10 Important Changes To The Fafsa Form This Year

Sdílet
Vložit
  • čas přidán 5. 06. 2024
  • Thank you for watching our Video
    If you'd like to help us continue producing videos feel free to giving what ever you like through:
    Venmo - @PrincipiaPrep
    Or
    Buy Me A Coffee - www.buymeacoffee.com/Principi...
    The Free Application for Federal Student Aid is a form completed by current and prospective college students in the United States to determine their eligibility for student financial aid. The FAFSA is different from CSS Profile, which is also required by some colleges.
    When is the FAFSA filing date?
    Typically, parents of college students would prepare their paperwork now so they can file the FAFSA in October.
    In 2021, a FAFSA Simplification Act was approved, and those changes go into effect when filing this year for the 2024-2025 award year. That means there is a massive change to the student aid program.
    “As a result, it’s taking a little bit longer for the federal government to get the FAFSA form ready, so they’re anticipating that it’s not going to be ready until December of this year. However, the following year, it will return to the October 1st date.”
    No filing date has been announced yet but Tillman said that when it is announced, it’s always best to fill out the FAFSA early because aid is awarded on a first-come-first-serve basis.
    Also, keep in mind that the FAFSA is not a one-time filing deal. The FAFSA must be filled out every year the student is in college to reapply for financial aid.
    Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree. (In some cases, however, a student enrolled in a postbaccalaureate teacher certification program might receive a Federal Pell Grant.) You are not eligible to receive a Federal Pell Grant
    Additional Videos to view:
    The Introductory Video For The James Russo Memorial Scholarship - Scholarships 2021/2022
    • James Russo Memorial S...
    How To Create The FAFSA FSA ID's A Step By Step Guide To Start Completing The Fafsa For 2021 & 2022
    • How To Create The FAFS...
    The Top 5 Student Loans To Consider & Student loan basics - Parent Plus, NJ Class loans
    • Video
    Yes Take The Student Loan Out In The Student's Name - College Student Loan Basics
    • Yes Take The Student L...
    Choosing Student loans based on your Credit Score - TransUnion, Equifax, and Experian
    • Choosing Student loans...
    Student College Loan Declined? You Have Options.
    • College Loan Declined?...
    #studentloans #Federaldirectloans #financialaid

Komentáře • 81

  • @pattyfazzini
    @pattyfazzini Před 9 měsíci +7

    You're helping so many people with your knowledge!

  • @mynameisgrace28
    @mynameisgrace28 Před 7 měsíci

    Thank you for everything you do! I really appreciate these videos ^^

  • @suegolbek5915
    @suegolbek5915 Před 3 měsíci

    Thank you Ed! Our son is graduating from Pequannock Township High School this June 2024!

  • @yanmamabear5734
    @yanmamabear5734 Před 6 měsíci +8

    What if parents are divorced, student lives with the mom who is also the primary financial supporter, but per divorce settlement, the child is claimed on the dad’s income tax filing. Who is the parent that needs to fill out the FAFSA?

  • @Sam-zu5uu
    @Sam-zu5uu Před 5 měsíci +1

    Good luck to everyone filling out the form!! -Augsburg (MN) University 2027

  • @nanaantadze-xp3ii
    @nanaantadze-xp3ii Před 10 měsíci

    Thank you Ed for your help 17:39

  • @user-qw1ws7tf5s
    @user-qw1ws7tf5s Před 4 měsíci

    This was awesome, thank you!

  • @ryanacook12
    @ryanacook12 Před 6 měsíci +2

    Hi Ed, great content, thanks for the support with this. Does the 24-25 FAFSA account for married filing separate? Prior years this situation was not allowed to for the tool to access the IRS and pull down our tax info. Is there any special instruction on filling this out manually? Do I just take the separate figures from the the two different forms and add them together? Thanks for any help on this.

  • @GK-nk4bm
    @GK-nk4bm Před 4 měsíci +3

    Hi, my understanding is that the parent who is considered for the FAFSA is the parent that provides the "majority of the support," regardless of who claims the student on their taxes. I've watched other videos and read pages of materials that seem to support this, but I think I heard you say it would need to be the parent that claims for IRS purposes. Would you please clarify? Thank you for the video - very helpful!

  • @kathyblunt1239
    @kathyblunt1239 Před 8 měsíci

    This is so helpful!! Thank you
    My son goes to Passaic county voc tech.. he will graduate 2024

  • @venturework
    @venturework Před 9 měsíci

    Great info! Thanks Ed! Columbia HS Class of '25

  • @nathanblake8613
    @nathanblake8613 Před 7 měsíci

    Tremendous...thank you

  • @matthewspatz2389
    @matthewspatz2389 Před 10 měsíci

    Thanks, again, Ed!

  • @carolinasilva7993
    @carolinasilva7993 Před 8 měsíci

    Thanks for all the info! Q: you mention that we'll be using 2022 taxes for the 24-25 academic year. Do you mean the taxes we completed and submitted in 2022 (wages from 2021) OR wages from 2022 (taxes submitted in 2023?)

  • @brookepalmer1543
    @brookepalmer1543 Před 7 měsíci

    Great video! Can you elaborate, or point me in the direction of where to get more information about how a family farm is counted? I can't seem to find any current information that gives enough details about how it will work and what will be required.

  • @imani406
    @imani406 Před 8 měsíci +2

    When completing the FASFA, are you obligated to report the funds in all of your checking and savings account or just your primary checking and savings? How would they know if bank account information is omitted and not reported? If I received payouts from retirement for example which increased my income for the year and this isn’t my usual annual income, can I simply put my annual income on the FASFA or does it have to be the amount reflected on my taxes?
    Thank you for all of your support!

  • @jenniferfanara-dainty1251
    @jenniferfanara-dainty1251 Před 5 měsíci

    Hi, great video. Just to clarify I do not need to report our 529 under investments Or anywhere else?

  • @hanavaughan6956
    @hanavaughan6956 Před 4 měsíci

    You’re amazing for helping people like this.. thank you ❤ good karma for sure
    You always get when you give generously and freely
    First financial aid CZcamsr I have come across who offers more help with any questions an individual may have ❤️
    God bless 🙏🏽

  • @nyameyen.4060
    @nyameyen.4060 Před 8 měsíci

    Thanks very much for the insightful information. How do I handle submitting application for twins? Can I use the same email or account?

  • @AndaB-ls2xh
    @AndaB-ls2xh Před 10 měsíci

    Thank you very much for all the info - very helpful. The link for "The Introductory Video For The James Russo Memorial Scholarship" doesn't work - error says video doesn't exist. So, how can we apply for the 2023-2024 scholarship? Can you please enter the link into comments? Thank you.

  • @chuckadams2752
    @chuckadams2752 Před 8 měsíci +1

    Ed, Great video ... very informative. However, any chance you could not speak so fast and also record in a room where the acustics are not so echoed? Had to rewind several times

  • @amitsng
    @amitsng Před 4 měsíci

    Hi Ed, This has been quite useful Thank you for this information. I do have one question, though. I have twins who will be applying for FAFSA for 2024-25. Based on your comment on multiple students applying, is there something different that I should be doing, or is appeal the only recourse? Thank you

  • @nanaantadze-xp3ii
    @nanaantadze-xp3ii Před 10 měsíci

    What is legal separation document in NJ?what will be required to provide, attorneys don’t know

  • @judy.hsiaochun
    @judy.hsiaochun Před 7 měsíci

    Thanks for your quick summary. For the new FAFASA from 2024-2025, does 529 education fund still counting toward student's or parent's assets? also, if my child is ED (early decision) taking into the consideration that FAFASA application won't even start until early December, what are things (financial aspects) that I need to be look out?

  • @nanaantadze-xp3ii
    @nanaantadze-xp3ii Před 10 měsíci

    As per attorney in New Jersey Separation doesn’t exist, so what prove can we provide if there’s no court order? What is legal separation for them in Nj ?

  • @michaelmarasco1777
    @michaelmarasco1777 Před 8 měsíci +1

    If your AGI is less than $60K, does the FAFSA form omit the questions related to assets? Or do you enter your asset information regardless and FAFSA omits the asset information from the financial aid calculation?

  • @overrunwithboys216
    @overrunwithboys216 Před 6 měsíci +1

    QUESTION : One of the NEW parts is being a "CONTRIBUTOR" - I heard if so, then each "contributor" is required to have a FAFSA ID , which requires them to apply for this BEFORE filling out the FAFSA so you have it at hand.. In previous yrs, myself , the MOM was the only one who needed the FAFSA Id (never my husband, we are married, we file Jointly on our Tax returns). WIll my husband NOW need a FAFSA Id also , or if Married, still only (1) parent , as our Taxes are filed Jointly every year?

  • @user-ed2iu9vk4j
    @user-ed2iu9vk4j Před 8 měsíci

    Great info! Thanks Ed! Son @ Passaic County Technical Institute. Class of '24

  • @DebraBonomi
    @DebraBonomi Před 5 měsíci

    Thank you for all of your information! If parents do not claim their child on their tax returns, does that remove the University from taking into account the parent's income, etc?

  • @lovepeace9460
    @lovepeace9460 Před 7 měsíci

    Hi. Does fafsa offers a free money for medical school students or all loans? Thanks

  • @TeufelHund
    @TeufelHund Před 6 měsíci

    1) So, if a parent has 529 plan for the student, will that impact the new criteria? If it does can that 529 plan be put in a grandparents name to avoid it being calculated?
    2) If parents receive Earned Income Credit how does that effect the application and also, how would that effect the money held in a 529 plan, what is the threshold for an EIC receiving family?

  • @jennifermarquardt1592
    @jennifermarquardt1592 Před 4 měsíci

    We are using our using the 2022 taxes for the 2024-25 Fasfa but what about the other info such as child support? Do I use the child support received in 2022 or 2023?

  • @nataliadimatteo2673
    @nataliadimatteo2673 Před 5 měsíci

    Thank you for this info. David Brearly high school Kenilworth NJ. June 2024

  • @ericacox5263
    @ericacox5263 Před 8 měsíci

    Do you have to report workers compensation, Wc is not taxed

  • @galaxydefender1033
    @galaxydefender1033 Před 6 měsíci

    if the information is going to be retrieved automatically, would you be able to check what information was retrieved? will you see your information before submitting?

  • @Alastresdeldia123
    @Alastresdeldia123 Před 8 měsíci

    Thank you so much for your information! Passaic County Technical Institute class of 2024

  • @velinerice3648
    @velinerice3648 Před 5 měsíci

    Does parents savings affect fafsa application? Thanks you will answer me.

  • @clarkerots9348
    @clarkerots9348 Před 4 měsíci

    Thank you for the information Ed. West Morris Central HS Class of 2024

  • @jennifermarquardt1592
    @jennifermarquardt1592 Před 4 měsíci

    @yanmamabear5734 asked this question a couple months ago but I cannot find your answer. Can you guide me to where to find this info?
    What if parents are divorced, student lives with the mom who is also the primary financial supporter, but per divorce settlement, the child is claimed on the dad’s income tax filing. Who is the parent that needs to fill out the FAFSA?

  • @vizerlanddecorandrentals
    @vizerlanddecorandrentals Před 5 měsíci

    How do i correct my SSN because its saying that my information is not matching and it won't allow me to proceed. I have been calling and no one is picking up

  • @kennethbailey3043
    @kennethbailey3043 Před 6 měsíci

    Do you have to list your primary house as an asset and what if you have a second house?

  • @soniajacobs1996
    @soniajacobs1996 Před 2 měsíci

    Since my sons father claimed him for the 2022 tax year, can we use his income for 2024-2025 FAFSA application?

  • @elizabethcorrea4020
    @elizabethcorrea4020 Před 9 měsíci

    Hi... question...can you add only income of one parent even if they filled joint. They are and haven't been together, but for some reason continue filling together. My mother filled for divorce but her taxes together with her exspouse do not qualify me for help. How can I fix that...alone my mother does not even make 40k a year for her and me. That is all our income. Her ex-spouse is not even my parent...I do not receive extra income from anywhere other than my mom having two jobs. Are there any other documents I can use to prove my moms true income without using her tax return?

  • @maryzwally1754
    @maryzwally1754 Před 9 měsíci

    Thanks! Mount Saint Mary’s class of 2025

  • @lordx202
    @lordx202 Před 9 měsíci +1

    Hey ed , really important question. MY parenst income is aorund 50-55K and both my siblings are in college getting full financial aid, would me getting a job in my senior year of hs , potentially lower me and my siblings financial aid? Or is there a limit to how much money i can make before it has an effect on me. (my family consists of 2 parents 4 siblings, one elderly), only my dad makes money.

    • @mariekeyoung1050
      @mariekeyoung1050 Před 6 měsíci

      At long as you don’t make more than $7000, it won’t affect your FAFSA bc you don’t have to file taxes bc of your low income. So short answer: no, it wouldn’t affect your aid.

  • @milenamichaelidis7900
    @milenamichaelidis7900 Před 5 měsíci

    Is there a form I can filed as well to let them know my husband has been unemployed for the last year and I am only provider for my household if 5 people.

  • @jameshess2912
    @jameshess2912 Před 6 měsíci

    Can someone help me to answer this question: why do they move the application for college students to December 31?

  • @glennxcampsan5812
    @glennxcampsan5812 Před 4 měsíci

    My EFC is zero, my SAP is satisfactory. I was given a Pell grant then I signed an offer letter for almost $3++ grand this semester then after a week, I told i was not eligible for the grant. Since they say my EFC is higher than my COA but on the offer letter they have me sign is that I have zero EFC and a $13131 COA. On my fafsa account it said im eligible for the 7300+ grant this semester. So I dont know whats going on. My college financial aid now is showing zero grants.

  • @carolcyn-lewis9158
    @carolcyn-lewis9158 Před 8 měsíci

    What happens if you were not required and did not file 2022 taxes

  • @mariaalonso8100
    @mariaalonso8100 Před 5 měsíci

    Thank you! Paramus HS class of 2024

  • @laurabellinirealtor4051
    @laurabellinirealtor4051 Před 9 měsíci +1

    Ed- what happens when the parents are divorced and they alternate claiming the child on their taxes?

  • @danielhuq3631
    @danielhuq3631 Před 8 měsíci

    Don Bosco prep at Ramsey NJ student Noah Huq

  • @user-pp1xo8bo7o
    @user-pp1xo8bo7o Před 4 měsíci

    What if you're on your own, no one else helps you. What's the max amount a single person can make to get all the benefits (living in Cali, going to school same state)

  • @lenspicks
    @lenspicks Před 8 měsíci

    Good morning Mr Z
    My older son is getting ready to Apply for FASFA I have a living trust on a second home who’s is left to a family member as this is a family home which is passed down to my other son will this effect my son who is applying for the FASFA this year
    Thank you

  • @user-ej6ui6vg5p
    @user-ej6ui6vg5p Před 6 měsíci

    I just got married in 2022. But my 2021 taxes I was single. It says my taxes are not matching up.

  • @traceyduggard1686
    @traceyduggard1686 Před 10 měsíci

    I filled out the FAFSA October 1st, before the site crashed. I uploaded taxes from the irs retrieval system, And Then her school asked for a verification. They didn’t complete the verification until February 2023 and said they ran out of some financial aids. I did everything right. What should I do this time around?. The school didn’t even start asking for the verification forms until January

    • @traceyduggard1686
      @traceyduggard1686 Před 10 měsíci

      Work study was already filled up but she was eligible. Supplemental grants in addition to financial aid was gone. I need this not to happen this year

  • @jacquelinesene2751
    @jacquelinesene2751 Před 8 měsíci

    Henry Becton high school NJ my daughter will graduation in May 2024

  • @courtneyredfern3865
    @courtneyredfern3865 Před 10 měsíci

    My ex-husband and I are legally divorced. We have two kids, one starting college in 2024-25. Our divorce decree states that he can claim the other (non-student) kid on his taxes every other year; otherwise I (mom) claim them both. We have 50/50 custody and he pays child support, so he is the parent who provides more financial support. We assumed he would do the FAFSA but the tax returns will have me claiming the student. We want him to do the FAFSA even though I have lower income, because I also have significantly more non-retirement assets. Is it going to be a problem that I am the one claiming the student on the taxes even though we are saying (correctly) that he is providing more support because of the child support?

  • @frankmiguel9480
    @frankmiguel9480 Před 8 měsíci

    What do I do if I divorced since 2022?

  • @kooliz4e
    @kooliz4e Před 6 měsíci

    New date is now Dec 31st

  • @thomascallanan5972
    @thomascallanan5972 Před 5 měsíci

    Thanks Ed. Hanover Park Hs Class of 2024

  • @blancaflores2276
    @blancaflores2276 Před 5 měsíci

    Does anyone know if students want to dorm.. how they can apply for that?

    • @MrTexaz101
      @MrTexaz101 Před 5 měsíci

      If your student wants to live in the dorms they most likely need to apply at the College. -TX A&M SA requires the student to also buy the meal plan when living at their dorms.

    • @blancaflores2276
      @blancaflores2276 Před 5 měsíci +1

      @@MrTexaz101 🤔 that wasn't like that on the other fafsa forms.. students selected what they wanted to apply for in campus or not. The award letter will then tell them how much is cover and how much is the student part.

  • @user-dn2kn7mo5r
    @user-dn2kn7mo5r Před 8 měsíci

    Passaic County Tech class of 2024

  • @user-lc9uw6uf7k
    @user-lc9uw6uf7k Před 5 měsíci

    change how you do your audio.

  • @f.demascio1857
    @f.demascio1857 Před 4 měsíci

    I wish the acronym was easier to pronounce. It even makes people who work in the field mispronounce it.

  • @christineconde-cartagena6772

    Paramus High School Class 2024

  • @user-sl4ql7qu7f
    @user-sl4ql7qu7f Před 4 měsíci

    I have twins please help me

  • @carola9829
    @carola9829 Před 6 měsíci

    request - please speak more slowly. or let us know how to slow the speed. Ed, you're a little hard to follow at the speed on my screen

    • @trollymoo
      @trollymoo Před 6 měsíci

      Top right of the screen there is a gear symbol which u can click. Then click the playback speed button and choose your preferred speed

  • @f.demascio1857
    @f.demascio1857 Před 4 měsíci

    #4
    single family parent?
    huh?

  • @jodibateman435
    @jodibateman435 Před 8 měsíci +1

    You talk way too fast

  • @andrecartagena3201
    @andrecartagena3201 Před 9 měsíci

    Paramus High School Class 2024