The 2024-25 Free Application for Federal Student Aid (FAFSA) has been simplified to improve student experience and expand access to student aid. It was released on 12/31/2023.
Important Changes
See below for details of changes to the 2024-25 FAFSA and timely updates.
- Contributors provide financial information:
The new FAFSA introduces the term “Contributor”. A contributor is an individual whose financial information is required on the FAFSA. Contributors may include one or both biological/adoptive parents, stepparent, and student spouse. Students will invite contributors to complete their portion by entering their name, Social Security Number (if they have one), date of birth and email address. - Student Aid Index (SAI) is replacing the Expected Family Contribution (EFC):
The Expected Family Contribution (EFC) will be replaced by the Student Aid Index (SAI). This is a measure of a family’s financial strength that is used to determine federal financial need. - Direct Data Exchange of Income Data from IRS to the FAFSA:
Your tax information will now be pulled in directly from the IRS, in place of manually entering income information. - Number of Students in College is No Longer Considered in the Federal Financial Aid Formula:
The new FAFSA will no longer use the number of students in college simultaneously in a family in the formula. - Businesses and Farms are Reported as Assets:
Small family businesses and family farms are no longer excluded from being reported as assets on the FAFSA. - Parental Information in Cases of Divorce:
Divorced families will be instructed to list the parent who provides the most financial support, and their spouse if they are remarried. The FAFSA will contain questions to help you determine which parent should be listed. Note: this is a change to previous FAFSAs, which used the custodial parent and their spouse if remarried.
Announcements
Check here for continued updates about the live FAFSA.