So I guess we will see. I talked to a middle class family whose total EFC was 32k. Now it’s 64k.
How did that family get there Fafsa application processed? My application has been “In review” for about 3 weeks and the website states the applications will not be processed until March.
Not processed. That’s estimate SAI.
How did that family get there Fafsa application processed? My application has been “In review” for about 3 weeks and the website states the applications will not be processed until March.
Yeah, we just checked earlier this morning. “In Review.” Same.
Nobody’s is processed.
Some families were given an “estimated SAI” as soon as they filed. Some were not. In cases listed here, many who did not receive an estimate heard that it was because they didn’t sign. Although that’s all really unclear.
The “fix” for the inflation adjustment came after mane received an estimated SAI. So nobody knows how accurate the estimates really are.
I really feel for all of you with 24 grads. To not have good FA info at this point in the process is just crazy. I’m so sorry.
I have a different situation/question that I don’t know if anyone here can shed some light on. My D23 is a first year student currently, so I waited and just filled out the FAFSA this past week. For me, at this point in the process, it was quick and easy, with no issues. My D did her part right after me and hers was fine as well.
However, the estimated SAI was very different from our EFC last year (SAI was MUCH lower) and I have no idea why that would be. What is the estimated SAI even based on, since it had not pulled our tax info yet (we just got those emails today)? We don’t own a business or get child support or have any of the other situations that are still asked about. We have a bit less money on hand than we did last year, but that’s due to paying funds out of a 529 for a year of schooling, and it isn’t a big difference. When I look at some charts online, it looks like our final SAI might end up being a bit higher than the estimate, but still much lower than our EFC was last year.
Does anyone understand this process enough to know why we are seeing such different numbers?
The system does get your tax return information immediately so those numbers are factored into the equation.
Ours was much lower also, one component in our favor compared to previous years was pretax contributions to FSA/HSA and work retirement accounts are not added back in, that is a big benefit for those who are employed (vs. self employed)
I saw an NBC clip last week that they do not expect to process the FAFSAs until April with results being sent to students around April 15 (I think that is the school sending the results/FA packages).
Ok, that might be it. My husband is self employed (doesn’t own a business though) but I’m not, so I contribute to a 403b plus a health savings account, and together those do make a difference for us. Thank you for that explanation.
If you really were motivated and wanted to double check, you could use this online SAI calculator:
https://www.collegemoneymethod.com/2024-25-student-aid-index-sai-calculator/
Or you could manually calculate your SAI using this worksheet:
https://studentaid.gov/sites/default/files/2024-25-fafsa.pdf
Thanks. I tried the first link and got a number a bit higher than the estimated SAI but still much closer to that number than to last years EFC. Maybe the exclusion of retirement and FSA/HSA will help some people get a better FA package. I doubt ours will change now that my D is already enrolled. She does have a set-amount TE scholarship that replaced all of the aid that was originally offered by her school and so we are in a good spot there, but it would have been interesting to see how the aid at other schools played out with these new numbers.