File Your 2023 Federal Income Tax Return You’ll need it when you go to complete the FAFSA in the fall. Knock it off the list as soon as possible, so it won’t get in the way of your other tasks later on – and just keep it on hand. This may be something that your family has on file, so make sure to let your parents know you’ll need easy access to it. Have a Financial Discussion With Your Parents Talk about how much money is available for your college education, and mutually agree on comfortable price ranges. Ask your parents if they are willing to help repay any portion of student loans you may borrow. This will give you an idea of colleges that are in your price range. You also want to start thinking about what kind of budget you may be living on during your college years. Start Your College Wish List Think about what you want in a college education, and then start looking for schools that can meet your needs. Talk to classmates from your area with similar interests and ask about schools they are researching. You want to have a list of about eight to ten schools. One or two should be a stretch for your academic record and financial situation, and four to six should be a reasonable expectation for students with your capabilities. Add one or two safety schools where you have a very high probability of being accepted. Study Cost Calculators Look at websites from preliminary schools on your list, and check their net cost calculators. While this is not an exact amount, it does give you a pretty good indication of what it costs a typical student to attend each college. Think About Future Earning Potential While cost should not necessarily rule out a favored school, you do not want to rely on a heavy student loan burden. Think ahead to what students graduating with your degree from your college can earn, and balance that against what future loan payments might be. It’s important to be realistic about what you may earn and what you may owe. While a college education is amazing, you don’t want to be set up for financial burdens after graduation. Finally, one big deadline to be aware of is filing your FAFSA by 1 October. You want to put that high on your priority list! The sooner you complete the FAFSA, the more financial aid you’ll be eligible for. By the time that you complete your FAFSA, you’ll have a good grasp on possible colleges, and know whether you want to apply for early decision, early action or regular admission, so you’ll be in great shape. I know it can feel like a lot but this is truly the start of a great journey for you and your 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. Twitter: Now is the time for high school juniors to begin thinking about which colleges they might want to apply to. Here’s what else you should be thinking about! Facebook Tip: Getting into college and paying for it is a complicated process for high school juniors. Now is the perfect time to start thinking about what you want out of your college experience – and we know just where to start! Instagram: High school juniors are now halfway through their junior year of high school. For 6 months, they’ve been balancing your scholastic, athletic, family and personal activities. Now, it’s time to start thinking about college admissions and financial aid. As of this moment, they have only eight or nine months left to complete preliminary activities before your application. Today, I’m sharing what high school juniors can do now to be ready for college applications in the fall.

FAFSA Changes Have Made Filing for College Money Easier - College Financial Aid Advisors

Changes to the 2024-2025 FAFSA Have Made Filing for College Money Easier

FAFSA / By

How Finding Money for College Is Now Easier Than Ever For the last 40+ years, students and families have been frustrated by the process of filing the FAFSA. This single document is the key to funding a college education, yet it’s been one of the most notoriously difficult documents to file. Many families often decide to skip the entire process together, even though it’s necessary to file in order to receive financial aid. However, with the release of the 2024-2025 FAFSA, families, students, and financial aid offices alike are hopeful that the once complicated application will be easier to complete and process. Here are some of the changes we’re excited to see with the opening of the 2024-2025 FAFSA: Questions: The number of questions have been reduced around the primary areas, with follow-up subsets depending on the answers given. More information will be directly input from the appropriate federal tax return using the IRS Data Retrieval Tool. EFC: The Expected Family Contribution will be changed to the Student Aid Index (SAI). You can learn more about the changes with the SAI here. Pell Grants: More students will be eligible to receive maximum or partial federal Pell grants. The hope is that7 million more students will qualify for the maximum Pell Grant each year, and allow hundreds of thousands more to receive partial awards. Form Completion: For students with divorced or separated parents, the parent who provides the greater portion of a student’s financial support will be the one who is responsible for completing the FAFSA. COA: Changes are being made to the definition of Cost of Attendance. Colleges will be required to provide more specific cost details on their websites. Some students with extremely low income may be able to qualify for financial aid which exceeds the cost of attendance. Untaxed Income: Changes have been implemented to streamline the definition of untaxed income and benefits. Income Protection: Important changes have been made to the income protection allowance (IPA) for parents and students, which shelters a portion of income based on a basic living expense standard. Multiple Students: Families with multiple members attending college will no longer need to divide the parent assessment among that number, which could in effect reduce the amount of aid available for middle- and high-income families. This is going to be a major change! Formula and Appeals: Other changes will be made to the formula used for determining financial aid. There will also be changes to the financial aid appeals process. The hope, of course, is that all these changes will motivate more families to file a FAFSA and qualify for federal financial aid. The information collected also forms the basis for aid decisions made by state governments, colleges and some private scholarships. As of early January, the FAFSA has been released in a soft launch. This means that it’s accessible – but the site is being regularly monitored for efficiency and you may find that the application can be temporarily unavailable while updates are made. Try not to worry and instead just focus on completing your form. 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. Twitter: Now that the 2024-2025 FAFSA has been released in its soft launch, learn about the major changes made to make this form easier and more accessible. Facebook Tip: The FAFSA is the most important document your family will file to receive funds for college. The Department of Education has been hard at work to make this form easier to complete – see a list of some of the biggest changes made to this year’s application! Instagram: For the last 40+ years, students and families have been frustrated by the process of filing the FAFSA. This single document is the key to funding a college education, yet it’s been one of the most notoriously difficult documents to file. Many families often decide to skip the entire process together, even though it’s necessary to file in order to receive financial aid. However, with the release of the 2024-2025 FAFSA, families, students, and financial aid offices alike are hopeful that the once complicated application will be easier to complete and process. Check out some of the major changes made to the new FAFSA!

3 New Year’s Resolutions to Make College More Affordable for Your Family - College Financial Aid Advisors

3 New Year’s Resolutions to Make College More Affordable for Your Family

Financial Aid / By

How to Save More Money for Your Student’s College Education Happy New Year! 2024 has arrived – and with it, the chance for resolutions that will help you improve your life, finances, and family’s well-being. One of the most common areas of financial stress for families is figuring out how to pay for college. Many families often forgo saving money from the start in the hopes that financial aid will provide them great options. I see families complete the FAFSA with great expectations but they’re often disappointed when they don’t qualify for as much aid as they’d hoped. Less financial aid often means their student isn’t going to be able to pay for their first choice college – or they’ll have to take out way too many loans to make it possible. To keep this from happening to your family, I’m sharing three New Year’s resolutions to help your family get a head start on college costs! #1: Start a college savings plans this year It doesn’t matter how old your child is, or how much you can save. Just start by creating a college education savings fund for your student(s). Small amounts add up over time and will provide more future financial flexibility for your family. College savings plans are also a great gift option to share with family and friends! If you have more substantial amounts of money to invest, look into the tax-advantaged 529 plans available in your state. When deciding on the type of savings plan, you should definitely talk to a financial advisor who can help find a plan that is best for your family’s needs. #2: Teach your children more about the value of money this year Too many students reach college age without having any concept of the value of money. They don’t know how it is earned, and how it should be spent. Some parents think the responsibility is theirs, or don’t even understand these concepts themselves. But youngsters who don’t understand the value of money grow up to be college students who graduate with heavy student loan debt. It’s important to have a money talk with your student(s) early on. This will help them build healthier money habits for their entire life. See our top 5 Money Lessons here! #3: Involve your child in college money discussions The amount of money you can afford to pay for college should not be some type of family secret. Instead, take the time to talk with your children about what you can realistically afford. You don’t want to tank your household budget because you overcommitted what you can pay for their school. Plan to have the conversation every year to discuss your real-life money circumstances and project how they could impact college expectations for that year. Teaching fiscal responsibility to your child as a life-lesson and implementing plans to pay for college yourself are two of the best ways to stay out of student loan debt. Learn more about saving for college in my book, Secrets of a Financial Aid Pro, which also contains information on completing the FAFSA, applying for financial aid, paying for college, and repaying student loans. 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. Twitter: I’m sharing three New Year’s resolutions to help your family make college a reality! See them on the blog today! Facebook Tip: One great way to avoid student loan debt in the future is by making a serious effort to save money for college now. Learn our top resolutions to help you save more money for college and how to help your student build a positive relationship with money now. Instagram: Happy New Year! 2024 has arrived – and with it, the chance for resolutions that will help you improve your life, finances, and family’s well-being. One of the most common areas of financial stress for families is figuring out how to pay for college. Many families often forgo saving money from the start in the hopes that financial aid will provide them great options. But that isn’t always the reality. In fact, receiving less financial aid often means their student isn’t going to be able to pay for their first choice college – or they’ll have to take out way too many loans to make it possible. That’s why I’m sharing 3 money resolutions that you can focus on for 2024 to make funding college a reality!

Updates to the 2024-2025 FAFSA Will Help Maximize Your Financial Aid - College Financial Aid Advisors

Updates to the 2024-2025 FAFSA Will Help Maximize Your Financial Aid

Financial Aid / By

How the FAFSA is Making Financial Aid More Accessible to Families Nationwide In the last year and a half, the Free Application for Federal Student Aid – or FAFSA – has undergone major changes to make the application easier to complete for students nationwide. This is the first major update that the FAFSA has experienced in 40 years. Not surprisingly, these changes have impacted the opening of the application for the fall. Now, the FAFSA is supposed to be released sometime this month by 31 December. As we wait, it seems like the perfect time to review changes to the 2024-2025 FAFSA that will help you maximize financial aid -and your time filling out the forms! Who should file the FAFSA? One thing that has not changed about the FAFSA is that any current high school senior who plans to attend college in the fall and any current college students should still file the FAFSA. As a reminder, the FAFSA gathers information about your financial needs so your student can be offered work-study, grants, and student loans. All colleges and universities will want the FAFSA from your student as part of their application. Some scholarships may even require the form to be completed. The money and aid is limited – and often on a first-come, first-serve basis so it’s in your benefit to file the FAFSA as soon as you can. Changes to the 2024-2025 FAFSA While we’re still waiting for the new application to be released, the Department of Education has stated that the application will be shorter and less complicated than ever before. The 110 questions have now been reduced to about 40. That’s a huge change! Many families avoid applying for financial aid via the FAFSA because the application has been confusing and long. With that problem hopefully eliminated, I encourage all families to apply for financial aid… even if they think they may not be eligible. Another big change to the FAFSA is that it will now be available in 11 languages, including Russian, Arabic, and Vietnamese. Previously, the application was only available in Spanish and English. This will make it easier for all families to complete the FAFSA and maximize their financial aid. Finally, the Department of Education has waived the drug conviction questions and the requirement to sign up for selective service. How do I prepare for the FAFSA? Until the application opens this month, all families can do is get prepared. Gather financial documents, review our guide to completing the FAFSA, and make sure your list of colleges is complete. Once the application opens, sit down and complete it quickly and accurately as soon as you can. After your application is submitted, be patient with your colleges and their financial aid offices. The colleges and universities cannot access the applications for 30 days and then have to create packages for potential students. Their timelines are also going to be impacted this year – so be patient and give them grace. If you have any questions about how to complete the FAFSA or your family’s specific financial situation, reach out to Jodi at College Financial Aid Advisors. Don’t delay – as that only makes the process more stressful for everyone involved! 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.

How the New Student Aid Index Impact Your Financial Aid Offers - College Financial Aid Advisors

How the New Student Aid Index Impact Your Financial Aid Offers

Financial Aid / By

Maximize Your Financial Aid By Understanding the New Student Aid Index One of the biggest updates to the FAFSA is the introduction of the Student Aid Index (SAI). The Student Aid Index is replacing the Expected Family Contribution, which was the amount a family would have to pay out-of-pocket for college expenses. Now, the SAI will help colleges and universities determine how much funding a student can receive. Like any change, there’s always pros and cons – so we’re breaking down how the new Student Aid Index might impact your family and student’s ability to pay for college. Who will see an increase in financial aid? Perhaps one of the biggest pros of the SAI is that more students will be able to receive access to Pell Grants. Access to Pell Grants is typically based on family size and the federal poverty line. Starting this year, applicants who don’t qualify for a max Pell Grant if their SAI is less than the maximum grant amount. Single-parent households will be impacted positively with the new SAI, as well. The poverty line thresholds are higher for single-parent households, meaning more of them will qualify for the Pell Grants. This is a great improvement for families in this situation! Who will see a decrease in financial aid? In the past years, families with more than one student in college received benefits. Starting with the 2024-2025 FAFSA cycle, that will no longer be the case. Families with several students in college at the same time will qualify for less aid overall. Instead of “splitting” the income across the children, the new SAI will not account for siblings in school at the same time. Additionally, families who have small businesses with a sizable valuation may see a decrease in available aid with the new SAI and FAFSA. In the past, smaller businesses were not considered an asset on the FAFSA but they now will be. Will the new Student Aid Index impact me? The answer is most likely “yes”, but we can’t completely say how your family and student will be impacted by the new SAI. The financial aid you’re offered is based on a variety of factors, including your family size, assets, and income levels. If your student is still gearing up to apply for college, now would be a good time to start saving for future college expenses – just in case! 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. Twitter: The new Student Aid Index is replacing the Expected Family Contribution on the 2024-2025 FAFSA and will likely impact how much aid you receive. Learn more here! Instagram: One of the biggest updates to the FAFSA is the introduction of the Student Aid Index (SAI). The Student Aid Index is replacing the Expected Family Contribution, which was the amount a family would have to pay out-of-pocket for college expenses. Like any change, there’s always pros and cons – so we’re breaking down how the new Student Aid Index might impact your family and student’s ability to pay for college. Facebook: The Student Aid Index is replacing the Expected Family Contribution moving forward on the FAFSA. This new system will change how families receive aid – some will receive less and others are going to get access to more money. Learn how your family might be impacted in today’s blog!

How the Delayed Release of the FAFSA Will Impact College Funding - College Financial Aid Advisors

How the Delayed Release of the FAFSA Will Impact College Funding

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What We Know About the New FAFSA and Financial Aid Offers As a result of the FAFSA Simplification Act in 2020, the FAFSA has been updated to help millions of students and families maximize their financial aid for college. In the past, the FAFSA has been available in October for families to start their financial aid process – but this year, things are a bit different. The new form has not been released yet (but will by December 31st!). This has been the biggest update in 40 years for the FAFSA and we’re all ready to see what the new application looks like. Here’s what we do know about the updated FAFSA and your student’s college financial aid process so far: Applicants will be able to pull data from their tax returns. An exciting new update for the 2024-2025 FAFSA is that you’ll be able to automatically retrieve income from your taxes and the IRS. During the application, families will give consent to the Department of Education to send their identifying information to the IRS, who will match up records and retrieve the necessary financial aid information for the FAFSA.  This will save time and provide more accurate responses to income related questions. Families must consent to be able to receive financial aid. If you don’t, the application will be considered a reject. So, make sure you hit the button to consent to this data transfer! Are there any format updates to the FAFSA? The FAFSA will still be available on paper if you don’t want to do it electronically – but you’ll still have to consent to the data transfer. Additionally, the new version of the FAFSA has been shortened from the original 110 questions to somewhere around 40-50 questions. As we’ve discussed in previous blogs, the questions about drug convictions and selective service have also been waived. Will the delayed release impact financial aid offers? Understandably, this is the question most students and families are most worried about. If your student has applied for early decision, it’s likely that the colleges are using old processes to review and process financial aid applications. The schools are estimating aid offers and once the FAFSA arrives, they’ll be able to confirm any information already provided by families. If you’re a current college student and your information is kind of same, your offered financial aid package should come in later in the year. For students who are applying on the regular timetable, the delay of the FAFSA release is likely to not impact financial aid. Many states and universities have pushed back due dates, so be sure to check your college’s site! How are the updates impacting Pell Grants or other offers for low to middle income students? The FAFSA’s calculator for student financial need has changed from the Expected Family Contribution to the Student Aid Index, which is now based on federal poverty guidelines. Honestly, this change will make knowing what you’re going to receive more predictable. The Department of Education has also released a new Federal Student Aid Estimator simulator online. Families can look as early as middle school to determine if college is a realistic option for their students. This may help in the long run with selecting appropriate classes and activities. Filing the FAFSA, no matter what your financial situation is, is a way to open possibilities for paying for college. I encourage all families and students to file the FAFSA – even if you think you might not qualify for aid. You’d be surprised what’s available! Good luck completing the application this year and if you have any questions, don’t hesitate to reach out! 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 Will the 2024-2025 FAFSA Be Available? - College Financial Aid Advisors

When Will the 2024-2025 FAFSA Be Available?

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Updates to the FAFSA Have Delayed College Financial Aid for Millions The Free Application for Federal Student Aid (FAFSA) has undergone some major updates for the 2024-2025 application cycle. Unfortunately, many families and students are wondering exactly where the FAFSA is. Traditionally, the FAFSA is released in October and is the cornerstone for students’ financial aid packages and offers from their dream colleges. Because of the revisions, the application has been delayed – which means the entire financial aid process is being delayed for millions of students and schools everywhere. So, the question remains: when will the FAFSA become available? FAFSA Release for the 2024-2025 As of this moment, the Education Department has announced that FAFSA will be released by December 31st. While I wish we had more details, that’s the best we have at our current time. As a reminder, schools cannot access applications until 30 days after the FAFSA opens – so that means colleges won’t be able to review applications until the end of January 2024. Schools understand that without financial aid packages, students cannot make decisions about which school to attend – or if they can even afford to go to college. Financial aid offices will be working incredibly hard to complete their side of this equation for all of the students. Please give the financial aid staff members grace and patience, as no one really knows what to expect with this application cycle. When is the FAFSA due? While the application typically opens in October (and by December 31st this year), the application is actually due until June 2024. However, aid is often distributed on a first-come, first-serve basis so if you know your student will need aid to attend college, submit the application as soon as you can. Remember to check your college’s deadlines as well as deadlines for state or federal funding you might be considering, as those may be different. While we wait for the FAFSA to open up, review our tips on how to prepare for your application and what to do if you receive any verification requests.  This year, more than ever before, it’s important to fill out your application quickly and correctly the first time. The new updates were completed to streamline the FAFSA, which should also help this cycle! 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.  

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