The FAFSA Is Changing For 2023-24
What do you need to know now?
There are some big changes in the world of college funding that may have been lost in the flood of news about current events. The recently passed Consolidated Appropriations Act of 2021 includes a section called the FAFSA Simplification Act. Those changes, which certainly simplify parts of the FAFSA, don’t take effect until July 2023, but now is the time to look at how they may change your planning for secondary education.
This month, we’d like to take a look at some of the biggest changes and share our thoughts on how these changes might affect you. Although the new FAFSA won’t be available until October 2022, with the fast pace of newsworthy events, that will be here before we know it! The better you understand it now, the more planning you can do before then.
At Westface College Planning, we are pleased to help guide you through the changes to the FAFSA, as well as any other college planning concerns. Start with our “How to Survive Paying for College” webinar, then give me a call at 360-818-7728, or sign up for a complimentary college funding consultation today!
Beatrice Schultz, CFP®
Westface College Planning
WA: (360) 818-7728
CA: (650) 587-1559
Big Changes To The FAFSA
As part of the recent omnibus funding bill to address the COVID-19 pandemic, Congress is making some drastic changes to the Free Application for Federal Student Aid (FAFSA), which is required for all public and private post-secondary schools.
These changes will simplify the FAFSA itself, in addition to the financial aid decision-making process. There’s still a lot to understand, though, and now’s the time to learn as much as you can!
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Tips By Trix
Tip #1: Create your Federal Student Aid (FSA) ID in advance. It only takes about 15 minutes to create an FSA ID, so getting it out of the way early is an easy way to save time. It can take the Social Security Administration a while to approve your FSA ID, so don’t wait until you feel overwhelmed by the FAFSA process. You can create your account through the Department of Education FSA website.
Tip #2: Gather all necessary documents before you start the FAFSA. Have all relevant information, including your FSA ID, driver’s license number, tax returns and other financial documents on hand. And note that the required documentation isn’t the same for everyone. There’s a good checklist here.
Tip #3: Double-check your work. Don’t delay or disrupt the process with simple mistakes. Mistakes could flag your application for verification, which will take extra time and could make you miss out on some awards. Double-check everything – especially spelling! – before you submit your FAFSA.
Want more helpful tips on the FAFSA and other college funding concerns? Contact us today for a complimentary consultation!
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- The FAFSA currently has 108 questions, which will soon be reduced by 67%! The list of questions is here.
- According to the Department of Education, 19 million students filled out the FAFSA for the 2017-18 school year, the most recent year for which we have records.
- For that same year, 86% of full-time college students received student aid. Don’t miss out by applying too late!
Tips For Parents
Preparing For Changes To The FAFSA
As part of the Consolidated Appropriations Act of 2021, the FAFSA Simplification Act did indeed simplify parts of the FAFSA by reducing the number of questions from 108 to 36, as well as codifying some important changes to Pell Grants and the creation of a Student Aid Index (SAI) to replace the EFC. These changes take effect in July 2023 for the 2023-24 school year, and although the new FAFSA won’t be available for completion until October 2022, it’s time to take a look at how those changes may affect you. At Westface College Planning, we’re here to help!
Visit our latest blog article at WestfaceCollegePlanning.com to learn more.
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If you’re a typical parent with college-bound students, you’re probably overwhelmed. You want to help your sons and daughters make the right choices and prevent overpaying for their education. You’re not alone! We’re here to help. Schedule your free consultation today – click below to get started!
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