Changes to the FAFSA
FAFSA Application Opens Later
The FAFSA for the 2024-2025 school year is projected to be available in December 2023 (rather than in October). Continue to check this page for the exact date once it is announced.
New Method for Calculating Aid
ESTIMATED FAMILY CONTRIBUTION (EFC) IS NOW THE STUDENT AID INDEX (SAI)
The EFC and SAI work similarly as each number represents an amount that estimates what families can pay for a student’s education costs, and it considers factors like household income and assets. Additionally, SAI may be a negative number down to -1500.
You May Automatically Qualify for the Maximum Pell Grant
Pell grants eligibility is tied to how household income and family size compares to poverty guidelines. Families making less than 175% and single parents making less than 225% of the federal poverty guidelines may be eligible for the maximum Pell. Minimum Pell will be guaranteed to students from households below 275%, 325%, 350%, or 400% of the federal poverty guidelines, depending on household structure. All aid is determined by SAI.
Contributor and Consent
A contributor is considered any individual required to provide a signature and consent on the FAFSA form, including the student, student’s spouse, a biological or adoptive parent, and/or the parent’s spouse (step-parent).
Each contributor will now need to provide their consent to their federal tax information (FTI) being included in the FAFSA.
Everyone Needs an FSA ID
The FAFSA will no longer ask for a Save key. However, all Contributors must have a FSA ID to complete the FAFSA application. The FSA ID serves as a digital signature on the FAFSA. A Social Security number is required. Parents who do not have a social security number are also required to submit a FSA ID.
New IRS Data Retrieval Tool Eases the Process
The IRS Data Retrieval Tool (DRT) is being replaced with Direct Data Exchange (DDX) as the process for transferring federal tax information (FTI) from the IRS to the FAFSA. This will reduce the number of financial questions that most families are usually asked on the FAFSA. To use the DDX, all contributors must consent to having their tax information transferred.
Add up to 20 Schools on the FAFSA Online
This is an increase by 10 schools from the 2023-2024 FAFSA. If there are specific state guidelines when you select a school, the online FAFSA will list them for review in that section.