FAFSA Leads to Financial Aid Possibilities
The Free Application for Federal Student Aid (FAFSA) is the gateway to federal financial aid programs. Incoming Comets should submit their FAFSA for financial aid opportunities that are not available elsewhere.
For 2024-2025, there was a FAFSA delay, but it is now open and should be completed as soon as possible.
Capital is working closely with the Department of Education to make sure that all updates are communicated with admitted and current students and families.
Capital works with each student to ensure that their higher education experience is as accessible as possible. Our goal is to help you and your family bridge the gap between the Student Aid Index (SAI) and the cost of educational expenses. If you need assistance, reach out to our Office of Financial Aid or sign up for a personalized Zoom session with one of our experts.
Navigating the 2024 FAFSA and Financial Aid
FAFSA Fast Facts
The FAFSA, which stands for the Free Application for Federal Student Aid, is an essential form for students in the U.S. seeking financial assistance for college. It determines a student's eligibility for federal student aid, including grants, scholarships, work-study, and loans. Capital University uses FAFSA data to determine the financial aid awards offered to each student.
Capital University’s School Code is 003023
To be considered for all federal, state, and Capital University assistance, incoming Comets should complete their FAFSA online by March 1.
Many forms of financial aid, particularly grants and scholarships, are awarded on a first-come, first-served basis. Submitting a FAFSA early increases the chances of securing maximum aid.
The FAFSA is an annual application that students must complete to remain eligible for need-based financial aid.
Launched in December 2023, the new FAFSA was designed to be more user-friendly for students, families, and schools, representing the most significant overhaul of the form in 40 years.
Simplified Application: The time commitment for students and families will be reduced, as the maximum number of questions has dropped from 108 to 46. Tax information will now be automatically imported through the IRS Direct Data Exchange (DDX).
Student Aid Index (SAI): Calculated in a manner that reflects a student's need rather than the amount a family can contribute, the SAI is a pivotal change. The Federal Student Aid Estimator provides an estimate of the SAI based on the information given in the FAFSA.
Expanded Pell Grant Eligibility: The income thresholds determining Pell Grant eligibility have been broadened, allowing more students to qualify.
Two-Factor Authorization Requirement: Also known as two-step verification or dual-factor authentication, this process offers an advanced level of security where users must provide two distinct authentication factors to confirm their identity.
Once students and families submit their completed FAFSA, they should receive an email confirming that the Department of Education has received the form. This email includes preliminary information about the student's eligibility for federal student aid, such as an estimated Student Aid Index and eligibility for Federal Pell Grants. It's important to review the summary for any errors or discrepancies.
Currently, updates or corrections to submitted FAFSA forms cannot be made by students and families. This functionality will become available later this spring.
Capital's Office of Financial Aid is working diligently to ensure that financial aid offer letters are sent as soon as possible. Admitted students and families can expect to receive their letters no later than early April.
FAFSA in the News
“A New FAFSA Setback Means Many College Financial Aid Offers Won’t Come Until April”
- NPR
Right now, along with colleges and universities nationwide, Capital cannot access the FAFSA data needed to complete financial aid offer letters. Incoming Comets can anticipate their financial aid offer letters in early April. We understand that this info is essential as you make college decisions and submit your deposit to Capital. We will send offer letters as soon as possible so that you can move forward with your college decision.
“U.S. Department of Education Announces More Than 3.1 million FAFSA Forms Successfully Submitted and an Update to Student Aid Index Calculation”
- U.S. Department of Education
It’s not too late to file your FAFSA! It’s completely free to file and important to make sure incoming comets receive the full picture of what financial aid is available. Capital’s priority deadline is March 1.
“What to know about changes to this year’s FAFSA application for college students”
- AP News
At Capital, each student can expect to receive personalized support from the Office of Financial Aid. Sign up for a personalized Zoom session with one of our Financial Aid experts for help with completing your FAFSA.
Each year, more than 13 million students receive aid from the Department of Education. The FAFSA is a critical tool that opens doors to higher education by providing access to financial aid. Understanding the process and taking the time to complete the application accurately can make a big difference in your eligibility and award amounts.
In the world of financial aid, there is no one-size-fits-all solution. Financial aid plays a pivotal role in making higher education accessible to millions of students in the U.S. and there are options for everyone.
Every Family is Different
Reporting Each Student: Every college-bound child must complete their own FAFSA application. It's important to ensure consistency in the parental information reported on each application.
Joint Contribution: The FAFSA necessitates the combined financial information of both parents, encompassing income, taxes paid, and assets.
Reporting Accuracy: To prevent discrepancies that could impact the aid amount, it's crucial to ensure accurate reporting of all information, including taxes and assets.
Married parents who filed jointly can use one FSA-ID to complete the FAFSA. However, if the parents are married and filed separately, both parents will need to create an FSA-ID.
Including the Right Information: FAFSA will lead the student through a set of questions using the "Parent Wizard" to identify which parent's financial details are necessary.
Importance of Communication: Maintaining open communication with your ex-spouse is crucial for consistency in the information provided, particularly concerning child support and other financial agreements.
Taking Remarriage into Account: In case the custodial parent has remarried, it's essential to include the financial information of the stepparent on the FAFSA.
Income Reporting: The FAFSA requires only the income and financial information of the single parent.
Child Support and Benefits: Accurate reporting of received child support and government benefits is essential on the FAFSA.
Active Duty and Veterans: FAFSA treats benefits for active duty and veterans differently. It is crucial to accurately report your status and the benefits you receive.
Special Circumstances: If your financial situation has recently changed due to deployment or a change in duty status, you can contact the Financial Aid office to explain these changes. These changes may not be reflected in the standard FAFSA application.
Guardian vs. Parent: In the case where the student is under legal guardianship but not adoption, there may be no requirement to report the guardians' income. In such instances, the student might be categorized as an independent student.
Legal Documentation: Proper legal documentation regarding guardianship or foster care status is crucial, as it can significantly impact the FAFSA process.
Determining Independence: If you are 24 years old, married, a graduate student, a veteran, a member of the armed forces, an orphan, a ward of the court, or have legal dependents other than a spouse, you are considered an independent student.
Financial Information: Independent students only need to provide their own financial information, and if married, their spouse's information.
University Aid: Students can be considered for university aid. Students who are undocumented or DACA recipients are not eligible for federal student aid but should still file the FAFSA.
Ready to Get Started?
Learn more about Capital and our commitment to making a college education achievable by all on our Office of Financial Aid page.