New, Streamlined FAFSA® Available Dec. 31: What Families Should Do Now to Get Prepared and Why Filing As Soon As Possible Is So Important
December 04 2023 - 10:05AM
Business Wire
Almost 30% of College-Going Families Skipped
The FAFSA® Last Year, Potentially Missing Out on Grants,
Scholarships, and Federal Financial Aid
Sallie Mae Introduces Free, Step-by-Step
Guide to Help More Families Complete the FAFSA®
The Free Application for Federal Student Aid (FAFSA®) is the
gateway to accessing more than $100 billion in grants,
scholarships, and federal financial aid for higher education, and a
new, streamlined application will be available on Dec. 31. Now is
the time for families to get prepared to complete this
all-important form, and Sallie Mae has a free, step-by-step guide
to help families get in line for free money for higher
education.
“Submitting the FAFSA® on, or as close to Dec. 31 is critical
since some aid is provided on a first-come first-served basis,”
said Rick Castellano, vice president, Sallie Mae. “The good news is
the streamlined FAFSA has fewer questions and should expand Pell
Grant eligibility for those students and families who need the most
support.”
Roughly 30% of families reported skipping the FAFSA last year.
Among the main reasons for not completing, families believed their
income was too high to qualify for aid, (29%), the application was
complicated and confusing (20%), and they did have the correct
information to complete the form (19%).
In addition to fewer questions and expanding eligibility for
federal financial aid, the new FAFSA will offer an updated user
experience, including role-based questions specific for students
and parents, and a simpler process to submit financial information
through IRS data. The number of family members in college is no
longer factored into the federal formula, however, which could
impact those students who have siblings in college at the same
time.
Sallie Mae offers the following tips from its new, free FAFSA®
resource to help families prepare and complete the updated form
with confidence:
- Do your homework before you file — While the new FAFSA®
form should be easier to complete this year, families will still
need to prepare ahead of time. Students need a Federal Student Aid
(FSA) ID, and unlike previous years, they can no longer start the
FAFSA® without already having it. Students should make an ID at
least 3-5 business days before they plan to apply.
- Check additional deadlines — Many states and colleges
set priority deadlines to submit the FAFSA® to be considered for
aid. Families can check deadlines for each state and school.
- Don’t assume you won’t qualify for aid — Just about
every student and family qualifies for some form of aid. There are
also a wide-variety of available scholarships. In addition to
completing the FAFSA, free resources like Scholly by Sallie can
help families maximize as much free money as possible.
- Remember to file each year — FAFSA® applications should
be completed every year in school. Students should save and file
their FSA ID and set a reminder for when it’s time to file
again.
- Never pay to fill out the FAFSA® — Filing is free,
period. There are also a variety of free resources to help student
and families complete the FAFSA.
For more tips on completing the 2024-25 FAFSA®, visit:
https://www.salliemae.com/fafsa.
Sallie Mae (Nasdaq: SLM) believes education and life-long
learning, in all forms, help people achieve great things. As the
leader in private student lending, we provide financing and
know-how to support access to college and offer products and
resources to help customers make new goals and experiences, beyond
college, happen. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored
by or agencies of the United States of America.
Category: Corporate and Financial
Category: Financial Literacy
Category: Student Loans
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version on businesswire.com: https://www.businesswire.com/news/home/20231130080580/en/
Caron Jackson Caron.jackson@salliemae.com
856.873.0476
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