Due to the passing of the Free Application for Federal Student Aid (FAFSA) Simplification Act on December 27, 2020, as a part of the Consolidated Appropriations Act, the FAFSA is changing for the 2024-2025 aid year.
You can expect the following changes:
- The 2024-2025 FAFSA will not be available until December 2023.
- The 2024-2025 FAFSA determines your financial aid eligibility for the fall 2024, spring 2025, and summer 2025 terms.
- The FAFSA application process will be streamlined and easier for students to complete.
- New terminology will be added to the FAFSA.
- Eligibility for federal financial aid will be expanded.
We will continue to update this page as additional information becomes available. You can learn more about the specific changes, timeline, and how to prepare below.
FAFSA changes for 2024-2025
- FAFSA completion date
- Instead of opening in October, the 2024-2025 FAFSA will not be available until December 2023. This is only temporary for 2024. After the 2024-2025 aid year, the FAFSA will be available in October as usual.
- Streamlined application process
- The FAFSA will feature fewer questions, fewer requirements, and retrieve tax information using a direct data exchange from the IRS instead of the previous IRS Data Retrieval Tool.
- New terminology and information
- The need analysis formula to determine financial aid, formally known as the Expected Family Contribution (EFC), will now be referred to as the Student Aid Index (SAI). The new formula removes the number of family members in college from the calculation, better reflects the FAFSA results, and implements a separate eligibility determination criteria for Federal Pell Grants.
- The FAFSA is introducing the new term contributor, which refers to anyone who is required to provide information on a student’s FAFSA form, including the student, the student’s spouse, a biological or adopted parent, or the parent’s spouse. Being a contributor does not imply responsibility for the student's college costs.
- Expanding Pell Grant eligibility
- The adjustments to the new Student Aid Index (SAI) calculation will expand Federal Pell Grant eligibility to more students.
The following timeline provides an overview of upcoming changes due to the FAFSA Simplification Act. Additional dates will be added as we learn more information.
|December 2023||The Free Application for Federal Student Aid (FAFSA) for the 2024-2025 year opens.|
|Early Spring 2024||
Financial Aid Offers begin going out to undergraduate first-year and transfer students.
|Late Spring/Early Summer 2024||
Returning students that have completed the financial aid process, will receive a Financial Aid Offer in their Coe email account.
Prepare for the FAFSA
While the 2024-2025 FAFSA won’t be available until December, you can still prepare by doing the following:
- Create an FSA ID on the Federal Student Aid website and assist contributors, such as your parent(s) or spouse, in creating an FSA ID.
- An FSA ID is an account and password that gives you access to the Federal Student Aid’s online system and serves as your electronic signature.
- With the FSA ID, you can fill out the FAFSA when it’s available, sign your Master Promissory Note (MPN), apply for repayment plans, complete loan counseling, and use the Public Service Loan Forgiveness Help Tool.
- Complete the FAFSA as soon as it opens in December.