Deciding to attend college comes with anticipation, excitement, and unfortunately, stress — especially when it comes to paying for your higher education. For this year’s college-bound students and their families, that stress may be even greater due to a series of challenges and delays involving the FAFSA. The FAFSA is the gateway to financial aid in the form of federal student loans, grants, work study, and some scholarships.
Typically the FAFSA opens on October 1 for the next academic year, with financial aid award letters from colleges following in March or April. Those award letters outline the financial aid students are eligible for and are critical in helping families determine which school students will ultimately attend.
If you’re an incoming or returning college student waiting for financial aid information, here are a few steps to consider to relieve your stress.
Watch for Communication
Some FAFSA errors can be corrected by the student, so keep an eye on your email for messages from the Department of Education and schools’ financial aid offices. The Department of Education has said it is reaching out to those affected letting them know they can now log in to their FAFSA to make any necessary corrections, which should only take a few minutes. Additionally, schools may be communicating about deadlines or temporary updates to their admission and acceptance policies in light of the widespread FAFSA delays.
Check for Deadline Extensions
The first day of May is widely designated as “National College Decision Day.” Many colleges use this as a deadline for students to commit to attending their school. However, some schools are adjusting their timelines to account for this year’s FAFSA challenges. The National Association for College Admission Counseling has shared a database of enrollment deadlines and financial aid priority dates for 2024-2025. Be sure to check the dates for any colleges you’re considering and plan accordingly.
If the deadlines are closing in and you’re still waiting on information before making a final decision, contact the financial aid office to see if there is any flexibility or the possibility of an extension.
Consider a Private Student Loan
While it may seem impossible to apply for a private student loan to fill potential funding gaps without knowing how much you’ll need to borrow, think again! A private education loan from Elements allows you to begin the application process even if you don’t know how much you’ll need to cover costs or which school you’ll be attending. By starting the application process now, families can gain peace of mind knowing their funding will be ready when they return to complete the process.
Apply today at elements.org/StudentLoans.
Book a Student Lending 1:1 Appointment
Our experts can meet with you to answer your lending questions, discuss your loan options, and assist with your student loan application. Book a complimentary appointment with an Elements Student Lending Expert by emailing studentloans@v-lanterna.com.
While this year’s FAFSA has added stress to the college admissions process, don’t panic. Everyone is in the same rocky financial aid boat for the upcoming academic year, and financial aid offices are well aware of the challenges. Take a deep breath and lean on our Student Lending Experts to help you make an educated decision about your future!
