What Do YOU Think of the New FAFSA?

What Do YOU Think of the New FAFSA?

It has been nearly two months since the new FAFSA launched. The form – formerly made available in January – made its debut for the 2017 – 2018 academic year on October 1. It’s also the first form for which previous previous year tax returns can be used, i.e. tax returns for 2015 can be used for the 2017 – 2018 FAFSA.

It used to be that you would have to guess your tax return information in order to file the FAFSA – or wait until after your taxes were filed in April, which meant losing out on financial aid dollars for states that disperse on a first come, first serve basis.

The new FAFSA enables students to fill out the form sooner, which lines up better with the college application cycle and ensures that applications will meet state FAFSA deadlines, as well as provides a more accurate picture of your family’s financial circumstances thanks to the previous previous year’s tax returns.

So how is it working?

The New York Times reports that high school students seem to be embracing the new changes. Compared to January, the number of FAFSA applications filed since the October 1 launch has seen a 21% increase. It’s also worth noting that the number of FAFSA forms filled out but not yet signed also saw an increase, according to The New York Times.

It would seem, so far, that the earlier release as well as the change in necessary tax return info is working to the advantage of high school students. It will, however, hurt those students that don’t get the “memo” on the change, especially in those states that give out aid on a first come, first serve basis. But those results are yet to be seen.

And while it does alleviate some issues to filing the FAFSA, it doesn’t help in every circumstance. According to NPR, website glitches, typos and modern family circumstances, like custody battles and living with relatives other than Mom or Dad, make the form just as difficult as ever despite the government’s attempts to simplify. Thankfully, there are many resources that students can utilize for help.

First, check out Form Your Future. It presents a helpful how-to guide for filling out the FAFSA in terms that you can actually understand. Fastweb also has plenty of resources to help make the FAFSA easier to complete. And if you’re feeling completely overwhelmed, you can meet in person with a FAFSA expert in your community or on College Goal Sunday, a national day set aside to help as many students as possible submit the FAFSA.

The FAFSA may not be a seamless process, but it’s getting there. Hopefully, these new changes are just the tip of the iceberg, and the FAFSA becomes one less form you have to stress about during the college admissions process.

Source: Fastweb

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Why You Should Skip The Turkey And Eat A Frog This Thanksgiving

Why You Should Skip The Turkey And Eat A Frog This Thanksgiving
Shutterstock During this time of year around the commercially-overlooked holiday between Halloween and Christmas, many Americans will be enjoying the delicious aromas of turkey, stuffing, and pumpkin pie, cheering on their favorite football teams, or perhaps making an annual road trip to spend time together with friends and family to express […]
Source: Forbes

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The Grass Is Not Always Greener On The Other Side: 7 Things To Consider Before You Move To A New Job

The Grass Is Not Always Greener On The Other Side: 7 Things To Consider Before You Move To A New Job
Shutterstock As the year comes to an end, I find people become more introspective. We start reflecting on the year: what went bad, what went well, and what we could do better. Inevitably, we start to reflect on our current jobs and for some, the reflection turns into a new job […]
Source: Forbes

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President Elect Donald Trump and Student Loan Debt

President Elect Donald Trump and Student Loan Debt

Though you may be jubilant or grief-stricken over the Election results, we can all most likely agree on one thing: this country has a huge student loan debt problem. HUGE.

While student loan debt was never a focal point of the Trump campaign, the President Elect does have strong opinions on student loans, college costs and debt forgiveness. He revealed these sentiments along the campaign trail through speeches, Q&As and tweets, as highlighted by USA Today College. Whether there is a concrete plan to tackle the student loan industry and skyrocketing debt remains to be unseen, but for the sake of college students and graduates, we hope it will be addressed during the Trump presidency.

Here is what President Elect Trump has said so far:

Cap repayment at 12.5% of income.

Currently, there are several different income-driven repayment plans established for college graduates. These types of plans are best for students that have quite a bit of debt without a high-paying salary. Under the current plans, graduates pay just 10% of their monthly income rather than the hundreds of dollars that would be owed under a standard repayment plan.

What Trump is talking about here is a 2.5% increase for income-based repayment plans. For instance, if your monthly loan payment right now is $200, your monthly payment amount will increase by $5 if he is able to make changes to the student loan system.

Forgive student loans after 15 years.

Throughout his campaign, Donald Trump spoke out vehemently about the fact that the government makes money off of student loans. As part of his plan to limit the government’s dependence on student loan profits, he has stated he would like to forgive student loans after 15 years.

Under the current plans, federal student loans are forgiven after 20 years, and it’s still unclear which plans Trump plans to extend forgiveness. Would student loan forgiveness apply to just federal loans – or private loans as well?

Cut college costs.

Finally, Trump wants to get to the root of the problem – college costs. According to a campaign speech to college students in October, Trump stated that the cost of college has increased by 40% in the past 20 years. He wants to stop that.

His administration would like to tax universities that don’t cut college costs. He also wants to hold them accountable to where money is spent – is it spent on administrative salaries and new buildings or on educating students? However, he also wants to reduce federal regulations so that university funds are not spent on compliance but rather on the students.

The full extent of Donald Trump’s plans for student loans and college costs still remains unclear, but college students and graduates can work to help shape policies and regulations to their benefit. It starts by writing members of Congress, which you can learn how to do here. It’s also vital to stay informed, and Fastweb will work to ensure that we stay on top of any new plans and proposals that will help to alleviate student loan debt and make college more affordable.

Source: Fastweb

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Why You Should Max Out Your HSA Before Your 401(k)

Why You Should Max Out Your HSA Before Your 401(k)
Shutterstock Considering that most employers are offering a high-deductible HSA-eligible health insurance plan, chances are that you’ve at least heard of health saving accounts (“HSAs”) even if you’re not already enrolled in one. People who are used to more robust coverage under HMO or PPO plans may be hesitant to sign […]
Source: Forbes

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Which Health Insurance Plan Will You Choose This Fall?

Which Health Insurance Plan Will You Choose This Fall?
Shutterstock Now that America has finally made it’s choice for president, millions of Americans face another consequential choice this fall: which health insurance plan to sign up for during their employer’s annual open enrollment season. As health insurance costs continue to rise, that choice increasingly involves a high-deductible health plan with […]
Source: Forbes

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Is An Expensive College Worth It?

Is An Expensive College Worth It?
Shutterstock As a parent, I naturally want my children to grow up and become successful, productive adults. For many parents, the path to their children’s future success includes a college education. Unfortunately, the high cost of college can become something of a dream killer for parents and children alike, doubly-so if […]
Source: Forbes

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