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Evaluating Financial Need with New FAFSA
SarahBurzycki
Posts: 14 ✭✭
Hi,
We are a small foundation and the majority of our scholarships have a financial need requirement. I was curious if (how) organizations are changing their evaluation of financial need with the upcoming changes to the FAFSA, particularly related to how the EFC/SAI will be calculated. As part of our financial need evaluation, we currently use the SAI/EFC to help identify students that are on the low end/just outside of federal/state awards. I am expecting that with the removal of the sibling discount students from households with more than 1 college student may not fall in our targeted ranges since their SAI will likely be higher. Interested in what others are considering/doing/
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I saw in the weekly Foundant newsletter they are having and SLM training and discussing the new FAFSA changes. May be worth tuning in for that! https://info.foundant.com/2023-08-16SLMFundamentalsTrainingWebinar_RegistrationLP.html?utm_medium=email&utm_source=digest&utm_campaign=2023-08slmfundamentalstraining
Thanks @codifarrar - I had missed that.
@SarahBurzycki, I added this in the discussion thread where the recording of yesterday's webinar is posted. It is a draft at this point but shows how the SAI will be calculated. Maybe reading through it will give you a line item that you can ask for and use in your applications.
Following this topic. The Aug. 16th webinar and the upcoming Aug 31 Coffee Talk are discussing the changes to the FAFSA.