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Wealth Managing Partners, Inc.
1003 Bishop Street, Suite 1240
Honolulu, HI 96813
Phone: 808-954-7055
Fax: 808-954-7069
Email: info@wm-partners.com
Website: www.wm-partners.com
September/October 2023
FAFSA Makeover
The FAFSA (Free Application for Federal Student Aid) that students and parents complete to apply for financial aid is becoming shorter and easier to navigate, thanks to the FAFSA Simplification Act. Scheduled to begin with the 2024-25 award year, the revisions to the form are designed to streamline the application process. Here are some highlights. The Act:
- Changes the methodology for determining aid. The Expected Family Contribution (EFC) is replaced by the Student Aid Index (SAI);
- Expands access to Federal Pell Grants and Federal Direct Loans, so more students will qualify;
- Includes a new interface to directly receive tax information from the IRS;
- Eliminates the reporting of financial contributions from others (grandparents, etc.);
- Increases the amount of income excluded from the financial aid eligibility formula;
- Eliminates the discount for having multiple children in college, effectively reducing financial eligibility for those families.
Additional information is available at studentaid.gov
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Wealth Managing Partners, Inc. are not affiliated.
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