Grand Rounds

SMHS Student Affairs & Admissions News

Financial Aid: 2024-25 FAFSA, Saving on A Valuable Education

2024-25 FAFSA

A “soft launch” for the 2024-25 FAFSA is now available. However, there is no need to rush to complete the paperwork since later submission will not impact financial aid eligibility. Furthermore, FAFSA completion may be challenging during this time as the site will be paused periodically for maintenance and technical updates and FAFSA may only be available for short periods of time.

Trimester 3 Disbursement dates

  • MS 1-3 – Disbursement will be Feb. 29, 2024
  • MS 4 – Disbursement will be Feb. 1, 2024
  • Last date to pay Trimester 3 Tuition to avoid a late fee is April 15, 2024.

Saving on A Valuable Education (SAVE)

A new income-driven repayment plan, Saving on A Valuable Education (SAVE) is now in the beta period.

Monthly payments on the SAVE plan are based on your income and family size, not your loan balance. Under the SAVE plan, your payment will be $0 if you are a single borrower earning $32,800 or less, or a family of four earning $67,500 or less. Other borrowers will save at least $1,000 per year on their payments, and your balance won’t grow because of interest.

Learn more about the SAVE plan and the benefits the new plan offers.