6 Major FAFSA Changes You Need to Know About
In America, access to higher education is incredibly important and so financial aid requirements are constantly reworked to become accessible to more prospective students. With that in mind, there are many upcoming changes to FAFSA in the hopes that more people will strive for their degree. Your helpful advisors at College Funding of Tampa Bay have the new changes for you right here.
1. Higher Pell Grant Eligibility
A Pell grant is a financial aid that does not need to be repaid; thus, it’s basically free money given to students for their tuition and other school expenses to help them receive higher education without the fear of falling into deep student debt. Soon, even more individuals will qualify for Pell grants in an effort to encourage more people to earn their degree. As an added bonus, future students will be able to see how much financial aid they can receive before fully committing to completing the FAFSA so you can see what you’re getting before putting in the time to apply.
2. The FAFSA Now Has Less Questions
Normally, the FAFSA requires you to fill out a form consisting of as many as over a hundred questions. Many individuals are overwhelmed and put off by the idea of completing the FAFSA because of how much time you would have to put in just to see if you even qualify for aid in the first place. Soon, the form will have as few as 40 questions or less. This significant change will make the process easier and more accessible for those who could greatly benefit from financial aid.
3. For Those with Divorced or Separated Parents
If a student has divorced or separated parents, which parent is responsible for filling out their portion of the FAFSA? It used to be whoever held more custody, but that will soon change to the parent who offers the most financial support. Even if both parents provide an equal amount of support, the responsibility will fall on the individual who makes the most income. This change will allow more students to qualify since the parent with more custody won’t always be in the best position to induce aid.
4. Updated Phrasing Concerning Family Contribution
As of now, the common phrase surrounding financial aid is “Expected Family Contribution” which comes with the preconceived notion that the entire household is responsible for contributing money towards a student’s education. The terminology will soon be changed to “Student Aid Index” since the actual purpose is to show financial aid administrators what a household is capable of paying and use that to determine the amount of aid that is to be provided.
5. More Flexible Financial Aid Appeals
With so many widespread developments in the state of the world, each household goes through their own unique situations. Financial aid administrators will now have permission to use their own judgment in distributing aid after reviewing a household’s circumstances. This includes the decision of whether or not to include unemployment.
6. Multiple-Student Households
Perhaps the only real downside to the number of FAFSA changes has to do with households involving two or more students. Such families will be receiving less aid depending on the number of students attending. If you live under the same roof as another student, you could be at risk of missing out on full financial aid. In that case, it’s best to seek out help in planning out the best course of action.
See The Experts About Your FAFSA!
If you need help understanding these recent changes or want to plan out handling your expenditure for college, come visit the friendly financial advisors at College Funding of Tampa Bay! We’ll gladly sit down with you to discuss what steps you should take for the best college experience with the least amount of stress. Call us today at (813) 755-6834 for a free consultation!
