The U.S. Department of Education has promised that the 2024/2025 FAFSA – the new, revised Free Application for Federal Student Aid – will be available in late December. The FAFSA is a requirement for almost all college financial aid programs, from federal loans to school-provided financial aid to private scholarships.
If you have a student who’s interested in college or training next year (especially one who’ll have some extra time on their hands over the holidays!), your family doesn’t need to wait until the FAFSA form is released to get started on the process – particularly since many submission deadlines will be the same as usual. Schools, scholarship grantees, and loan programs aren’t giving families any extra time. So here are some things you can do in the meantime.
1. Research and engage with schools and programs.
Make a list of schools or programs that interest you (even a little bit). Include details such as location, fields of study offered, the average cost of attendance, the size of the institution, and admissions and graduation rates. VSAC has more criteria you may want to consider, as well as a free comparison chart template that you may find helpful.
As you use your notes, chart or spreadsheet to narrow down your list, visit your top schools if possible. If schools offer interviews either in-person during a visit, or online, reach out to the admissions office to schedule an interview. If you can’t visit in-person, visit their websites and social channels to view videos and virtual tours. Many schools track “demonstrated interest” – whether you’ve shown an intentional interest in their school. In addition to campus visits, schools may look at whether you are opening their emails, interacting with their social media posts, meeting with their reps at college fairs and filling out their inquiry cards, and more. To find out how much emphasis your school places on your interest (and more about schools’ application criteria), use an online search tool and input a college’s name paired with the phrase, “Common Data Set.”
2. Apply to your schools/programs.
Download application forms, materials, and essay prompts (if applicable), paying careful attention to all the requirements and taking note of deadlines, and make a plan. Many schools will waive the application fee if you apply within a certain time frame, or if you have visited the school and participated in a tour. Applying as early as possible (without short-changing your application) is always best.
3. Create an FSA ID.
A username and password, also called a “Federal Student Aid ID” is a required part of filling out the FAFSA. The student and at least one, or sometimes, both parents (or in FAFSA-speak, “contributors”) will each need their own individual FSA ID or Federal Student Aid Account. While in the past, applicants for an FSA ID could use their username and password immediately to file a FAFSA, this year, the government is taking some additional verification steps in issuing FSA IDs. People contributing information on a FAFSA must now wait 3-5 business days after creating an FSA ID for the government to confirm their ID can be used.
VSAC counselors suggest that it is more important than ever that families do that part of the process now (it’s a short online process that takes about 10 minutes), and then keep the usernames and passwords handy for when they fill out the FAFSA.
To create an FSA ID, each person will need their own email address (VSAC counselors are prepared to help people create free Gmail addresses if necessary) to complete that process. We can provide that assistance in-person at our Winooski Resource Center (set up an appointment here) or you can contact us to set up a virtual meeting.
4. Gather all the info you’ll need to complete the FAFSA.
Gathering and organizing information now can go a long way when you sit down to fill out the FAFSA. Taking some time now to get all your files pulled, passwords recovered, and/or your statements printed out can save you stress later on. Depending on your personal circumstances, you may need to have the following items:
- The name, date of birth, Social Security Number, and email for the people required to contribute information to your FAFSA, also called contributors. Your contributors are often parents, or a spouse if FSA considers you an independent student. To learn more about who is considered a contributor on the FAFSA see this YouTube video.
- 2022 federal income tax returns and W2s, child support information (if applicable), and other personal information.
- Alien registration number (if you’re not a U.S. citizen).
- Records of untaxed income (like contributions to IRA, SEP/SIMPLE plans, or tax-exempt interest).
- Bank records (cash, savings, checking account balances).
- Investment information (such as investment property or stocks/bonds not in a qualified retirement plan. Qualified retirement savings, as well as contributors’ primary home, are not reported on the FAFSA).
- The net worth – value minus debt – of your contributors’ business(es) and/or family farm, if applicable.
- Your colleges: You must list at least 1 college to receive your information. You may update your choices later to apply for aid at a different school.
5. Research and apply for grants and scholarships.
Two of the best resources for Vermont students are the Vermont Grant, available only to Vermont residents, and the 150-plus VSAC-managed scholarships, primarily available to Vermont residents.
Vermont Grants are free “gift aid” based on financial need, so you don’t need to pay them back. But you DO need to apply, and you can find the application here. To apply for a Vermont Grant you’ll also need to complete the FAFSA when it is available; VSAC will receive your FAFSA information by the beginning of February. If you fill out the Vermont Grant application before you fill out the FAFSA, we will automatically match your FAFSA information with your Vermont Grant information when we receive it. Find out more at vsac.org/grants.
VSAC-managed scholarships range in amount, terms and eligibility. This year’s booklet includes information on 150 scholarships administered by VSAC, plus an additional 41 scholarships run by outside organizations. There are scholarship opportunities for a wide range of academic interests, such as business, health care, education, and many more. There may be specific scholarships for residents of your town or county, graduates of your high school, or members of traditionally disadvantaged groups. The annual award amounts generally range from $500 to $6,500, though there are some exceptions. The scholarships booklet is available now, and required application materials are due to VSAC by February 14, 2024.
Finally, you should also check with your school(s) financial aid offices to see if additional financial aid forms are required, such as the CSS Profile. School-specific scholarships and grants may also be available. If you are interested in other Federal grant programs, including Pell grants, FSEOG grants, TEACH grants, and Iraq & Afghanistan service grants from the U.S. Department of Education you automatically apply to these programs by filing your FAFSA.
6. Check deadlines and work your plan.
Take note of application deadlines for schools, grants, scholarships, and eventually, the FAFSA, and incorporate those dates into whichever scheduling or time-management system you use. There are no extensions or grace periods if you’re late, and missing a deadline could cost you admission to your program of choice or several thousand dollars’ worth of financial assistance. Plus, many grants and scholarships are awarded on a first-come, first-served basis until funding runs out. So, it literally pays to be on time or early!
7. Contact VSAC for help and questions.
The process of applying to higher education and training programs, and to the financial aid systems that support them, is complicated enough. This year, the FAFSA form revisions add another layer of complexity and shortened the time window by three months. If you have questions or are feeling overwhelmed, don’t wait to reach out. We’re here to help. Contact us!
This story is produced by Vermont Student Assistance Corp., created by the Vermont Legislature in 1965 as a public nonprofit agency, to advocate for Vermont students and their families to ensure that they achieve their education goals. Our vision is to create opportunities for all Vermont students, but particularly for those—of any age—who believe that the doors to higher education are closed to them. We begin by helping families save for education with Vermont’s state-sponsored 529 savings program. To help Vermonters plan and pay for college or career training, our counselors work with students in nearly every Vermont middle school and high school, and again as adults. Our grant and scholarship programs attract national recognition, and our loan programs and loan forgiveness programs are saving Vermont families thousands of dollars in interest. Visit vsac.org to learn more.
