Information Parents and Grandparents Need to Know – Part 1 of 4
In the Consolidated Appropriations Act passed over the holidays late in 2020, Congress enacted changes to the FAFSA that could significantly impact families with college-bound children.
The enacted changes won’t take effect until July 1, 2023, which marks the start of the 2023-2024 school year. That means families won’t experience the newly streamlined FAFSA until they are filing out the application beginning Oct. 1, 2022. Remember, tax returns for 2021 will be used in determining financial aid in the 2023–2024 school year. Preparing for the changes now could put students and families in a much stronger position for obtaining aid in the coming years.
The most significant change to the FAFSA is its simplification. Some families have had to answer up to 213 questions on the financial aid application, but that number will drop to 36. The document will shrink from six pages to two.
Watch in the coming days for more information on other important changes being made to this critical component of college funding.
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