The FAFSA requires 2019 information. I have since stopped working and income is much lower in 2020, 2021. Can this be accounted for in the FAFSA application? If not the EFC will be calculated on 2019 earnings, not current situation.
It seems strange to base FA on information form 2 years ago, especially taking the pandemic situation into effect. Any thoughts?
You have to report 2019 income. You can appeal to each school to see if they will adjust the income. There is no guarantee any given school will make the adjustment, but they may - and some may adjust while others may not. You can contact schools to discuss your particular situation & see if their professional judgment policy would allow an adjustment to current income.
@jclVA are you talking about the FAFSA for the 2021-2022 academic year? Wasn’t that already completed? Did you receive an aid package based on your 2019 income at a college where your kid is attending? If so…reach out to that college ASAP and ask what you do to get a special circumstances consideration. The school will tell you what to do…if they do these. Some schools do and some schools don’t.
I am preparing for the 2022-2023 year. Just set up access to the online form and realized this is an issue.
The 2022-2023 FAFSA will use your income from 2020, not 2019. Right @kelsmom ?
FAFSA for 2022-23 won’t be available until Oct 1, and will use 2020 income.
@jclVA the Fafsa that is online now is the one for 2021-2022. That is NOT the one you need to complete for the 2022-2023 academic year.
Missed the date discrepancy. @thumper1 is correct.
Thanks. I am preparing too early, but still have the same question. What about people that lost their jobs or had major changes because of the COVID pandemic. 2020 is the year where many people were affected and may not be in the same employment situation for 2021 and beyond.
The same advice still applies. You complete the FAFSA (and Profile, if your colleges require that) with the info from 2020. That is required.
Then you contact each college to see if they will do a special circumstances consideration. Each school has a process for doing this. The college(s) will tell you what to do.
These are handled on a case by case basis. Some colleges don’t do these at all.
Keep in mind also that unless a school guarantees to meet full need for all accepted students, you may not actually receive additional aid from the school.
I would also strongly suggest that this student look for colleges where merit aid is possible. Merit aid given by the schools usually does not consider family finances at all.
Adding…remember, many people had income reductions in 2020. Some colleges are not in the financial position to adjust need based financial aid for all. Many of these colleges also had significant revenue reductions.
Thanks. Makes sense, I am just learning all this and have learn about Mert Aid as well.
Keep asking questions here. If you are so inclined and post your students stats, and some other criteria, perhaps folks can help you find a good option.
The key ingredient is knowing your annual budget for paying college costs. There are some great options out there that have the potential to come in at your price point.
I would love to hear some thoughts. Thanks in advance.
My son is focusing on Mechanical or Aerospace Engineering. We live outside DC and looking mainly NE. On the radar are WPI, Lehigh. RPI, Lafayette, BC, BU, Northeastern, VA,Tech, UVA.
His Stats (rising senior)
4.06/3.9 GPA
33 ACT/1460 SAT
APs/IBs/ DE
NASA program selection & summer academy
Good ECs mainly hockey focused coaching special needs & kids, officiating, lifeguard
Varsity Hockey 3 years (2 Championships, Captains award junior year)
I know most of these schools are selective, just hoping he is what they need.
Appreciate any thoughts and analysis. You CCers know a lot.