By Kankakee Times |
Apr 16, 2024
The 2023-2024 FAFSA application deadline is approaching, with an important change that could impact students and their families. This year, a new rule known as the 'Grandparent Loophole' is being implemented, affecting how college payments made by grandparents are considered in the financial aid process.Under the previous FAFSA rules, grandparent contributions to a student's college fund were counted as untaxed student income, potentially reducing the student's eligibility for aid. However, as stated by an expert, "The new system for the 2023-2024 application will take...