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As I've mentioned elsewhere this fall, the FAFSA application for federal student aid is being updated this year, and was delayed from the new opening submission date in October until December.
In November, we learned that the opening date would be December 31, just squeaking under that stated deadline.
In practice, it will take more than a month for information submitted by families to reach the colleges their children have applied to.
Many private colleges and universities make use of the CSS Profile to estimate financial aid packages and employ specific details of family assets and obligations that each user college asks for in a customized menu of questions. These colleges will be able to send financial aid packages to families who applied in early action and early decision processes. Other schools will necessarily be delayed quite a bit in sending financial aid packages, which could pose a real problem for students and families.
This article from Inside Higher Ed covers some of the details.
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