Yay for you if you will be completing the FAFSA this year (as opposed to previous years).  The Scholarship Lady is psyched about the streamlined FAFSA.  Based on the changes, I predict a long-term reduction in parent and student stress, more familial bliss, more time to spend on the better things in life and more opportunities for college-bound students.  Wait, what’s the FAFSA, you ask?  The Free Application for Federal Student Aid (FAFSA).  If you need money for college, completing the FAFSA is in your best interest and nearly all students –98%–complete it online.  I participated in a training yesterday and here are highlights and changes of how the FAFSA has improved:

1. New url for the site:  www.fafsa.gov.  The old url still works but this is a shorter address in hopes of preventing students from going to “un”official sites that charge a fee to complete the FAFSA for you.  NEVER pay a fee to complete the FAFSA.  It’s free.

2. Color coded tabs for student and parent sections so it is clear who fills in the required information.  Parents = purple.  Students = Blue.

3. More detailed information such as graduation and retention rates of the colleges you select.  Hey, you should know what you are paying for, right?

4. Fewer questions, based on the profile you enter.  For example, if you are not married, you will not see the questions about married students.  That makes sense and saves you time.

5. More help functions that are tailored to you and how you answer the questions.

6. Removal of Veteran’s benefits questions because they no longer affect eligibility for other federal aid (could change in the future – don’t know)

7. Quick, live estimate of Pell Grant eligibility, based on the information your provide.  No matter waiting and wondering.

8. Virtual keyboard and scrambled SS# to better protect your identity.

9.  Status bars/indicators so you know where you are in the process.

10. Fewer questions about assets for low-income students…again, that makes sense.

11. Transfer (pre-population) of parent information to a sibling’s application.

12. Skip or re-direct on questions about homeless students or dependent students whose parents refuse to provide financial information.

13.  Revised definitions of homeless, degree of homelessness, independent status, dislocated workers (including dislocated homemaker, which is an extremely important job!) to identify and expand financial aid opportunities for more people.

14. Matching process through Department of Defense for additional aid for students (dependents) who had a parent killed in Iraq or Afghanistan since 9/11/01.

15.  Coming in Summer 2010….drumroll please….IRS data retrieval tool to lift information from your parents’ tax forms and SAVE YOU TIME!!!

Sources:  Great Lakes Higher Education Guaranty Corp Training and ed.gov blog http://www.edgovblogs.org/duncan/2010/01/a-simpler-application-for-student-aid/

Since this is peak season, I’m providing this uber-rich resource reminder.  Some of THE BEST scholarship advice is provided at my Blogtalkradio show in interviews with the experts.  It’s all free for download or you can listen to the archives. 

Past Shows: (click on the link)

Summer of Scholarships – how to use your summer to become scholarship-worthy - “Between the beach and the ball field is there any time left for preparing for college?”  Advice direct from The Scholarship Lady

Surfing for Scholarships with Guest Christopher Penn  – Learn how you can use Google to maximize or enhance your scholarship search. Guest is a financial aid expert, blogger, podcaster and representative from the Student Loan Network

Opportunity Knocking -   Joe Tavares from Center for Student Opportunity talks about their new book for low-income, minority, and first-generation students and which colleges treat them well.

Getting in without freaking out -  Stop the Stress!  get tips from Arlene Mathews, college planning consultant, about the admissions process

Free Help with Finanical Aid – Filling out the FAFSA – Director of College Goals Sunday shares her advice and places you can go to get help

College Matchmakers:  Zinch.com – Why wait for colleges to respond?  Get recruited by colleges that are looking for students exactly like you.  Here about this new free service for students.

Coming up – Interview with Kevin Ladd of Scholarships.com – Mark your calendar for Tuesday, February 17th at 3 pm CST at my radio show.