The rollout of the new Free Application for Federal Student Aid (FAFSA) at the start of 2024 was supposed to make the process of securing federal financial aid easier. Instead, the update has unleashed chaos and left many students and parents feeling frustrated.
In a quick recap of what has gone wrong, “technical glitches are locking some families out of the form, while many who have completed the FAFSA probably have incorrect estimates of aid because the agency failed initially to update a crucial income formula,” says The Washington Post. Meanwhile, “colleges won’t get most data until March, meaning students will have to wait longer for financial aid awards and have less time to weigh offers and make a key life choice.”
Many of these FAFSA problems are out of the hands of students and parents. Still, there are some steps you can take in the interim to stay on track on your path towards college.
1. Do not give up on getting your FAFSA across the finish line.
“Despite the FAFSA delay and confusion, it’s still important to fill out the form,” said Nerdwallet. If you don’t, “students won’t be able to qualify for federal student loans, grants, work-study and some scholarships.”
Even if the whole process is backed up, your timeliness in submitting the FAFSA still matters, and can even impact how much aid you end up receiving. When you hit submit, “your FAFSA will record a time stamp,” said Nerdwallet, and “some types of financial aid have priority deadlines or are first-come, first-serve.”
2. Stay in communication with your preferred schools.
As you navigate this period of uncertainty with the FAFSA, it is smart to stay in close communication with the schools you are applying to, particularly your top picks. As Money said, “circumstances are changing by the day as colleges are making adjustments in response to the FAFSA delays,” which means that “it’s important to try to stay on top of announcements and updates from your preferred colleges.”
Specifically, you will want to check in about any changes to deadlines for financial aid and admission, as some schools are moving these around in light of FAFSA delays. Additionally, schools may try methods outside of the FAFSA to “get financial information from you so that they can give you a financial aid package in a timely manner,” said Understanding FAFSA & Financial Aid. (Although they will still have to wait on FAFSA information for any federal aid.)
3. Explore available merit-based aid opportunities.
While you wait to hear how much aid you are eligible to receive from the federal government, it cannot hurt to scope out other aid opportunities too. Merit-based aid is not tied to the financial information you input on the FAFSA but rather to your talents and accomplishments, whether in academics, extracurriculars or sports.
To find merit-based aid opportunities, “check with the college, or ask your high school counselor about opportunities,” said CNBC. “You can also search websites such as Scholarships.com and the College Board.”
While merit-based aid and scholarships are fair game, pump the brakes before “taking out private student loans just because you’re unsure of how much federal aid you’re going to receive,” said Money. Federal loans tend to have much lower interest rates and more repayment options and protections compared to private student loans.
4. Hold off on making any decisions until you have all the information in hand.
It is likely “colleges and universities will extend their decision deadlines to give students and families more time to assess their financial aid packages,” said CNBC. In fact, some are already predicting the deadline will get extended across the board from May 1 to June 1.
If your college has not yet said anything about an extension, do not hesitate to ask for one rather than forging ahead before you have all of the information you need. “Speak up and talk to the colleges that have not extended their deadlines because we need to have [adequate time] for students to fully consider all their options,” Danny Tejada, a college counselor and founder of the college-consulting firm We Go To College, said to Money.