Federal Financial Aid

Announcements:

2024-2025 FAFSA Information

The 2024-2025 FAFSA will be a little different than in previous years – several of the changes are positive and will result in fewer questions to be answered on the FAFSA. Starting with the 2024-2025 award year, the Department of Education introduced a new term for individuals completing the FAFSA – contributors.

Who is a contributor?

A contributor is anyone who is asked to provide information on an applicant’s FAFSA including:

• You, the student;
• Your spouse (if applicable);
• Your biological or adoptive parent; or
• The spouse of your remarried parent who is on the FAFSA – the stepparent.

All contributors are required to have an FSA ID and to provide consent to have their federal tax information (FTI) transferred from the IRS. To understand more about FAFSA contributors, please watch this video.

Please click here for additional contributor information (parents and spouse).

FAFSA Timeline:

The soft launch of the 2024-2025 FAFSA started in late December 2023. Students and families will have ample time to complete the 2024-2025 FAFSA, and do not need to rush to fill out the form immediately. Once the FAFSA is completed, the U.S. Department of Education will provide your information to the schools you listed starting in late March 2024. Until the Financial Aid Office receives your FAFSA eligibility information, we won’t be able to answer questions about your aid eligibility or status for the upcoming award year. However, we will do our best to work through the information received from the Department of Education as soon as possible.

Students can check the status of their 2024-2025 FAFSA form at any time, from the “My Activity” page after logging into studentaid.gov.

What can I do to get prepared for the FAFSA?

• Determine your eligibility status. Find out if you are considered a dependent or independent student. This will help you understand whose information will go on the FAFSA.
• If it’s your first-time completing a FAFSA, you’ll need to set up an account at studentaid.gov to create an FSA ID username and password. You’ll need to have a working email address (one that is not tied to your school account) to set up your account.
• If you’re a returning user, you’ll need to remember your FSA ID username and password, so you have it readily available when it’s time to complete the FAFSA.

Whose information goes on the FAFSA?

Dependent Students

For students who are considered dependent, the student’s information, as well as parent information will be collected. Parents and students both need to have an FSA ID username and password.

For students whose parents are divorced, the parent who provides the most financial support will need to include their financial information. This is different than in previous years. Visit this page for more about who is considered your parent when completing the FAFSA. You can also watch this video explaining how to complete the 2024-25 FAFSA form if your parents are divorced or separated.

Independent Students

For students who meet all the criteria to be considered an independent student, only their information and their spouse’s information, if applicable, will be used on the FAFSA.

Unusual Circumstances

Federal Student Aid has made it possible for students to complete the FAFSA to the best of their ability if they can’t provide parent information. Students should follow the prompts within the FAFSA to utilize this process and to understand next steps. Students who are homeless or are in foster care will also need to follow the FASA prompts in order to input the correct information into the FAFSA. If any additional information is needed, you’ll be contacted by our Financial Aid Office.

What information does the FAFSA collect?

The FAFSA will ask you questions about yourself, your family, and your financial situation. Demographic questions will include your name, social security number, date of birth, federal tax information including income, business and farm assets, and investments including stocks and bonds.

With the new FAFSA, most financial questions will be collected via the IRS federal income tax information exchange. You and your parents, if you’re a dependent student, will need to agree to have your tax and financial information shared from the IRS to the FAFSA. Your family size will also be determined by your 2022 tax records. If your family size has changed since filing your 2022 taxes, you’ll be prompted to answer additional questions to make a manual update within the FAFSA.

Can my parent create the studentaid.gov account and FSA ID needed to complete the FAFSA if they do not have a social security number?

Beginning with the 2024-2025 FAFSA cycle all individuals – regardless of their citizenship status – are required to have a studentaid.gov account to access and sign the FAFSA form. This document explains the process for how individuals, without a social security number, can create their account at studentaid.gov.

Watch out for scams! The FAFSA form is free, so if a website asks you to pay to fill it out, you’re not on the official FAFSA site. Visit studentaid.gov to access the correct website.

Free Application for Federal Student Aid (FAFSA)

Financial student aid is government funding for your education, awarded through issuing grants and loans. To learn if you are eligible, fill out the Free Application for Federal Student Aid (FAFSA), using Aspen’s school code 040803. Each year, students and parents of dependent undergraduate students wishing to apply for financial aid must complete the FAFSA.

Federal Grants

Federal grants are free money, to use toward your education, that doesn’t need to be repaid.

Student Loans

Federal student loans must be applied to school costs and your degree. Be sure to use them responsibly and only take as much as you need since these loans will need to be repaid.

Student loan options for undergraduate degrees:

• Federal Direct Subsidized Loans are available to eligible undergraduate students who show financial need.
• Federal Direct Unsubsidized Loans have no financial need requirement and are available to eligible undergraduate students.
• Federal Parent PLUS Loans are for eligible parents of dependent undergraduate students, to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required.

Student loan options for master’s and doctorate degrees:

• Federal Direct Unsubsidized Loans have no financial need requirement and are available to eligible graduate students.
• Federal Graduate PLUS Loans are for graduate students to help pay for education expenses not covered by other financing options. Eligibility is not based on financial need, but a credit check is required.

Check federal financial aid eligibility!

Steps to Apply for Federal Aid

1. Get an FSA ID at studentaid.gov

2. Fill out the FAFSA for federal grants and loans. Aspen’s school code is 040803.

3. Complete online loan counseling here. Learn your responsibilities for any federal student loans you receive.

4. Sign the master promissory note here. This is a pledge to repay your federal student loans with interest and fees.

Loan Repayment

Before borrowing federal student loans, carefully consider the repayment requirements. Most lenders offer free payment counseling; and there are a variety of repayment plans available. Your estimated monthly repayment will be based on your total loan amount and repayment plan. It is important to work with your lender to set up a plan that fits your budget so you can make timely payments each month.

Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily stop making or reduce your federal student loan payments. Learn more >>

Repeated Coursework

Federal regulations limit the number of times an undergraduate, graduate or professional student can enroll in the same course and the course’s credit hours be included in determining the student’s enrollment status for federal student aid purposes.

Generally, a previously passed course can be repeated only once and the course be included in determining the student’s enrollment status and federal student aid eligibility.

A repeated course can be included in determining your enrollment status under the following circumstances:

• You have received a failing grade (U) each time you previously enrolled in the course.
• You have passed the course with a D- or higher grade. You can attempt the course one additional time. This repeat limit applies even if on your second attempt you earn a failing grade (U) or earn a grade that is lower than what is required for your degree program (example: earned a C-, but a C or better is required).

Outside of these circumstances, you cannot use federal student aid to fund a course retake.

Your enrollment status for federal student aid will be recalculated if you enroll in a course that cannot be included in determining your enrollment status. This in turn may result in a reduction of your FSA eligibility for the term and a requirement to repay funds disbursed to your account.

Non-federal student aid is not subject to the federal regulations governing repeated coursework.

Aspen University has resources for students who are struggling in their courses. Please reach out to your Academic Advisor at advising@aspen.edu to get additional support and resources.