Evaluating Financial Need with New FAFSA
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/
Comments
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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
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Thanks @codifarrar - I had missed that.
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@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.
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Following this topic. The Aug. 16th webinar and the upcoming Aug 31 Coffee Talk are discussing the changes to the FAFSA.
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