Before delving into the dos and don'ts, let's briefly review the basics of FAFSA. FAFSA is the primary application required by the federal government to determine eligibility for various forms of financial aid, including grants, scholarships, work-study programs, and federal student loans.
Dos:
File Early: One of the most important dos when it comes to FAFSA is to apply as early as possible. The FAFSA usually opens on October 1st, but this year, it will open sometime in December. A good goal is to submit the FAFSA within a month or two of its release date.
Double-Check Your Information: Accuracy is key. Make sure all the information you provide is correct and up to date. Errors can result in delays in processing your application or even disqualification from certain aid programs.
Gather Required Documents: Before you begin the FAFSA, gather the necessary documents such as tax returns, W-2 forms, bank statements, and Social Security numbers for both the student and parents (if applicable). Having these on hand will make the process smoother.
Don'ts:
Leave Fields Blank: Always fill out every field on the FAFSA, even if you think it doesn't apply to you. Use "0" or "not applicable" where necessary to avoid misunderstandings.
Guess on Financial Information: Accurate financial information is critical. Avoid guessing or estimating figures; refer to your tax returns and financial statements for precise data.
Assume That You Can’t Make Changes: The FAFSA is not static; you can make corrections or changes. Additionally, if the FAFSA doesn’t tell your full story, for example, if there’s been an income reduction recently, reach out to the college’s financial aid offices once your student is admitted. While the FAFSA can’t always capture the whole story, the financial aid offices need to hear it.
Changes in FAFSA for the Current Year
This year, there are some notable changes in the FAFSA application process:
Custodial Parent Changes: Previously, if parents are divorced, the parent who spent the most time with the student should fill out the FAFSA. Starting with the 2024-2025 FAFSA, that will change; the parent who provides the most financial support must complete it.
Streamlined Income Information: The FAFSA has simplified the income information section by eliminating specific questions and adjusting the income threshold for the simplified needs test. This change is expected to make the application process more accessible.
Expanded Eligibility: The income threshold for the Simplified Needs Test has been increased, making more students eligible for federal Pell Grants and other forms of need-based aid.
More news about the revised FAFSA is expected to be announced over the next several months, and Cardinal College Planning will be sure to keep you updated.