FAFSA Delay Impacts Colleges, Students: Tips to Navigate It

You may have noticed the Free Application for Federal Student Aid (FAFSA) has become a trending topic in recent weeks. While the FAFSA buzz could originally be attributed to the FAFSA Soft Launch news, the FAFSA has gained even more attention in the last week because of yet another delay. The 2024-2025 FAFSA rollout is the first update or simplification the form has had in more than 30 decades. This massive overhaul is attributed to the first setback, a three-month open date delay. The 2024-2025 FAFSA was released on December 30; the normal FAFSA open date is October 1. The most recent processing delay is attributed to a math error that would have cost students “$1.8 billion in aid,” according to the Department of Education. While the form undergoes another necessary update, colleges will not receive student FAFSA data until mid-March, instead of January 31 as first promised by StudentAid.gov. NerdWallet adds, “Administrators can't start building financial aid packages until they get this information.” Technical glitches and the most recent formula error have added to financial aid timeline changes, trickling down to colleges and students alike.

How does the recent FAFSA delay affect me?

Colleges and universities will be behind schedule in creating and sending financial aid packages. This lag will cause college decision delays for students too. To accommodate the interruption, some colleges are beginning to adjust admissions timelines for students.

Students Financial Aid Award Letters Will Arrive Later

Because of the most recent FAFSA delay, students can expect their financial aid offers to hit their inboxes or mailboxes from April into May, rather than the typical March delivery. Financial aid award letters include important financial planning information from each college you’ve added to your FAFSA application. Financial aid package formats differ from college to college, but they generally include applicable payment options and details such as: • Pell Grant Total • Work-Study Suggestions • State Grant Total • Merit scholarships • Federal Student Loan Possibilities • Private Student Loan Suggestions Class of 2024 Tips: Don’t let the federal delays stop you from filing your FAFSA. Your FAFSA is the KEY to financial aid opportunities. Last year’s seniors missed out on more than $4 billion in Pell Grants because they didn't complete the FAFSA! Use this time to apply for scholarships. Scholarships are the ideal way to pay for school because you don’t have to pay them back! Set a scholarship application goal for yourself and make it happen.

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Estimate your Student Aid Index with an SAI calculator. Financial aid offices will use your SAI to determine how much federal student aid you would receive. You can get an idea of how much money you may need to acquire in the form of scholarships or student loans. To make up time, seniors should work ahead by gathering a list of the pros and cons of their top college choices. Save a space on the pro-con list to compare the amount of aid each college offers as they come in. Come April, if you’re waiting for a few award letters from colleges, reach out to the financial aid office to see if they can provide you with an updated timeline.

Colleges Extending 2024 Commitment Date

For high school seniors, May 1 has traditionally served as National College Decision Day. A May deadline might not give students enough time to review and compare financial aid award packages this year. Financial aid is a crucial factor to consider when choosing a college!

Is June 1 Decision Day 2024?

Public and private colleges have announced commitment day extensions. The list is also expected to grow, according to Inside Higher Education. See if your school's timeline has changed by visiting the National Association for College Admission Counseling's (NACAC) public directory of enrollment deadline and/or financial aid priority deadline adjustments. Higher Ed Dive shared an early list of colleges pushing their financial aid, enrollment and/or application deadlines: • The University of California • California State University systems • University of Arizona • Northern Arizona University • Arizona State University • Lewis & Clark College • Oregon State University • Widener University • Marquette University • The University of New Hampshire • University of Illinois at Chicago Class of 2024 Tips: Don’t rush your college decision! If necessary, kindly ask your top choices for a commitment extension because of award letter delays. College is a big investment, equip yourself with a complete financial outlook to make an informed decision. Plus, you’ll be the person that’s expected to pay back any college debt you take on.