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.

Thanks everyone for all the great advice! I'll pass this all along to my friend. Sounds like the key points are: 1. Student assets are assessed at 20% vs only 5.64% for parents 2. Moving the money to the parents' account well before filing is an option 3. Spending on legitimate college expenses before filing also works 4. Different schools might use different formulas (CSS Profile) It's frustrating that saving is penalized, but at least now she knows how to handle it. I appreciate all the help!

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!

To summarize what everyone has shared and add a few important details: 1. Yes, you must complete a new FAFSA for each academic year (no automatic rollovers) 2. The 2024-2025 FAFSA covers Fall 2024 through Spring 2025 3. Summer 2025 coverage varies by institution (some count it with 2024-2025, others with 2025-2026) 4. The 2025-2026 FAFSA should open October 1, 2024 (barring delays like this year) 5. Some information will pre-populate if using the same FSA ID, but you'll need to update financial information 6. Many schools have priority deadlines much earlier than federal deadlines - missing these can significantly reduce aid packages 7. Check if your school requires additional forms like the CSS Profile One last tip: Create a calendar reminder for September 2024 to prepare for the next FAFSA cycle. Be sure to have tax information ready, and all contributors should verify their FSA ID access before the application opens.

Just went through this process with my oldest last year! One thing I wish someone had told me earlier - keep digital copies of ALL your tax documents and financial records organized by year. When you're filling out the 2025-2026 FAFSA, you'll need your 2023 tax info (they use prior-prior year taxes), and having everything organized makes the process SO much faster. Also, if your family's financial situation changes significantly (job loss, medical expenses, etc.) after submitting the FAFSA, contact your son's financial aid office directly about "professional judgment" or special circumstances appeals. Many schools can adjust aid packages based on changed circumstances that the FAFSA doesn't capture. Good luck with your first college journey - it gets easier once you know the routine!

Just to provide some additional clarity: the FAFSA Simplification Act created what's called the Student Aid Index (SAI), which replaced the old Expected Family Contribution (EFC). One major change was removing small cash assets from consideration for many families. If your family's adjusted gross income is below $60,000 and you filed a 1040 form without schedules (other than EIC or child tax credit schedules), the system automatically skips the asset questions. If your application is showing as processed with an SAI calculation, the system is working as designed. Some colleges do have their own institutional methodology that may still consider assets, which is why they might request bank statements separately, especially if they use the CSS Profile.

I'm going through the same thing right now with my son's FAFSA! I was so worried when it skipped the bank account questions because I kept second-guessing myself. Reading through all these responses has been super helpful - especially learning about the income thresholds and how the new SAI system works. I'm definitely going to contact his college's financial aid office to see if they need any additional documentation beyond what FAFSA collected. Thanks everyone for sharing your experiences!