Leading Edtech Nonprofit Delivers Insights into FAFSA Guidelines
SAN FRANCISCO, Aug. 17, 2022 /PRNewswire-PRWeb/ -- Today, Moneythink, the student-first nonprofit that demystifies college costs, is sharing a financial aid checklist for students and college counselors as they head back to school. According to recent data, 57 percent of high school graduates from the class of 2021 completed the free application for federal student aid (FAFSA). With FAFSA opening in less than two months, it is important that incoming seniors across the country begin the process early and consider college affordability at every stage of the process.
"For millions of high school seniors, a college education is simply not possible without need-based financial aid, so it's critical that they keep track of important deadlines at the start of the school year," said Joshua Lachs, Moneythink's CEO. "The priority for students is to complete the FAFSA as soon as possible. In parallel, it's critical that students and their caregivers have honest conversations about their financial circumstances and start mapping out a budget to determine how they can manage a healthy mix of free aid, work study, and if needed, loans. There are many factors that come into play, which is why we created tools such as DecidED to help keep students and their families on track, with the ultimate goal of taking on little to no debt."
More often than not, students, counselors and caregivers wait until spring to consider the costs associated with college, but thinking about the following topics early and often will lead to less student debt and better decision making:
- Apply early: The most important date that all students, families, and counselors need to track is the date that FAFSA opens, which is October 1. Submitting this important application is a must-do for students who are hoping to receive aid such as grants, scholarships, federal work-study and federal student loans. Students should submit their FAFSA as close to October 1 as possible to improve their chances of qualifying for as many scholarships and grants as possible.
- Pay attention to state deadlines: Each state and college sets their own priority deadlines, so it is important that students research early to ensure they are up to speed on the schools they are considering attending. A good resource for state deadlines can be found here.
- Start a list of schools that pique your interest: Now is the time for students to begin exploring colleges and building their college lists. In addition to college cost, students should consider a wide array of "fit factors" such as location, size, diversity rates and graduation rates to help narrow in on what's most important to the individual student. There are many high-quality, affordable colleges out there that may not seem so on the surface.
- Cast a wide net when applying to college: For students who will be applying for financial aid, a common assumption is that an in-state school is the most cost effective. In reality, the closest school might not actually be the cheapest, so it's important to research many schools and ensure a mix of school types when applying.
- Don't assume -- do the research: Another thing that should be calculated at the start of the school year is the "net price" for each college, which means how much a student and their family will pay out-of-pocket for education expenses for one school year. Each college has a net price calculator on their site, so students should consider using these helpful tools to determine what the colleges they are interested in will cost after subtracting grants and scholarships.
- Take advantage of free financial aid tools: For students and counselors alike, tools like DecidED were designed to simplify the complicated financial aid process. DecidED provides students with resources, tools and guidance to compare college costs, financial aid benefits, and other fit factors. Using DecidED, advisors and counselors spend less time inputting data and more time guiding students to a college where they can successfully graduate with the least amount of debt.
Navigating the college and financial aid application process is incredibly complicated for students and the adults supporting them throughout the process. By factoring college affordability and cost into the conversation early, and using free tools and resources that ease some of the burden, students and their families can get a big leg up in the process.
As one student from San Francisco State University's class of 2023 stated, "DecidED tells you how much aid you are getting, how much you are paying, and how affordable it is going to be, which is a huge relief."
For more information about how to get started with Moneythink's DecidED tool, visit https://decided.org.
ABOUT MONEYTHINK
Moneythink demystifies college costs to empower more students to graduate with minimal financial burden. With a mission to leverage its education technology for good, Moneythink is a student-first nonprofit that combines the first automated college affordability tool with decades of direct mentoring expertise to help traditionally underserved and first-gen students make informed, personalized college enrollment decisions. By translating financial aid packages and delivering insights into cost comparisons, Moneythink's solutions provide students, families and advisors with easily accessible data and resources to ensure college and career success. To get started, visit https://moneythink.org/.
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SOURCE Moneythink
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