FAFSA … What You Should Expect
By Lynne Fuller, Founder of College Flight Path
2024 changes to the Free Application for Federal Student Aid (FAFSA) have elicited both positive and negative impacts on the financial aid application process, leaving students and institutions navigating through a period of transition. Despite these efforts, last admissions cycle, processing delays were a concern, impacting students' access to crucial grants and aid.
In an attempt to simplify the FAFSA process and broaden access to financial aid, significant modifications were made. These FAFSA changes, detailed in reports from The Washington Post, ABC News, and Yahoo Finance, include adjustments that will allow over 610,000 more college students to qualify for crucial grants.
However, these modifications have not been implemented without challenges. Reports from The Chronicle of Higher Education highlight significant processing delays in the wake of these changes, raising concerns about the timely disbursement of financial aid to eligible students. To prepare for the FAFSA update, be sure to have your 2023 tax return processed.
Moreover, the National Association of Student Financial Aid Administrators (NASFAA) has documented case studies that delve into the real-world implications of the FAFSA overhaul, shedding light on how these changes have affected students and institutions on the ground.
One of the specific changes involves a rule concerning divorce, as outlined in Savingforcollege.com, which has sparked conversations about the broader societal implications and challenges for families navigating the financial aid landscape.
In an analysis provided by Big J Educational Consulting, questions are raised about whether the simplified FAFSA process will indeed lead to better outcomes for students, considering the observed processing delays and potential complications arising from the recent changes.
The overhaul of the FAFSA system, while aimed at simplifying the financial aid application process and expanding access, has introduced both benefits and challenges, the most significant of which is how to consider two in college at the same time. The processing delays underscore the importance of ongoing evaluation and adjustment to ensure that the FAFSA system effectively serves the needs of students and institutions alike.
No matter what, it is important to complete the FAFSA, especially for students seeking merit scholarships as many are connected to completing the FAFSA despite not requesting financial aid. If a student and their parent/guardian does not fill out the FAFSA and would need to appeal a financial award later, it often comes back to filling out this document to be able to entertain this conversation. Set your reminder now for your rising senior as you hit October 1st to sit down with your financial documentation and fill out the FAFSA and CSS Profile documents. For further insight, meet with our financial aid guru - Kevin Murphy, Founder of Smart Future - who is a nationally recognized financial aid expert who has helped over 1,000 families secure millions in scholarships and grants since 2018.
Check out a video here on how the new FSA form should be filled out. Meanwhile, it is wise to obtain a FSA ID now so you are prepared for when the FAFSA application does become available.
To learn more about FAFSA updates or any other related topics, email hello@collegeflightpath.com or book a free 15-minute call.
Interested in what Kevin has to say and think that he can help your family. We offer two packages
Option 1: Comprehensive Financial Aid Preparation & Appeals (Fall and Spring) - $2500
Step 1: Pay Here, Step 2: Book a Time with Kevin Murphy, Step 3: Provide your most recent tax returns (Form 1040 + all schedules, W-2s)
Option 2: Financial Aid and Scholarship Appeals ONLY (Spring) - $1500
Step 1: Pay Here, Step 2: Book a Time with Kevin Murphy, Step 3: Provide a copy of your FAFSA summary, CSS Profile summary, and Financial Award Letters received
What The Packages Include
Option 1: Comprehensive Financial Aid Support
Financial Aid Form Preparation: Form preparation, Deadline Management, Updates and Amendments, SAI Reduction & Aid Maximization
College Funding Strategies: Maximize Scholarships, Cost Projections for Unlimited Schools, Loan Comparison and Review, Personalized College Budget
Review of Financial Aid Award: explain all grants, scholarships, loans, and work-study options
Financial Aid and Scholarship Appeals: Review of Financial Aid Award, Assessment of Financial Situation, Craft an Appeal Strategy
Option 2: Appeals and Loans Package:
Review of Financial Aid Award: explain all grants, scholarships, loans, and work-study options
Assessment of Financial Situation: identify any changes or circumstances not captured in your initial aid application
Craft Appeal Strategy: guidance in writing strong appeal letters to make the best case for more financial aid and/or scholarships
*College Flight Path’s services are advisory in nature. We do not and cannot guarantee client admission or financial aid packages for any college or university, nor can we guarantee job or internship offers or salaries.
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