Student Loan Debt Relief Plan & Tips for the FAFSA & CSS Profile
November has arrived and the holiday season is upon us! This time of year is also college application season. At Westface College Planning, we believe in the value of thoroughly preparing for your child’s education. Get a head start with college planning to put your family in the most effective financial position.
Completing the FAFSA and the CSS Profile are important steps along the path to college funding success. The FAFSA form is used to determine your eligibility for federal aid and some college aid. Colleges may also require the significantly more detailed CSS Profile form to be completed; this form is used by a few hundred colleges to award their own aid funds. The FAFSA and CSS Profile online forms for the 2023-2024 school year have been available since October 1, 2022. Both are important, so here are some tips for completing the FAFSA and CSS Profile.
The U.S. Department of Education has opened up their website for borrowers to submit their applications for debt relief. Even with the current pause on the program from a federal appeals court, it is still recommended to apply now. If you have taken out a PLUS loan for your student, you may also be eligible to receive up to $10,000 in debt relief. Learn more details about the Federal Student Loan Debt Relief Plan in our November blog.
As the college planning season is underway, make sure to sign up for a complimentary college funding consultation or watch our on-demand educational webinar today. Here’s to a joyous Thanksgiving and I look forward to talking with you soon!
Tips for How to Fill Out the FAFSA, the CSS Profile, and Other Aid Forms
Applying for financial aid can be a confusing and stressful process. Hopefully, this article will help you avoid costly mistakes and reduce your anxiety level as well.
Since every family’s situation is different, it is impossible to provide specific information on how to answer each question on the 2023-2024 FAFSA®, the CSS Profile™, and other aid forms.
The Basics of the Federal Student Loan Debt Relief Plan
The U.S. Department of Education announced the Federal Student Loan Debt Relief Plan on August 24, 2022. The debt relief plan has three main parts to it and many details, so here are the basics to help clarify the process.
The final extension of the student loan repayment pause is included in the Federal Student Loan Debt Relief Plan, and now goes through December 31, 2022. Borrowers will resume payments in January 2023.
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- Expected Family Contribution (EFC)
- Cost of Attendance (CoA)
- FAFSA and CSS profile
- Public versus private costs
- How you can afford college without jeopardizing retirement
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Westface College Planning is here to help ensure your planning is where it needs to be. Contact us with any questions you might have for the years to come!
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