All About FAFSA: The New FAFSA is Opening Soon, What Changed?
The Free Application for Federal Student Aid (FAFSA) is a gateway to financial assistance for your college education, and preparing for its opening is a crucial step in securing the support you need. As FAFSA's annual opening approaches, here's a comprehensive guide on the 7 key changes to ensure a smooth and successful application process. Before you go on, we recommend you to read up on our previous blog posts to see how you can prepare for and stay up to date with FAFSA.
1. Launch Date
This is the first key change you probably know already: FAFSA 2024-25 will launch by December 31st, 2023. This means FAFSA will open latest by December 31st. The federal deadline for FAFSA 2024-25 will be June 30th, 2025. But some states and colleges have different deadlines for financial aid. You can follow this link here to see FAFSA deadlines for each state.
2. Contributor System
This is a newly introduced system on FAFSA, where anyone who provides information on your FAFSA is now referred to as a contributor. One thing you might want to remember is that being identified as a contributor does not obligate any responsibility for paying for your college expenses. Once you provide your personal circumstances on FAFSA 2024-25, FAFSA will provide a way to link anyone who is considered your contributor to your form.
3. Consent and Approval
Consent and approval are going to be required from you and your contributors to have the IRS transfer your federal tax information into the FAFSA form. Even if your contributors don’t have a Social Security Number, didn’t file a tax return, or filed a tax return outside the U.S., they will have to provide consent and approval for you to be eligible for federal student aid.
4. FSA ID
Just like before, you’ll need a StudentAid.gov account to complete and submit your FAFSA. The change is, however, that your contributors will also need FSA IDs to complete their sections of the application, not just signing it. Another change is that all contributors will be able to create FSA IDs even if they don’t have a social security number, starting with FAFSA 2024-25.
5. Student Aid Index
Previous FAFSA forms used the information you provided to calculate your Expected Family Contribution (EFC), an estimate of how much your family will be expected to contribute to your college expenses. Starting with FAFSA 2024-25, Student Aid Index (SAI) will replace EFC. SAI can range from -1,500 to 999,999. This number represents your aid index, not the dollar amount your family is expected to contribute.
6. Expanded Eligibility
FSA estimates 610,000 new students will be eligible for Federal Pell Grant, starting with FAFSA 20225, and 1.5 million additional students will be eligible for the maximum Pell Grant Award. For the 2023-24 school year, the maximum Pell Grant Award was $7,395. This amount is updated every year and the 2024-25 school year amount will be announced in 2024.
7. FAFSA Submission Summary
Previously, after submitting your FAFSA, the FSA processed your application, and you were able to look at what was called the Student Aid Report or SAR for short. The SAR will be replaced with the FAFSA Submission Summary for the 2024-25 school year. Once your FAFSA 2024-25 has been submitted and processed, you’ll receive an email that tells you how to access your FAFSA Submission Summary, which outlines answers you provided, your SAI, and an estimation of the amount of federal financial aid you might qualify for. Keep in mind, though, that your FAFSA Submission Summary is not an aid offer or guarantee any specific amount of aid.
As the FAFSA opening date approaches, proactive preparation is key to a successful application process. By marking important dates, gathering necessary documents, and creating your FSA ID in advance, you set the stage for a smooth and efficient submission. Completing the FAFSA early and accurately, along with exploring additional financial aid opportunities, positions you to make the most of the resources available for your higher education journey. Stay informed, be diligent, and take the necessary steps to secure the financial aid you need to pursue your educational goals.
