On Wednesday, November 15th, the Department of Education (DOE) announced that the FAFSA will be available by 12/31/2023. If finally gives everyone a firm date to work on. This FAFSA delay is due to the FAFSA Simplification upgrades.
October 1st is typically the date that you can begin completing the FAFSA.
This seems likely to be delayed when the Colleges receive the FAFSA information – probably only in late January 2024. Students should expect a delay in their acceptance letter with financial awards.
Here are some thoughts to remember:
- To clarify the process, your FAFSA submission is for the school year 2024-25. It will use the 2022 tax information. The New FAFSA submission requires you to opt-in to the IRS automation. The DOE will not process the FAFSA unless you agree to the IRS integration.
- Perhaps consider waiting 4-5 days before jumping in to submit your FAFSA. There could be quite a few bugs that they might need to work through for the first few days.
- The most significant change with the FAFSA Simplification is the requirement to import your tax data directly into the FAFSA.
- Even though the FAFSA process is delayed, the college commitment or decision day is still May 1st.
If you would like to discuss how you can make wise decisions for Retirement Planning and College Planning for your family, please don’t hesitate to contact Dave Coen to set up a no-cost consultation.
You can see more about my role as a Financial Advisor with SageView Advisory HERE
Tel:714-813-1703
dcoen@sageviewadvisory / davec@collegeplanningamerica.com
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