UPDATE ON THE FAFSA BY LIANE CRANE

Hello!


I am sure you are following the drama associated with the Department of Education and FAFSA. Here is a summary to keep you updated. Feel free to share.

We know that FAFSA information will not be sent to colleges until mid to late March. 
  * If parents have not completed the FAFSA, it is not 'late', regardless of the date on college websites. Most glitches have been addressed at this time. (exception is for parents without a SS#)
  * Parents of new college freshman 2024-25 should aim to complete the FAFSA by 3/15.
  * Current college students should plan to complete the FAFSA by the date on the college website or April 30th in order to receive correct tuition bills.
  * When logging into studentaid.gov the dashboard should say processing - it will stay this way until FAFSA info is sent to colleges.
  * Changes to the FAFSA can not be made until the application has been completely processed. Changes can be red flags - be sure that any changes are justified and have documentation.
 
This delay will cause colleges to have very limited time to create financial aid packages and send them to students in a timely manner before May 1st.
  * Many colleges have already extended the May 1st deadline. 
  * HERE is a list of extended dates by Danny Tejada (thank you Danny)
  * The California State system has also extended deadlines, read - HERE

Possible ways to get a financial aid package now -
  * Many CSS Profile schools are calculating 'tentative' packages upon request.
  * Some colleges are requesting their own financial form to be completed and can estimate FAFSA results.
  * If a student/family will NOT receive need-based aid and has received their acceptance letter - the out of pocket cost to the family can be determined.
  * Some colleges will complete an 'early read' - similar to the tentative package upon request.
 
The additional delay has a positive effect in that the updated formula will allocate more funds to most families with need. If the student hasn't already, once the FAFSA has been processed they will receive an email with their Student Aid Index (SAI); this can be used to determine need and actual out of pocket costs prior to receiving the financial aid package. Appeal letters for merit can be sent now for certain, specific situations.

Be sure that the student is actively checking college portals - this is where the most updated information will become available. 

If any family would like a college cost comparison, 4-year cash flow spreadsheet or a conversation about college finances - please reach out; https://calendly.com/collegedollar/

Liane Crane
TheCollegeDollar.com
Member; HECA, NCAG
Forbes Financial Aid Article
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