FAFSA Simplification- Are You Ready?

FAFSA Simplification- Are You Ready? Hero Image

FAFSA Simplification – Are You Ready?

Big changes are coming to the Free Application for Federal Student Aid (FAFSA) application for the upcoming 2024-2025 aid year! The Free Application for Federal Student Aid (FAFSA) application for the aid year 2024-2025 will undergo significant modifications. The Office of Financial Aid will diligently keep this page up-to-date with any relevant details, ensuring that we can effectively inform students, families, and our campus community about the revised procedures.

Why is it changing?

“FAFSA® Simplification Act: On Dec. 27, 2020, Congress passed the Consolidated Appropriations Act. The law includes provisions that amend the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act and includes the FAFSA Simplification Act—a sweeping redesign of the processes and systems used to award federal student aid. Specifically, the law makes it easier for students and families to complete and submit the Free Application for Federal Student Aid (FAFSA®) form and expands access to federal student aid.”

What does this mean for you?

The 2024-2025 FAFSA process is going to look a bit different than it was in the past. Don’t worry, we’re here to help keep you informed!

What’s Changing?

  • Normally the FAFSA becomes available October 1st each year, but the 2024-2025 FAFSA will be available by December 31, 2023.
  • The term “EFC” (expected family contribution) is changing. With the 2024-2025 FAFSA, the term Expected Family Contribution (EFC) will be replaced with the Student Aid Index (SAI) – this is a new need analysis formula that we will use when awarding need-based grants and scholarships.
  • You’ll notice fewer questions when completing the 2024-2025 FAFSA and an easier way to transfer tax information directly from the IRS.
  • You’ll notice a few new terms like contributor (anyone who is asked to provide information on the FAFSA, a parent or student spouse for example) and consent (each contributor will need to consent to their information being included on the FAFSA).
  • The institutional record of your submission of the FAFSA may be delayed to the Office of Financial Aid at Furman until the end of January 2024.

What can you do now to prepare?

  • Mark your calendar for December 2023 – we’ll update here once we know the official date that you can complete your 2024-2025 FAFSA.
  • Collect or create your FSA ID. New to 2024-2025, contributors who do not have a Social Security Number will be able to establish an electronic FSA ID. Look for this opportunity shortly before the FAFSA launches!
  • Determine if or which parent is considered a Contributor for the FAFSA.
  • Collect 2022 federal tax information for the student and Contributor(s), including net business and/or farm values.
  • Check back often for updates – this is the biggest update to the FAFSA in 40 years! We will update here as more information becomes available.

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