Sending a Child to College?
Here’s What to Know About Changes to the 2024 FASFA
What is the FAFSA?
It’s the application you must complete to qualify to receive federal financial assistance for higher education. In 2024, the questionnaire process is simplified because required federal tax information can be imported directly from the IRS. The forms to apply can be found at StudentAid.gov.
Does it make sense for me to complete the FAFSA process?
If your child wants access to federal loans or grants for the 2024-25 school year, they need to complete a FAFSA application. It is important to note that all students should apply regardless of their family’s financial status as some form of federal financial aid is available to most. The student also may be considered for merit-based scholarships or on-campus jobs.
If your child has never applied before, they will need to create a Federal Student Aid ID to start the process. Also, all parents or spouses that will be contributors to the FAFSA application, must create their own account. In the event you don’t have online access, you can call 1-800-433-3243 to receive a printed form.
What information do I need to complete FAFSA?
Be sure to have:
- The student’s information such as date of birth, Social Security number, address and contact information.
- Social Security numbers for the student’s parents or spouse.
- Other identifying information such as driver’s license number (if you have one) or Alien Registration for non-U.S. citizens.
- Tax return information for family members involved in the process (spouse, parents).
- Information on cash, savings and checking account balances.
- Net worth information on investments, businesses and properties.
- The name of the college or career school your student is attending. If he or she is still in high school, you can list up to 20 schools that they are considering.
What happens after I complete the form?
Within three to five days of completing the online application (seven to ten days for a paper application), you’ll receive a copy of the Student Aid Report that summarizes your student’s information. Check it for accuracy and make corrections if needed. This will provide a summary of your Expected Family Contribution, which determines eligibility for a Federal Pell Grant. Ultimately, the information is passed on to the schools you listed in your FAFSA form.
What is the deadline to file for the 2024-25 school year?
Given the late release of the application this year due to the changes made, the window to complete the FAFSA form has been reduced. First, check with the colleges to which your student has applied, as they often have different deadlines. If seeking state aid, check on their filing deadlines as well. The ultimate federal filing deadline is usually June 30, but if colleges or your state have an earlier deadline, that takes precedence.
Aubrey L. Nestman, CRPC is a Financial Advisor and Business Financial Advisor with Nestman & Associates, a Platinum Services Advisor practice of Ameriprise Financial Services, Inc. She specializes in fee-based financial planning and asset management strategies and has been in practice for 17+ years. ameripriseadvisors.com/Aubrey.L.Nestman 214.232.1639. Ameriprise Financial cannot guarantee future financial results. Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC. ©2023 Ameriprise Financial, Inc. All rights reserved.