2024/2025 FAFSA: What is the Student Aid Index
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- čas přidán 13. 09. 2024
- In this video, I explain what is Student Aid Index. This is the amount a family is expected to pay for college. Understand the facts around SAI and what you are expected to pay for college.
Get your free personalized college planning report: www.monicafelt...
This will tell you your SAI and if you will get financial aid!
#studentaidindex #efc #collegeplanning #collegesavings #collegefunding
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I help families save and pay for large capital expenses (like college) in the most efficient way so they don't sacrifice their financial future. With education that people can see, hear and understand, I motivate people to take action, financially, so they can achieve their financial freedom quicker!
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I just created a new video on Understanding SAI - Enjoy! czcams.com/video/R2Vwik1hKgQ/video.htmlsi=YEvGEykp5zqs6tKj
Great question! SAI, or student aid index represents what you’re expected to pay for college. Both dependent and independent students will have a student aid index.
To qualify for independent, you have to be at least 24 years old, married, on active duty in the US military, have children, an orphan, or be award of the state.
As an independent, you can qualify for more financial aid because there’s no parents supporting you.
Thanks. It was particularly interesting to see what assets are student assets and which ones are parent aseets.
You're welcome!
Thank you very much for the explanation!
Glad it was helpful!
Hi, I mistakenly put my parents ' TSP retirement stocks as parents ' assets on FAFSA. Am l able to correct it after I received the provisional aid letter?
Hello, I was wondering if the SAI is a negative number, what does it mean?
You can have a -1500 SAI. This means you are eligible for 100 % of your need. Very few schools met need 100% so you will need to pay something. You will be eligible for a Pell grant.
@@MonicaFeltonCFP Hi Monica I am new to your page. My daughter's SAI is a negative number as well. Will the amount the student is required to pay be somewhere in the range of the Pell grant amount they received or will be required to still pay something along with the Pell grant? Thanks in advance!
If your student index is negative that means you’ll be eligible for 100% need. The equation is cost of attendance minus student aid index equals need. Depending on the cost of the school, that will determine how much you’re eligible for. With a negative SAI, you will be eligible for Pell grant which are almost $8000 a year. This does not need to be paid back. Most schools, will not meet 100% need. Cost of attendance is $25,000, and your SAI is -1500 that means you’ll be eligible for help w 25,000. Likely, the school won’t meet 100% of the $25,000. Depending on the academics of your student, will determine how generous the school wants to be.
@@MonicaFeltonCFP Thank you!!
just created a new video on Understanding SAI - Enjoy! czcams.com/video/R2Vwik1hKgQ/video.htmlsi=YEvGEykp5zqs6tKj
My SAI says ( estimated student aid index ) SAI = -1500 “what does that mean”
It mean you are eligible for 100% need based financial aid. Please watch for more details
czcams.com/video/vZVp4Z5iJtk/video.htmlsi=edwc0-g0aGgKb2hs
Hi @MonicaFeltonCFP I have twin kids joining this fall 2024. Their FAFSA Estimated SAI has come to 166545 (for each kid respectively) - what does this number mean? Does it mean it has assessed we can pay $166,545 over the total four years for the kid as opposed to say ech year respectively? And what does it translate into for our contribution to actual fees or to the amount of AID we could receive?
SAI is the baseline of what your family is expected to pay. Based on your assets and income, SAI expect you to pay $166,000 per student. This basically means you’re expected to pay for all college. You will not get any need-based financial aid help.
But it’s possible you’ll get Merit money depending on the academics of your student.
I would welcome a conversation with you. You look like you’ll be a full paid family and could use different strategies to make college more affordable.
calendly.com/monicafeltoncfp/save-on-college
I just created a new video on Understanding SAI - Enjoy! czcams.com/video/R2Vwik1hKgQ/video.htmlsi=YEvGEykp5zqs6tKj
My SAI was -1500. What does that mean?
It means you’re eligible for need based financial aid. Watch for more info
czcams.com/video/vZVp4Z5iJtk/video.htmlsi=XBgEyeCIm5WTpFzH
Hi my estimated sai came to 10k what should i expect mam?
Your family contribution is at least $10,000. Depending on how academic the Student is and how badly the school wants the student, they can help you meet the rest of your need. But the SAI is the baseline of what you’ll have to pay, but most families have to pay more.