Back to school time is here and for those seeking higher education, financing your aspirations can be more challenging than exam time! Federal officials are making changes to the annual FAFSA application, with hopes to create a more “delightful” experience for student borrowers, but how will that impact you? Let’s dive in and explore recent changes to student financial aid that could impact you.
What is FAFSA?
The Free Application for Federal Student Aid, otherwise known as FAFSA, is a requirement for students seeking financial aid for higher education purposes. The data from the applications is used to determine need and eligibility for financial aid, including grants, low-cost loans, and other forms of financial assistance. Many states also use this information to determine their own funding as well.
What’s changing with FAFSA?
Changes to application verbiage and an updated platform are expected to make the application process much easier, with funding estimates provided quickly so the applicant can see in real time what they may qualify for. This is a big change, as applicants often had to wait days before seeing their financial aid estimates.
The October version of the 2027-28 FAFSA form is still in testing, although it’s anticipated the form will become available by the October 1 date, as traditionally observed.
When should I fill it out?
It’s generally agreed that you should fill out the form as soon as it becomes available. With the application completion time estimated to be about 15-20 minutes, you can easily complete the FAFSA anytime.
Because it provides quick estimates for financial aid eligibility, it gives you a stronger sense of what you qualify for so you can finalize your college applications. Many colleges and universities have early deadlines for student aid applications, so the sooner the better.
What are other options for funding?
Once you’ve submitted your FAFSA application and have an idea of what you to expect, you can start putting together a plan to finance your dreams. Ways of paying for higher education include:
- Student loans like the ones offered through Sallie Mae, come with fixed interest rates.
- Federal student aid resources through the U.S. Department of Education can be useful. You can also view some of these resources after filling out the FAFSA!
- Scholarships can be an excellent source of additional funding. If you’re still in school, visit your guidance counselor or school administrator for more information. You can even check in with local organizations or community groups for scholarships. Did you know Sharonview offers a scholarship for members seeking higher education?
- Savings accounts can be an excellent resource as well, and the earlier you start saving the better off you’ll be!
For more information on student financial aid, please visit FAFSA.gov, the U.S. Department of Education, or your school’s website to learn more. If you want to explore your lending or savings options, please give us a call or stop in a branch to chat with us!