What to know: The FAFSA was revamped in 2023. Some of the most notable changes likely to impact Private Prep families:
- Siblings: Families with two children in college will no longer receive a “break” for this; under the old FAFSA structure, for example, if the Estimated Family Contribution was $20,000, but there were two kids in college at once, that $20,000 would generally be split between the two students. Now, however, if the Student Aid Index (the new term for EFC) is $20,000, families will have to pay that for both siblings.
- Colleges can still use “professional judgment”: It’s important to remember that the FAFSA is just one piece of the financial puzzle. Colleges with significant resources will still use their own institutional calculations. However, by law, they may not create policies that are designed to circumvent the FAFSA rules, such as offering a special scholarship for any student who has a sibling in college.
- Reach out to the financial aid offices! These people are nice, we promise. They want to help you. In many cases, they are glad to speak with you before you apply so you can understand what kind of aid you might receive—and after admission, they are also important partners and advocates in appealing for more if you need it.
Families can watch a webinar with a full overview of the FAFSA changes here.
