Covid & 2021 Graduates

Unfortunately, as a result of the COVID-19 pandemic, many families are experiencing unexpected financial burdens, including unemployment or a decrease in pay. If a student completed or planned to complete the 2020-2021 Free Application for Federal Student Aid (FAFSA), please note that this application uses tax information from 2018 to determine eligibility for financial aid.
If a student’s financial situation has changed drastically since 2018, it is vitally important for the student to contact the financial aid office at their college or university as soon as possible to discuss their options. Each institution will have its own method for documenting the student’s new financial situation and reassessing financial need. Additionally, if the student or the student’s family receives a deposit from the federal government in response to the COVID-19 emergency, the Department of Education has also clarified that the student should not report this money as an asset on the FAFSA.
How to appeal a change in your financial situation: FormSwift, a tool endorsed by college access professionals across the US, can help students draft correspondence to their college based on their specific circumstance.

 

As you may know, Congress recently passed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. This relief package has implications for federal student aid, so we wanted to distill some of the most pertinent information in the hopes that this will help your current or past students, or you personally if you’re back in school or have a federal student loan (the Department of Education has also released guidance on these topics if you have additional questions):