Episode 54- Let's talk FAFSA with Joy Alford-Brand
Feb 08, 2021
A little bit about Joy….how she came to become a student loan expert. She has books, webinars, website, and no less than 35 FREE You Tube videos on student loans for parents and students.
- New president means new administration which means things are about to change for federal loans.
- Updates are coming to FAFSA
- When will those updates be effective
- Will be ‘easier to fill out’
- Changes to EFC (estimated family contribution) will become SAI (student aid index)
- If I already completed my FAFSA, do I need to do anything?
- Prior prior year financial information is used
- If significant changes, then contact your school’s financial aid office
- Each university has the autonomy to apply their grants/scholarships as they see fit
- EFC vs SAI
- Why the change
- Mostly this is just a name change
“The largest growing demographic of student loan borrowers is parents of children coming out with boatloads of debt”. They are paying for their own college education and now helping to fund their children's college education.
- How can students choose a college when student’s haven’t received an aid package statement until XXX date? There is no federal requirement compelling a university to provide a timely aid package statement.
- The importance of understanding what is in the award letter. It can be tricky since it’s not standardized.
- Common confusion-
- Parent plus loan is a LOAN
- Repayment begins 60 days after they are dispersed
- Reading and comprehending EVERYTHING!
- Award letter may not include the actual cost of attendance such as books, housing, food, etc.
** the very slow replay was not intentional but the effect was perfectly timed**
- Each university decides who gets what money.
- Questions about divorced or separated parents and how it impacts completing the FAFSA
Joy Alford-Brand, Esq.
"The Dollar Lama"
Student loan resources: https://newcashview.com/student-loans/
Her books can be purchased here: https://newcashview.com/books/
Her webinars: https://newcashview.com/store/
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