A Guide to the New and Improved FAFSA Process
- Author: Elmer Schuster
- Posted: 2024-07-21
Applying for financial aid just got easier! The Free Application for Federal Student Aid (FAFSA) is undergoing major changes to simplify the process and expand access to aid. This will benefit millions of students seeking assistance to pay for college.
Let's explore what's new and how you can take advantage of the updated FAFSA.
The revamped FAFSA form debuts for the 2024-2025 school year. It will have far fewer questions - just 36, down from over 100! This streamlined approach removes redundancies and focuses on essential information like income, family size, and dependency status.
Applicants will find the form easier to understand and complete.
Another big improvement is the ability to import tax data directly from the IRS. No more hunting down tax returns or trying to accurately copy figures. The IRS Data Retrieval Tool does the work for you, saving time and ensuring accuracy.
Timing is another key change. Students will be able to submit the FAFSA earlier, starting October 1 instead of January 1. This gives families more time to explore and compare aid offers before making college decisions.
The new FAFSA also expands eligibility for the Pell Grant and other need-based aid. More low- and middle-income students will qualify for assistance that can make college affordable. This change helps fulfill the goal of increasing college access and completion.
Current high school students and their families should learn about the FAFSA updates and start planning now. The best way to approach the process is to:
- Gather financial documents like tax returns early
- Create an FSA ID for student and parent
- Complete the FAFSA as close to October 1 as possible
- Research deadlines and requirements for your chosen schools
- Compare aid offers and explore all options
