Here is an update on the FAFSA Changes For 2024-25. The Free Application for Federal Student Aid (FAFSA) will see the majority of changes starting in the 2024-25 academic year and not in the 2023-24 year that was originally planned.
The U.S. Department of Education delayed most of the changes to the 2024-25 academic year due to the fact that 52% of higher education schools have not yet begun to prepare for the significant modifications coming to FAFSA.
The Department of Education said it will phase in the significant impacts to college students’ FAFSA by the 2024-25 academic year. However, the new FAFSA application will be released on Oct 1, 2022.
Here are some of the key changes:
- Drastically reduces number of questions on FAFSA form from 108 to a maximum of 36.
- EFC changed to SAI to accurately reflect how aid is calculated to determine aid eligibility rather than expected family contribution. The EFC can drop to -$1,500 compared to the EFC’s low of $0.
- Students can see if they are Pell Grant eligible based on income and family size before applying for financial aid.
- Income protection allowance is changed, which shields part of students’ and parents’ income from being counted with determining how much can be put toward college. It now protects a greater percentage of earned income.
- Restores Pell Grant eligibility for incarcerated students and aid eligibility to students with drug convictions.
- Removes the requirement for male applicants to register for the Selective Service before age 26.
- Restores Pell Grant eligibility for those who didn’t graduate because their school closed down.
- Makes the application process easier for former foster children or students experiencing homelessness.
As I stated in a blog last year on this topic, we don’t know how the College Board will react to these changes pertaining to the CSS Profile. We will continue to update you as we get closer to Oct 1.
College Aid Consulting Services is full-service FAFSA Preparers with a mission to maximize your financial aid with 32 years of experience. You are invited to take advantage of our FREE FAFSA/CSS Review. Just contact us for more information or learn more about our services.
