FAFSA 2020 Essentials
On 9/30, we reviewed the FAFSA, CSS Profile, and questions for applying for college financial aid this application season. Video recording, slides, and FAFSA worksheet below.
Here are some major takeaways:
Submit your FAFSA and CSS Profile as soon as possible, so as to meet priority deadlines for state/university aid and to guarantee that you are eligible for more available funds.
Slight correction on Subsidized Loans: the interest does accrue on these loans when they’re borrowed, but the Federal Government pays the interest when you’re at least a half-time student, until 6 mos. after you graduate or leave school.
More details here: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized/
Unfortunately unlike the CSS Profile, the FAFSA does not have a place to explain special circumstances that affect the family's ability to pay for college (except only for when unable to provide a parent's information). So this process is ultimately up to the appeals with the college financial aid office. More info from Edvisors here: https://www.edvisors.com/fafsa/after-submitting/changes/adjustments-appeals/
To help estimate your Cost of Attendance, use the Net Price Calculator of each college you’re interested in. Schools are federally required to have this: https://collegecost.ed.gov/net-price
How 529 College Savings Plans affect financial aid:
Slides:
https://drive.google.com/file/d/1eHI_or3XUL8BRUaTj29KnOkMYGZdAATy/view?usp=sharing
FAFSA Worksheet:
https://drive.google.com/file/d/1S8f77h5alzCNlBzQc8bRXb5h-aWzsC9n/view?usp=sharing
Register for next Wednesday’s webinar on the College Application Process: https://us02web.zoom.us/webinar/register/WN_4boI2hm8T9CfM_iPBsLn9w
For questions, please contact Andy at ali@marwen.org or schedule an appointment at https://calendly.com/marwenchicago/.