As someone who just went through this process with my daughter's sophomore year, I wanted to add that it's also worth checking if your loan servicer offers any autopay discounts. Mine gives a 0.25% interest rate reduction if I set up automatic payments, which helps offset some of the interest accumulation. Even if you're just making interest-only payments during school, that small discount can add up over time. Also, keep good records of all your payments - you'll need them for tax purposes when claiming that student loan interest deduction!

Just wanted to chime in as someone who's currently in my third year of Parent PLUS loans! I was in the exact same boat as you freshman year - so worried about messing something up. Here's what I've learned: the approval process really is separate each year, and as long as you don't have major credit issues, you'll be fine. I've been making small interest payments (about $60/month) just to keep the principal from growing, and it's been manageable. One thing that helped me was calling my loan servicer early in the process to understand all my options - they were actually pretty helpful once I got through to someone. You're asking all the right questions, so you're already ahead of where I was! Your son is lucky to have a parent who's being so thoughtful about this process.

I'm in a similar situation with an SAI around 8200 and was initially discouraged, but after reading through all these responses I'm feeling more optimistic! A few things I've learned from my own research that might help: 1. Some states have automatic FAFSA data sharing for state grants, but others require separate applications. Check your state's higher education website or call their financial aid hotline. 2. Community college for your first two years can be a great strategy with your SAI - you'll likely get more aid there, then transfer to a 4-year school when you're closer to graduation. 3. Don't forget about SEOG (Supplemental Educational Opportunity Grant) - it's campus-based aid that some schools offer to students who don't qualify for Pell but still have financial need. 4. If your family's financial situation changes during the year (job loss, medical bills, etc.), you can appeal for a professional judgment review to potentially lower your SAI. The key seems to be applying broadly and not assuming anything based on your SAI alone. Each school really does have different resources and priorities for aid distribution.

Hey Justin! I'm in almost the exact same boat - SAI of 8,650 with parents making about $75K and a sibling in college. After doing tons of research, here's what I've found that might help: Your SAI puts you just outside Pell Grant range (cutoff is around 6,206), but you're definitely still in the game for other aid. The "two kids in college" factor is already baked into your SAI calculation, which is actually working in your favor - without that, your number would be much higher. A few things that have helped me: - Applied to a mix of public and private schools. Some privates actually came back with better net costs than state schools because of their institutional aid - Used the Net Price Calculator on every school's website - way more accurate than guessing based on SAI alone - Found out my state grant program goes up to SAI of 10,000, so definitely check your state's thresholds - Applied for merit scholarships separately from need-based aid Don't get discouraged by that number! I thought I was screwed too at first, but after talking to financial aid offices, I realized there's still plenty of aid available. The key is casting a wide net and not ruling out schools based on sticker price alone.

Schools are INCREDIBLY slow this year because of the new FAFSA system!!!!! My niece is in the same boat - some schools already sent packages, others are saying it could be APRIL before they finalize!!!! It's ridiculous how they expect students to make decisions by May 1 when they might not get financial info until a few weeks before!!!!

As a newcomer to this community, I'm finding this thread incredibly helpful! My son is a junior and we're just starting to learn about the FAFSA process. Reading about everyone's experiences with the delays and the need to check multiple portals is eye-opening. I had no idea about the CSS Profile requirement for some schools - that's definitely something we'll need to research early. One question: for those who have been through this before, what's the earliest you can submit FAFSA for the following academic year? I want to make sure we get ahead of any potential delays when it's our turn next year.

Just wanted to add that timing really matters here! The FAFSA uses a "snapshot" of assets on the day you file, so even if your friend's son had $10K in January but spent $8K on legitimate college expenses by March and then files in March, only the remaining $2K would count. Also, don't forget about sibling assets if there are other kids in the family - each student's assets are assessed separately at that 20% rate. We learned this the hard way when our twins both had graduation money sitting in their accounts. The silver lining is that once they start college and use that money for tuition/expenses, it won't be there for subsequent FAFSA renewals!

One thing that hasn't been mentioned yet is the Student Aid Index (SAI) protection allowance changes. With the 2024-25 FAFSA updates, they eliminated the student income protection allowance but kept the harsh 20% assessment rate on student assets. This makes having money in the student's name even more painful than before! Your friend should also know that if her son receives any scholarships that exceed tuition/fees/books, that "excess" scholarship money could be considered taxable income AND might count as student income on next year's FAFSA. It's like a double whammy. The whole system really does seem designed to discourage kids from saving, which sends such a backwards message about financial responsibility. If they do move the money to parent accounts, make sure it's done as a legitimate transfer for educational purposes, not as a "gift" which could have other tax implications if it's over certain thresholds.

To summarize for anyone with a similar situation: 1. For FAFSA purposes, the parent who should complete the form is determined by where the student lived most during the past 12 months 2. If the student lived more than 50% with one parent, that parent completes the FAFSA 3. The other parent's income is irrelevant if they don't live in the same household 4. Who claims the student on taxes doesn't affect which parent completes the FAFSA 5. Having documentation ready (school records, medical records showing address) is wise in case of verification 6. For the new 2024-2025 FAFSA, you'll be determining the "contributor" parent using these same residency rules

Just wanted to add one more reassuring point - I work at a college financial aid office and see this exact situation frequently. When a student has lived primarily with one parent for years (like your daughter has with you), it's actually one of the clearest FAFSA scenarios we deal with. You're absolutely doing the right thing by using your information as the contributor parent. One tip: when you complete the FAFSA, there's a section where you can provide additional context about your family's circumstances. Consider briefly noting that your daughter's other parent is not involved in her education or living situation. This can be helpful context if your application gets selected for verification. Also, make sure your daughter applies to schools that meet full demonstrated need if possible - with your income level, she could qualify for significant need-based aid at many institutions.