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For parents and students preparing for college, the Federal Government has just released the new and revised FAFSA- Free Application for Federal Student Aid. This is the first year using the new streamlined FAFSA, and any time a new program is rolled out it takes some time to get used to.
Diann Cosme, Director of MI Student Aid with MI LEAP- which stands for Michigan Department of Lifelong Education, Advancement, and Potential- answers the most common questions people ask about the new FAFSA.
All Michigan students and their parents should complete the FAFSA as the gateway to unlocking scholarship opportunities, including the new Michigan Achievement Scholarship.
Starting with the class of 2023, the Michigan Achievement Scholarship provides renewable scholarships for up to $8,250 over three years at a community or tribal college, up to $27,500 over five years at a four-year public college or university, or up to $20,000 over five years at a private college or university.
The redesigned FAFSA and revised eligibility guidelines reflect changes to student aid calculations that now link family size and federal poverty level. The new guidelines will greatly increase financial aid opportunities, with nearly 20,000 more Michigan students estimated to be eligible for the federal Pell Grant, as well as many other opportunities.
The new FAFSA should be more streamlined and take less time to complete — less than an hour for most people — but the rollout of the new form will likely require some patience. For students and parents, the key is to complete the FAFSA as soon as possible.
Forms should be filled out before May 1.
Learn more by visiting studentaid.gov or call 1-800-433-3243.
