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The FAFSA is different from CSS Profile (short for "College Scholarship Service Profile"), which is also required by some colleges (primarily private ones). The CSS is a fee-based product of the College Board (a private non-profit organization) and is used by the colleges to distribute their own institutional funds, rather than federal or state ...
The Free Application for Federal Student Aid (FAFSA) must be submitted for each year of enrollment. One form covers both semesters of the school year with payments issued every quarter or semester.
After the initial FAFSA application is submitted, the student is notified by email or regular postal delivery if funding is awarded. Copies of the confirmation sheet should be made for personal records. [21] In 2021, The FAFSA Simplification Act was enacted as a part of the Consolidated Appropriations Act of 2021. It required an overhaul of the ...
If you will attend college between: You should submit the: Using income and tax information from: Sometime between: July 1, 2022 - June 30, 2023. 2022-2023 FAFSA
If the EFC is less than the cost of attending a college, the student has a financial need (as the term is used in the U.S. financial aid system). Students can file an appeal with their college financial aid office to seek additional financial aid, though the information about the process is not always clear or available online.
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Each year Federal Student Aid's staff processes approximately 22 million FAFSAs. Additionally, Federal Student Aid is responsible for enforcing the financial aid rules and regulations required by the Higher Education Act of 1965 and the U.S. Department of Education and managing the outstanding federal student loan portfolio.
Since FAFSA formulas assume 20% of a student's assets can be used for college expenses as opposed to 6% of a parent's assets, advisors recommend moving funds from student to parent accounts before filing the FAFSA, including moving funds to a parent-controlled 529 plan tax-advantaged account. [88]