Hello, and welcome to a new year!
We had an article last fall about the purpose and use of the FAFSA, or Free Application for Federal Study Aid. The application has just undergone a massive overhaul, and I wanted to take some time to talk through some of the changes.
Here are 12 changes coming to the FAFSA in 2024:
1. Simplified Application Process: The FAFSA will undergo a major overhaul to make it more user-friendly and less time-consuming. The application will be streamlined, reducing the number of questions and making it easier for students and their families to complete.
2. Prior-Prior Year (PPY) Income Data: Starting in 2024, students will be able to use income data from two years prior to the academic year they are applying for. This change aims to provide a more accurate reflection of a family's financial situation and eliminate the need for estimates.
3. Removal of Asset Questions: The FAFSA will no longer require students and their families to report asset...
I received the following question recently:
What is the FAFSA, and how is it used?
Chances are you have heard about the FAFSA (Free Application for Federal Student Aid). There is a lot of confusion surrounding this application and how it is used that I would like to clear up here. There also is a NEW FAFSA that is coming out this December (normally in October), and we'll highlight some of the changes here.
What is it?
The FAFSA has become the foundational tool used by most colleges and universities to evaluate your financial standing. You must complete the online application during the spring of your student’s high school senior year, and again during the spring of each year in college. The information you enter on the FAFSA is based on information you file on the prior prior year’s taxes (so your 2022 income for the 2024-2025 FAFSA).
Your FAFSA, EFC SAI, and COA
The FAFSA produces a number (previously called Expected Family Contribution or...
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