FAFSA Walkthrough + What's In Store for 2024
The College Funding Coach
We provide families with world-class education on the complexities of saving and paying for college.
New Year's Letter from Our Founder
Welcome to 2024!? With the new year comes lots of developments in the world of college funding and planning. The FAFSA Simplification Act totally revamped the process of applying and qualifying for federal student aid. Simplification may not be an appropriate term, but what’s most important is that the form is now live on the FAFSA website.
If you have a college-bound student for the upcoming school year, you can (and should) access that form here. You can also utilize our new free Student Aid Index (previously known as the Expected Family Contribution) calculator on our website through this link.
Please join our TuitionCents webinar on the evening of February 8th at 7:00 PM (EST) to learn more about the FAFSA changes, walk through the form, and discover some of the ways that you can maximize your eligibility for need and merit-based aid!
While paying for college is likely the reason that you’re reading this newsletter, we hope that college is one piece of a much larger financial planning puzzle. To that end, some good news is that 2023 was a superb year in the capital markets, helping many college funding strategies increase in value. Driven largely by the so-called “Magnificent 7” stocks (Amazon, Apple, Alphabet, Meta, Microsoft, Nvidia, and Tesla ), the S&P 500 was up 24.2%. Similarly, the NASDAQ 100 was up 55%—one of its best years ever, the Barclays Aggregate Bond Index rose 4.6%, and Bitcoin—potentially one of the most volatile investment options—rose a whopping 157%.
Inflation declined due to a pause in rate increases by the Federal Reserve, and even gasoline prices dropped. All the while, uncertainty remains due to continued political challenges and international conflict, concerns regarding interest rates for lending, and potential future tax increases.
It can certainly be scary out there. That said, we’re here to help. Let’s dream a little bit and focus on our children and the value of a college education. While college costs continue to escalate at a far greater pace than the rest of the economy, I’m reminded of the Robert Orben comment, “If you think education is expensive, try ignorance.” Our goal at The College Funding Coach? is to continue to be a resource for families as they navigate this process, to provide valuable guidance and coaching regarding saving, planning, and paying for college in an efficient manner, and to help you make great choices regarding the utilization of your hard-earned resources.
How can we help? Are there areas in which you have concerns or would like more information? Please let us know via e-mail at [email protected]. Or, even better, join our Facebook Group and post a question. We have thousands of other parents, advisors, educational consultants, financial aid directors, and more, all ready to help answer your questions.
The opportunity our team at The College Funding Coach? has to serve families across our nation and help them envision and solidify their dreams around college is amazing—we think it’s important to the fabric of our nation and an awesome responsibility at the same time. We appreciate each of you who has allowed our advisors the opportunity to work alongside your family on this journey.
If you haven’t yet taken the time to meet with one of our independent advisors, we hope you’ll take advantage of that opportunity soon. Whether you’re the type to set New Year's Resolutions or not, perhaps this should be on the list. You can click here to schedule your free consultation. I continue to be astounded at the incredible impact our advisors have with families every day and the dreams they help families realize.
If you need help, please let us know. In the interim, we hope it’s a happy and healthy 2024!
With Gratitude,
Brock T. Jolly, Founder,
CFP?, CLU?, ChFC?, CLTC, CASL?, CFBS?, RICP?, CEPA?
News & Notes
1) FAFSA Now Available 24/7: The Department of Education announced a soft launch for the 2024-2025 FAFSA beginning on December 30th and periodically paused access to deal with various issues. Between various glitches and the FAFSA being inaccessible for indeterminate periods of time, submitting was not the most pleasant experience for many. However, there are three major pieces of good news:
a. The FAFSA is out of soft-launch and is now fully available.
b. The Department of Education announced back in December that "Students and families will have ample time to complete the 2024-25 FAFSA, and do not need to rush to fill out the form immediately when the soft launch period opens, as FSA will not transmit results to schools until later in January."
c. The FAFSA is now SO SHORT that many families submitted it and worried they did not complete the whole form.
Make sure to join us for our free, line-by-line walkthrough of the FAFSA on February 8th. More details below.
2) Recovering From a Sub-optimal Semester: Is your student trying to bounce back from a tough semester? Here's Adam Weinberg, President of Denison University, covering When First Semester of College Doesn't Go Well: Advice from a College President.
3) Elite Schools Grapple With Testing Requirements: If you're willing to take a deep dive, make sure to read this recent NY Times article: The Misguided War on the SAT.
4) Our Updated Reading List: Have you had a chance to check out our workshop supplemental reading list? It's full of highly recommended books that should help your family save money, save time, and reduce stress.
The journey to establishing residency is multifaceted, each facet presenting its own set of challenges and opportunities.
The most common pathway involves proving physical presence in the state for a specified duration, typically a year. This requirement is not merely about physical location; it’s about demonstrating a commitment to making the state a permanent home. Coupled with this is the need to show intent to reside, which goes beyond mere physical presence and encompasses actions like obtaining a state driver’s license, registering to vote, and securing a form of local employment.
Beyond presence and intent, financial independence plays a crucial role. Many states scrutinize whether a student relies on parents or guardians residing out-of-state, as this can imply a temporary rather than permanent move.
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Money can be a tricky topic for many parents. It’s an emotional subject, and it can be instinctive for many people to avoid discussing it at all, let alone with their children. However, financial education is an important part of raising children to become responsible, well-rounded adults.
So, how can you tackle it?
The way you talk to your children about money will be a personal choice, but as a general rule, you should aim to educate them about responsible spending, saving, and budgeting at a minimum. With that in mind, let’s look at how you can make money management part of everyday life for your children.
Popular Tools & Calculators On Our Site
2) College Money Report - see an estimate of what you will pay at three colleges.
Upcoming Private Scholarship Deadlines
January 31st: ACIS Travel Scholarship
January 31st: Spotless Cleaning Chicago Scholarship
Other College Funding Content to Chew On
A carefully curated selection of the newest college funding articles on the web
How to Pay for College as a Veteran (Forbes)
14 Tips for an Effective College Visit (US News)
8 Ways to Pay Off Your Student Loans Faster (USA Today)
What to Do With College Savings If Your Child Doesn't Need to Use It (GoBankingRates)
If you're a parent, school counselor, or financial advisor looking for resources on paying for college, please visit our website here: https://www.thecollegefundingcoach.org/