11.29.2023 - FAFSA
Understanding the New Student Aid Index: Navigating Recent FAFSA Changes for a Successful Financial Aid Journey"
Presented by Mark Kantrowitz,
In this webinar, college financial aid guru Mark Kantrowitz explained the latest updates to the Free Application for Federal Student Aid (FAFSA), that includes the introduction of the Student Aid Index. With the replacement of the previous Expected Family Contribution (EFC) model, many families are left wondering how this shift will impact their financial aid eligibility. Mark broke down these changes, explained how the new Student Aid Index is calculated, and provided actionable insights on optimizing your FAFSA application.
Attendees Comments:
When listeners were asked what they learned from this webinar, they responded:
Useful to know that single parents benefit from the changes to this year's FAFSA. However, the FAFSA's treatment of marital status in cases of divorce & remarriage & whose income & assets are or are not reportable--beyond head-spinning! So much so that I will be viewing both the replay and poring over the transcript to sort it all out. Important planning lessons to be had here in terms of how couples structure divorce settlements with an eye toward their children's financial aid eligibility.
- Maria R.
"Rules have changed. Folks and their advisors are probably not fully up to speed.
Parents should not wait until the last minute.
Business owners should take special note and review the rules.
Parents must take a more proactive role with the target school to maximize the fin aid benefit - be prepared to bargain!"
- John D.
Non-U.S. Citizens allowed eligibility.....Cash support no longer being reported as untaxed income...the reporting of "restricted" trust funds as assets......Way too much information to digest
- Darin D.
Lots of details about special cases. Would have liked a slide with 5 most important changes to FAFSA 2024-2025. Got in the weeds with military service and dependents vs independents. That information could have been on slides for people seeking that information. More common changes up front could have calmed the crowd. Loved his answer: pay off debt to hide assets. Brilliant.
- Stephanie G.
529s owned by others, not parent or child, aren't counted. Can rollover to grandparents in same state. Margin account on date of Fafsa will offset brokerage account. Need to plan 2 years before re Income for Fafsa!!!
- Marian J.
Gifts to students will not affect financial aid eligibility.
- Rhonda G.
Useful to know that single parents benefit from the changes to this year's FAFSA. However, the FAFSA's treatment of marital status in cases of divorce & remarriage & whose income & assets are or are not reportable--beyond head-spinning! So much so that I will be viewing both the replay and poring over the transcript to sort it all out. Important planning lessons to be had here in terms of how couples structure divorce settlements with an eye toward their children's financial aid eligibility.
- Maria R.
"Rules have changed. Folks and their advisors are probably not fully up to speed.
Parents should not wait until the last minute.
Business owners should take special note and review the rules.
Parents must take a more proactive role with the target school to maximize the fin aid benefit - be prepared to bargain!"
- John D.
Non-U.S. Citizens allowed eligibility.....Cash support no longer being reported as untaxed income...the reporting of "restricted" trust funds as assets......Way too much information to digest
- Darin D.
Lots of details about special cases. Would have liked a slide with 5 most important changes to FAFSA 2024-2025. Got in the weeds with military service and dependents vs independents. That information could have been on slides for people seeking that information. More common changes up front could have calmed the crowd. Loved his answer: pay off debt to hide assets. Brilliant.
- Stephanie G.
529s owned by others, not parent or child, aren't counted. Can rollover to grandparents in same state. Margin account on date of Fafsa will offset brokerage account. Need to plan 2 years before re Income for Fafsa!!!
- Marian J.
Gifts to students will not affect financial aid eligibility.
- Rhonda G.
Useful to know that single parents benefit from the changes to this year's FAFSA. However, the FAFSA's treatment of marital status in cases of divorce & remarriage & whose income & assets are or are not reportable--beyond head-spinning! So much so that I will be viewing both the replay and poring over the transcript to sort it all out. Important planning lessons to be had here in terms of how couples structure divorce settlements with an eye toward their children's financial aid eligibility.
- Maria R.
"Rules have changed. Folks and their advisors are probably not fully up to speed.
Parents should not wait until the last minute.
Business owners should take special note and review the rules.
Parents must take a more proactive role with the target school to maximize the fin aid benefit - be prepared to bargain!"
- John D.
Non-U.S. Citizens allowed eligibility.....Cash support no longer being reported as untaxed income...the reporting of "restricted" trust funds as assets......Way too much information to digest
- Darin D.
Lots of details about special cases. Would have liked a slide with 5 most important changes to FAFSA 2024-2025. Got in the weeds with military service and dependents vs independents. That information could have been on slides for people seeking that information. More common changes up front could have calmed the crowd. Loved his answer: pay off debt to hide assets. Brilliant.
- Stephanie G.
529s owned by others, not parent or child, aren't counted. Can rollover to grandparents in same state. Margin account on date of Fafsa will offset brokerage account. Need to plan 2 years before re Income for Fafsa!!!
- Marian J.
Gifts to students will not affect financial aid eligibility.
- Rhonda G.