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The federal financial aid form looks different in the 2024-25 school year. Here's what college students and parents need to know about the new FAFSA. There's a new FAFSA in 2024.
The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well, though some require students to submit an ...
The FAFSA Deadline Act in 2024 made the October availability date part of the law. [8] The 2016–2017 academic year was the final time the FAFSA was not made available until January 1. [7] Two-year old US tax information is used to complete the financial sections of the FAFSA beginning with the 2017–2018 academic year.
To qualify for need-based aid a student must have a significant amount of financial need, which is determined by the federal government based on the FAFSA. Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC).
The U.S. Education Department said the new form will be launched by Dec. 31 — three months later than when the FAFSA used to be released on Oct. 1. The compressed timeline will have downstream ...
A major difference between the FAFSA and the CSS Profile is that the CSS Profile includes primary residence home equity when determining the ability of the family to pay, while the FAFSA does not. The EFC is subtracted from the cost of attendance (COA) of the college or university to determine a student's financial need.
You can make corrections to some details on your FAFSA form, though there is a deadline. For the 2023-24 academic year, you will have until September 14, 2024, to make any changes.
[citation needed] Another key role the organization performs is ensuring students and their families are aware that financial aid is available and is an important first step to education beyond high school. Federal Student Aid distributes numerous publications both in print and online and runs several customer call centers.