The federal government worked hard on the new FAFSA for students applying for financial aid in 2020-21. The new FAFSA App has been updated. The FAFSA has been updated with the new tax forms. (Gone are the 1040A and 1040EZ. Everyone files a 1040 form, with schedules, as needed.) Almost gone are the asset protection allowances. (See blog FAFSA College Savings Allowance Takes a Steep Tumble). When the federal government gets busy with the FAFSA, our team does too!
GuidedPath Includes Updates
The GuidedPath team has been hard at work updating the EFC Calculator to reflect these changes. In the current EFC Calculator, you will notice:
- Updated questions, ask about Schedule 1, not the 1040EX or 1040A.
- Updated 2020-21 formula. This includes new calculation tables from the EFC Formula Guide.
Using the EFC Calculator To Support Families
Helping families understand what their EFC is, and how to calculate it, is a part of helping families find the “best fit” schools. Using the updated EFC Calculator, you will be able to:
- View Net Price Comparisons
- View Cost Comparisons using EFC calculations
- Use the EFC data to guide informed admissions decisions, using the Decisions dashboard.
Let firstname.lastname@example.org know if you have any questions about the 2020-2021 EFC Calculator.