ok, thank you!
Be sure to watch here for updates about the FAFSA being open for updates. At that time, students will be able to finally get into their FAFSA information and if necessary, make updates.
All appears to be on track for him.
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According to this morningās Electronic Announcement to financial aid professionals, there is an issue that may result in a higher SAI than you currently see for some students.
** Incorrect Dependent Student Contribution from Assets
The FAFSA Processing System (FPS) was not including all data fields needed to correctly calculate the Student Aid Index (SAI) for dependent students who reported assets. The FPS used the studentās Adjusted Net Worth of Businesses and Investment Farms to calculate the Student Contribution from Assets (ISIR field 328) and should have also included the studentās Current Net Worth of Investments and Total of Cash, Savings, and Checking Accounts. This resulted in an SAI that was lower than expected and an inaccurate total Student Contribution from Assets value.
This issue resulted in inaccurate ISIRs for dependent students with assets delivered to FTI-SAIG mailboxes (my note: this means for FAFSA information delivered to schools) prior to March 21, 2024.**
The processor will recalculate the SAI and send to schools. If youāre affected, youāll see an updated SAI email soon.
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Thereās a FAFSA webinar on March 28th āHow to Submit a 2024-25 FAFSAĀ® Formā, could be of interest to some on this thread:
Registration here: Microsoft Forms
Thereās also some recordings of previous webinars here: https://www.youtube.com/@FSAOutreach
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Posting another resource, this one a webinar on how to file FAFSA when a parent doesnāt have an SSN. I havenāt watched this one, but some counselors report it being helpful:
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same. So frustrating!
New FSA timeline update, from yesterday: Update on 2024-25 FAFSA Processing | Knowledge Center
Timeline for students to make FAFSA corrections now āfirst halfā of April:
The ability for students to make update and corrections to their FAFSA forms will be available in the first half of April.
I expect we will see more schools push out their enrollment deadlines. Remember, if your school hasnāt delayed their enrollment date, itās ok to ask for an extension.
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First half now? Ugh.
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Right?!
IMO a May 15th enrollment deadline isnāt realistic for many schools at this point.
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Yeah. Agreed.
I donāt even have corrections. But my kid added a few applications after we submitted FAFSA.
Just adding those is sizing up to be a slog. Weāll be adding those to the list in āmid Aprilā right when everybody else is doing that and filing corrections.
Weāll definitely be getting aid letters from colleges well into May.
At best, in some cases.
Good luck with Professional Judgment requests during this time.
Wow.
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Same here. We had a last minute application and acceptance happen this month! So, FAFSA update, here we come!
The whole āsending it to the schoolā task is stupid. With all the coordination that already has to happen between the FSA and schools to be able to properly interpret changes (however slight) from year to year, why canāt our SAI just be available at the FSA for the schools to look at?
Because there is a lot more to it than what people think. All of the information fields must be securely transmitted to the schools, who are responsible for screening for any information that conflicts with information they have on file (and resolving it, if they identify issues). Schools need the information to process professional judgment requests, package aid, award aid & process aid. Itās critical that everything syncs up between the federal & school systems, which involves a lot of testing. Financial aid is governed by very specific regulations & annual audits to ensure compliance are required.
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Iām hoping the systems donāt crash when tons of folks log in to add colleges, make corrections, do signatures, etc.
@kelsmom cpuld you please again tell folks who need to add additional schools the order in which they should do their FAFSA work.
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Thereās that, and also the tens of thousands of students with need who havenāt even filed FAFSA yet.
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That tooā¦
Anyone who wants to add schools can add schools and make necessary updates (based on communication that will be sent out prior to the FAFSA being open for edits) at the same time.
If you canāt add schools without removing some (that is, you already have 20), and if you have to make updates other than adding schools ā¦ for example, if you need to add a signature ā¦ itās important that you do that before removing any schools. Your best bet would be to remove schools that you no longer are interested in & replace them with the new schools. If you do this, you can make the necessary updates, replace the schools you know you no longer want to attend, and submit.
If you decide to keep the original 20 schools and add more, you will have to make your necessary updates and submit. After it finishes processing those updates (hopefully just a few days), you can then return to your FAFSA, remove schools and add the new schools.
In all cases, be sure that you submit. I canāt tell you how often students make changes but donāt actually submit them.
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