February is a time to focus on the importance of financial aid in making higher education accessible. At Richwood Bank, we are committed to supporting our customers in their educational pursuits, which is why we’ve partnered with College Ave to offer private student loans as an additional funding option. College Ave provides private student loans for both undergraduate and graduate students, helping them cover the costs of tuition, books, and other educational expenses. Additionally, College Ave offers loans for parents who want to support their child’s education.
Changes to the 2024-2025 FAFSA
Here’s some good news: the 2024-2025 Free Application for Federal Student Aid is a simplified version! Highlights of the changes include:
- Fewer questions: FAFSA have cut the number of questions from 108 to 46
- Increased income protection: the income protection allowance, which shelters a portion of your income from the financial aid formula, has gone up
Click here to read an informative article from College Ave that outlines these changes and provides helpful tips for navigating the application process.
If you haven’t filed your FAFSA yet, now is the time to do so! In Ohio, the priority deadline for FAFSA submissions is February 15th. Many colleges have early cut-offs around this time as well, so if your student is looking to begin in the fall, it is critical to file FAFSA soon.
Additional Financial Aid
In addition to grants and scholarships from the state or university, now is also the time to take advantage of local scholarships. Be sure your student has talked to their guidance counselor about what is available. Most counties have community foundations that administer scholarship funds for local students. Many of these deadlines are in March, so if you haven’t already, check out what your student may be eligible to earn from the generous donations of people in your community!
Don’t miss out on potential financial aid opportunities—take advantage of Financial Aid Awareness Month to ensure you’re on track to fund your education successfully.