Making Sense of the FAFSA
Let's talk about the FAFSA— or the Free Application for Federal Student Aid. The most important thing to remember is that the FAFSA for the 2023-2024 school year opens on October 1, 2022, which means that by the time you’re seeing this it should be up and running (and keep that date in mind— it opens on October 1st every year).
You will be using your 2021 tax return to complete the 2023-2024 FAFSA— and make sure that you have your spouse’s returns handy too, as well as your child’s if they had a job in the last year.
What does the FAFSA do?
The FAFSA will determine your need for financial aid based on your previous years’ tax returns.
The need based barrier is much higher than families expect. Last year, a family of four with a total family income of around $60,000 only received $448 for need based money. In addition to that, their child did qualify for the $5,500 in student loans, and $3,500 of it was subsidized, meaning...
Everything You Need to Know When Applying for Financial Aid
FINANCIAL AID 101
Financial aid is money to help pay for college!
3 Tips That Could Save You Thousands On College
1. Make sure your child picks the right fit (both college and major/minor!)
According to the National Center for Education Statistics, only 41% of students graduate college within 4 years. With each additional semester, tens of thousands of dollars add up. According to data from the University of Texas, those who graduate in 6 years instead of 4 spend 40% more than those who graduate in 4 years.
What causes this?
Multiple things can cause this, but a few of the most common reasons are changing majors, transferring, or taking unnecessary courses.
Why is prolonged graduation common?
Many times students choose a college that they know little about. Their entire decision may be made based on a one-time visit or virtual tour. Many students forego the time consuming process of researching important information, such as:
- The program of studies accompanying the major the student chooses.
- Prospective job or career paths possible after graduating with that major.
- Will there be a demand for...
