FAFSA

The 2024-25 FAFSA will not open until December 2023.

FSA IDs

Student and parents must create a Student Aid Account (FSA ID) – including parents without a Social Security number.

• If parents file as married filing jointly – only one parent FSA ID is required.

• If parents are unmarried but live together or are married and filing taxes separately, both parents must have an FSA ID.

• The Social Security Administration must verify the FSA IDs before a FAFSA can be started (allow 3 days)

• FSA IDs will use two-factor authentication.

Expected Family Contribution (EFC)

The EFC will become SAI (Student Aid Index).

• SAI better reflects the FAFSA results, not what a family is expected to pay.

• The number in college will no longer factor into the SAI calculation.

• The SAI or federal poverty tables will determine Pell Grant eligibility.

Login and Demographic Information

• The student must provide the legal name, Social Security number (SSN), birthdate, and email of the parent(s) who will contribute to the FAFSA (if no SSN, a mailing address will be required). The parent(s) will then receive an email to add their information to the existing form.

• Parents and students must log in separately to complete their respective sections.

• Students and parents must give consent to retrieve and disclose federal tax information. This includes non-tax filers, those without Social Security numbers, and foreign tax filers.

• Demographic survey questions will include expanded ethnicity and race options.

 Financial Information

• If the biological parents are separated or divorced, the FAFSA will require financial information from the parent(s) who provided the most financial support to the student (it used to be the parent the student lived with most in the last 12 months).

• Parent(s) will now report these items as an asset:

  • Child support received

  • Net worth of a business

  • Net worth of a family farm

• Parent(s) will no longer report child support paid.

• The FAFSA will no longer require these untaxed items:

  • Payments to tax-deferred retirement or pensions

  • Veteran’s non-educational benefit

  • Worker’s compensation

Student Aid Report (SAR)

The SAR will become the FAFSA Submission Summary (FSS).

College information

Students can now list up to 20 colleges.

Applying for Financial Aid

Don’t let the cost of college stop you from getting a degree. There are ways to cover the cost, including financial aid. Take these steps to start the process.

Create an FSA ID

To begin the process of applying for financial aid, create a Federal Student Aid account (FSA ID) at studentaid.gov. Your parent will also need an FSA ID if you’re a dependent student.

Complete the FAFSA

The FAFSA (Free Application for Federal Student Aid) is your application for federal, state, and college-based financial aid. Complete the form at studentaid.gov in the fall of each year. The colleges you list on the FAFSA will use your information to award financial aid.

Submit the form before the colleges’ FAFSA priority date to get the best financial aid offers. Use our free FAFSA Tools to help you prepare for and complete the form.

Renew the FAFSA every year you’re in college.

Expect a FAFSA Submission Summary

After you submit your FAFSA, expect a FAFSA Submission Summary (FSS) via an email from Federal Student Aid. The FSS indicates your Student Aid Index (the number a college uses to determine how much financial aid you can receive), your eligibility for a Pell Grant, and if you were selected for verification. Some need-based scholarship applications will also require your FSS.

Be Prepared for Verification

Watch your student portal and email closely, as colleges may request verification of your FAFSA information. Respond to this request quickly, as the colleges will not process your financial aid offer until you provide the required documents. 

Expect Financial Aid Offers

The colleges you listed on your FAFSA will notify you of the types and amounts of financial aid they offer. You will only receive offers from colleges that accepted you for admission. Accept or decline the financial aid offers by the deadline.

The colleges will use this “financial need” formula to calculate how much to offer you in financial aid:

  Cost of Education – Student Aid Index = Financial Need

Use this tool from Federal Student Aid to estimate how much federal financial aid you are eligible to receive.

Apply for Student Loans

If you qualify for student loans, your college will direct you to studentaid.gov to complete the necessary forms. Depending on your financial need, you might receive a Subsidized Direct Loan (interest begins accruing after college) or an Unsubsidized Direct Loan (interest begins accruing immediately). Your college determines the amount you can borrow.

You must repay your student loan after you graduate or drop below half-time status. Click here for details about loan limits, interest rates, and repayment.

*Remember that FAFSA stands for Free Application for Student Aid and there will never be a charge for filling it out.  If you are filling forms out and asked for a payment you are not in the correct website.