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dont stress too much about getting everything perfect. my daughter's counselor said they can always make corrections after submitting if you discover something was wrong!
One last document tip: if your family has had a significant financial change since 2023 (job loss, major medical expenses, etc.), gather documentation of that as well. While you'll still report 2023 information on the FAFSA, you can submit an appeal for professional judgment to the financial aid offices afterward. Also, the new FAFSA has eliminated the sibling discount automatically (multiple children in college at once), so if that applies to your family now or in the future, you'll need to contact each school individually about it. Once you submit, your Student Aid Index (SAI) should be calculated within 3-5 days, though in busy periods it can take longer.
That's good to know about financial changes. My husband actually switched jobs in 2024 with a significant salary difference. We'll definitely gather that documentation for potential appeals. And thanks for letting me know about the sibling discount changes - my daughter will be heading to college in two years, so that might affect us then.
PARENT PLUS LOANS ARE A TRAP!!!! Interest rates are over 7.5% and there's a 4.2% origination fee they take right off the top!!!! Try to find LITERALLY ANY OTHER WAY to pay before getting these loans. I'm $96,000 in debt from Parent PLUS and my daughter graduated 3 years ago. I'll be paying until I'm 70 years old.
Update: I finally got through to financial aid after trying that Claimyr service someone recommended here. The good news is I can still apply for the PLUS loan and there's technically no federal deadline. The bad news is our school has an internal processing deadline of 2 weeks before the end of the term for any aid to be applied to the current semester. They're going to put a temporary hold on the late fees while my application processes. Thanks everyone for your help!
Great news! Make sure you specify the correct loan period when applying (likely Fall/Spring for the full academic year) and remember you'll need to complete a Master Promissory Note (MPN) along with the application. The MPN is good for 10 years so you won't need to redo it each year if you need PLUS loans for future years - just the application portion.
am i the only one who thinks it's ridiculous that we have to figure all this out on our own?? the whole system is so complicated and then they expect 17-18 year olds to understand it all?? my son had no clue what was happening and i barely understood it myself
Just to give everyone an update - the Department of Education officially announced today that the 2024-2025 FAFSA will be available starting December 1, 2023. They also noted a few important changes: 1. The form will be available in 11 languages 2. More students will qualify for federal student aid due to the new Student Aid Index calculation 3. Families with multiple students in college will see changes to how their financial need is calculated Mark your calendars for December 1st, and I recommend trying to submit in the first week if possible to avoid technical issues that might come from everyone trying to access the system at once.
Nora Brooks
That's so frustrating! I'm already worried about deciphering what's a grant versus what's a loan. Did you find any good resources for understanding the aid packages when they arrive?
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Zane Hernandez
honestly we just called the financial aid office directly and made them explain everything. They kept trying to make the parent plus loans sound like
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