Financial Aid News & Guidance

Filing Season, Deadlines, and Decision Plans By November, most families have either submitted the FAFSA or are preparing to do so. This is also when colleges begin evaluating applications under different admission plans, each of which can affect financial aid timing, flexibility, and appeal options. Below is an overview of key filing considerations in November and how admission decision plans interact with the financial aid process. FAFSA Filing Status in November FAFSA Submission vs Processing & Transferring the Tax Return Submitting the FAFSA does not mean it has been fully processed or received by colleges. The IRS Direct Data Exchange (DDX) is far from perfect, and not retrieving your tax return is not uncommon . This can happen for a number of reasons. You submitted your tax return late You filed an amendment If you were a victim of identity theft To name a few... Check Your FAFSA Status CSS Profile Considerations Some institutions require the CSS Profile in addition to the FAFSA; it is used to determine institutional aid is different from school to school. CSS Profile deadlines are earlier than FAFSA deadlines, because technically each years FAFSA closes in June, once the academic year has concluded. Many institutions will pair their CSS Profile with the FAFSA, in that they will compare the two in order to ensure your CSS Profile is accurate. Therefore you may have to fill out the FAFSA for the CSS Profile to matter. School codes for completing the CSS Profile Aid Counselor Caseloads It can take time for you to get your aid package, even months sometimes if your last name is the last letter in your aid counselors caseload. It is Important to keep in mind that caseloads can be as high as 1000+ student per person, whether those students enroll or not. However, you can assume that if a school reaches out to you for additional information, or sends you an aid package, that you're most likely accepted! How Admission Decision Plans Affect Financial Aid Admission plans can influence timing, leverage, and appeal options , even though they do not change federal aid formulas. Early Decision Families generally join early decision because of a presumed promise of enrollment and higher aid, and while there may be a small bump in your scholarship, schools need a healthy enrollment so you must factor that into your decision. Early Decision applications include language that is binding if admitted. Though while they can't force you to enroll, they can force you to accept your initial aid package. Appeals may still be possible, but leverage is greatly reduced due to the commitment. Families should avoid Early Decision unless they are confident the institution will be affordable. Early Action Early Action is non-binding . Financial aid offers may arrive earlier, allowing more time for review and appeals. Families retain the ability to compare offers from multiple schools. EA can be advantageous for planning where you want to go ahead of time, though there will be an earlier deadline that regular decision (though it could be arbitrary, they will not withdraw your acceptance). Regular Decision Regular Decision offers the most time to evaluate financial aid packages across institutions. Appeals are more common and often more effective during this phase. Enrollment deadlines may compress appeal timelines in the spring. But the only real downside is leaving enrolling until last minute, which might be tough if you don't apply to many schools.

Past Major Policy Changes Affecting This Aid Cycle October is when many families first interact with financial aid, but most of the rules that shape eligibility and aid outcomes were finalized before FAFSA opened. Below is a consolidated overview of the most significant policy and legislative changes affecting families right now. Past Significant Policy & Structural Changes  FAFSA Simplification & Student Aid Index (SAI) The Expected Family Contribution (EFC) has been replaced by the Student Aid Index (SAI) . SAI is still a number which represents the amount that a family can afford to pay in a given year, but now further scrutinizes how income and assets are assessed and can further impact aid eligibility depending on family circumstances. The formula is less forgiving for some middle-income families than the prior system. 🌐 Federal overview of SAI Elimination of the Federal Sibling-in-College Adjustment The federal formula no longer reduces EFC/SAI for multiple children in college at the same time. Some colleges still consider siblings for institutional aid, but this varies by school. 🌐 Department of Education FAQ IRS Direct Data Exchange (DDX) FAFSA relies on IRS data transfer for reporting income and referencing your taxes from 2 years prior. Families whose current circumstances don't reflect their finances from 2 years ago can struggle as a result. Remember: If you are ever in this situation, please remember to keep your financial information organized and contact the university to appeal your aid. 🌐 IRS/FAFSA DATA Exchange Overview Legislative Changes in Effect as of July 1, 2026 (One Big Beautiful Bill) Recent federal legislation commonly referred to as the One Big Beautiful Bill introduces changes that affect borrowing, reporting, and long-term affordability planning. Business Asset Reporting Changes On the FAFSA, if you own a business that employs fewer than 100 employees you no longer need to report the value of your business in the assets/investments section. Elimination of Work Study & Federal Supplemental Educational Opportunity Grant (SEOG) Those who had an SAI of -1,500, and were receiving a full Pell Grant, had typically received federal SEOG as well. The most recent amount for the grant was $1,800 ( and changed yearly based on budget ). Work Study allows students to have access to federally funded Work Study jobs on campus, in addition to the university funded student jobs. As of July 1, 2026, the SEOG and Work Study will no longer be offered. 2/7/26 Amendment : The U.S. House of Representatives voted 217-214 on February 3, 2026 , to approve a bipartisan spending package which ended up including further SEOG and Work Study funding. Elimination of Graduate PLUS Loans The Graduate PLUS Loan program is eliminated as of the 2026 - 2027 academic year. However, if a student was disbursed a Graduate PLUS Loan prior to July 1, 2026, they will be grandfathered in and be able to take out Grad PLUS Loans either until they graduate, or for up to 3 additional years, whichever comes first . The Graduate Unsubsidized loan of up to $20,500 per year remains unchanged. Introduction of Parent PLUS Loan Limits Parent PLUS Loans are now subject to yearly and lifetime borrowing caps. Parents may now only borrow up to $20,000 per student per year . There is now a lifetime cap of $65,000 per dependent student. ( meaning that for their senior year they can only receive $5,000 if they've taken the annual max the until then ) These limits increase the importance of institutional aid, merit scholarships, and early affordability planning. Why This Matters It is hard to predict what the future of the college financial aid landscape with be, but it is likely that preparations that will be necessary for 2627 will have continued importance. Families will have to put more focus on institutional aid and outside scholarships and less so on the FAFSA to fund their education. This will mean keeping your tax and financial documents in one accessible location with the anticipation of appealing their financial aid if you are unable to cover your remaining need. Take your time when filing out your FAFSA and institutional aid application (CSS Profile or homegrown). How you fill it out the first time will impact future years as it is typically the reference point for discrepancies what your financial need it. So every dollar, typically in the thousands, could mean saving or losing funds multiplied by 4 years of financial aid.