Financial Aid Update and New FAFSA Q&A

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Rhodes College is committed to access and affordability. We encourage applicants and their families to complete both the CSS Profile and the New FAFSA. The CSS Profile allows Rhodes the ability to extend financial aid offers to admitted applicants much sooner than if we used the FAFSA alone.

How do I get a timely financial aid award from Rhodes? 

  • Please complete the CSS Profile now as this data allows us to create a financial award. The FAFSA should also be completed, but completing the Profile first allows you to receive a financial award sooner.

Have financial aid deadlines been extended? I haven’t completed either the CSS Profile or the FAFSA, but I want to be considered for financial aid.

  • Rhodes is committed to providing a financial aid award to any family who qualifies. Please submit the CSS Profile and the FAFSA as soon as you can. We will do our best to provide an award before May 1. For Regular Decision applicants, a financial award will be provided at the time of admission decision if the Profile is completed by March 1.

Why and when should I complete and submit the New FAFSA?

  • The FAFSA is available now. You need to complete it if you want to be considered for federal, state, and school financial aid programs, which includes grants, scholarships, work-study funds, and loans.

Should my parent(s), guardian, or caregiver help me complete the FAFSA?

  • Yes, it helps. 

Who is considered a parent?

  • Per the federal government, a legal parent is a biological parent, an adoptive parent, or a person that the state has determined to be your parent.  

How long will it take to complete?

  • Plan for one hour to fill out the FAFSA form, but accuracy is critical so take your time.

What personal documents and financial information do I need to complete it?

  • Verified account username and password (FSA ID), parent or spouse contributor name, date of birth, Social Security Number, income and asset information (if required), and email address.

What are the big changes?

  • SAI will replace EFC (Expected Family Contribution). 

The Student Aid Index (SAI) will more accurately represent the amount of financial aid applicants are able to receive.     

  • Fewer FAFSA Application Questions. 

The 2024-2025 FAFSA consists of only 36 questions compared to 108 in the previous version.  Much of the information needed will be pulled directly from federal income tax returns.

  • More Financial Aid for Single Parents. 

The 2024-2025 FAFSA includes even more aid for single parents, including expanded eligibility for the maximum Pell Grant award and a larger increase in Income Protection Allowance (IPA).

  • More Emphasis on Parent Assets. 

In previous versions, how much financial aid the FAFSA awarded was based primarily on income whereas the new FAFSA still accounts for income, but it now places a greater emphasis on parents’ assets reported on their tax returns and generational wealth.

For more information, be sure to go to the FAFSA website.