| The first word on the Free Application
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| | little in the way of coaching or
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| for Federal Student Aid, the form all
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| | assistance for these families. The
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| students must use to apply for federal
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| | complexity, the timing - spring of senior
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| financial aid programs, is "Free".
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| | year is too late to learn how much
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| However, the FAFSA costs many families a
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| | college will cost so as to 'plan' for
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| lot of money in lost aid.
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| | college costs - and the increasing gap
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| The FAFSA is a 128 question form that is
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| | between aid awarded and actual need all
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| used to determine a family's eligibility
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| | prevent lower income students from
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| for need-based financial aid and results
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| | getting a college degree.
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| in a number called the Estimated Family
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| | Middle income families are suffering from
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| Contribution, or EFC. The U.S. Department
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| | a very large disconnect between what they
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| of Education claims that the FAFSA takes
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| | see as their ability to pay and what the
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| one hour to complete. How complicated is
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| | FAFSA formula determines they should be
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| the form? According to the Department of
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| | able to afford, even if the form is done
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| Education, approximately 80% of the forms
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| | correctly and on time. Many families
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| submitted for processing are done
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| | either don't bother to apply, given the
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| incorrectly or are incomplete. After
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| | confusion in the process, or do file the
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| submission, families receive a Student
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| | FAFSA and are shocked by their EFC. How,
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| Aid Report and are asked to confirm their
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| | for example, is a family earning $75,000
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| answers and make corrections. Assuming
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| | per year supposed to pay $20,000 per year
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| the family notices errors or omissions
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| | for college?
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| and corrects these, the corrections are
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| | Many upper income families do not fill
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| then resubmitted. Usually, each time the
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| | out the FAFSA because they just "know"
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| process goes from the family to the
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| | they will not qualify for aid, setting
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| government back to the family one can
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| | aside the hassle factor. However, almost
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| expect a four to six week processing
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| | every family gets an offer of some kind
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| time. Federal financial aid is awarded on
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| | of aid, even if it's just a loan package,
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| a first-come, first-served basis.
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| | by going through the process.
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| Processing and correcting errors costs
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| | The fact that many families of all income
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| families money because there is less aid
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| | levels don't apply because of the
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| available the longer it takes to submit
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| | confusion, misinformation, and hassle of
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| correct aid reports to the government,
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| | the forms and processes is unfortunate,
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| who then passes the information along to
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| | and costs families many thousands of
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| the colleges who distribute federal money
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| | dollars per year in college costs and/or
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| in the form of loans and grants.
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| | missed opportunities.
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| If the 128 question FAFSA takes one hour
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| | In a recent draft of a report by the U.S.
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| to complete, how does that compare to the
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| | Secretary of Education's Commission on
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| much more familiar tax forms? Most
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| | the Future of Higher Education, the
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| families file either the 1040A or the
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| | commission notes that "The existing
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| 1040EZ for federal tax purposes. Form
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| | convoluted, complex and counterproductive
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| 1040EZ asks 37 questions; Form 1040A asks
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| | financial aid system for students should
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| 83 questions. If we use U.S. Department
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| | be restructured and the current federal
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| of Education math, that means that the
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| | aid form (the Free Application for
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| 1040EZ should take 17 minutes to complete
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| | Federal Student Aid, or FAFSA) should be
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| and the 1040A should only take 39
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| | eliminated..." We couldn't agree more,
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| minutes. The Internal Revenue Service,
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| | but don't count on a massive overhaul
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| however, suggests that the forms take 8
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| | anytime soon. While you wait for systemic
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| and 13 hours to complete, respectively.
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| | change, be advised to start the financial
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| For lower income families the complexity
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| | aid process as early as possible. And
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| of the financial aid process can be
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| | remember to set aside more than an hour
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| overwhelming as by and large there is
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| | to fill out the (somewhat free) FAFSA.
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