FAFSA Simplification Act
The FAFSA 2024鈥�25 Is Changing
The FAFSA form for 24鈥�25 became available in late December 2023. As a part of the launch of a brand new application, the site will be unavailable periodically for maintenance.听Families should begin completing their 24鈥�25听FAFSA form. We are aware of situations where families may experience difficulties with submitting their information. If you experience issues with completing your FAFSA, please check out the federal听听辫补驳别.
On January 30, 2024,听 the Department of Education informed schools that they will not provide FAFSA data to institutions until the first half of March 2024. Initially, the Department of Education had indicated the information would be available January 2024. This federal processing delay may impact some previously stated award timelines.听Additionally, Department of Education continues to update institutions of data errors that are continuously being worked on during spring/summer 2024.
Based on the current state of the FAFSA data and information available as of April 2024, we anticipate the will be small delays in our ability to provide financial aid awards for the 24鈥�25 academic year. For more details on how your specific population may be impacted, please review the 鈥淲hat does this mean for you?鈥� section.
Why is it changing?
The Consolidated Appropriations Act, 2021:
Future Act
- Allows the Department of Education to automatically obtain federal tax information from the IRS for students, parents, and other contributors (such as a spouse or stepparent).
- Requires consent from students and other contributors separately.
FAFSA Simplification Act
- Introduces significant changes to the FAFSA application process, including changes to the FAFSA form.
- Changes in how students complete the application.
- Changes in eligibility calculation.
听
The Consolidated Appropriations Act, 2022:
FAFSA Simplification Technical Corrections Act
- Extended FAFSA simplification timeline.
- Updated language associated with Cost of Attendance (COA)
- Provided additional flexibility for assisting students with unusual circumstances.
- Modified the terms and conditions for students that qualify for Pell Grant funds based upon meeting special conditions currently associated with the Iraq and Afghanistan Service Grant and the Children of Fallen Heroes Grant.
What is changing?
Instead of opening in October, the 2024鈥�2025 FAFSA will not be available until December 2023. This is only temporary for 2024. After the 2024鈥�2025 aid year, the FAFSA will be available in October as usual.
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.
- The FAFSA is introducing the new term contributor, which refers to anyone who is required to provide information on a student鈥檚 FAFSA form, including the student, the student鈥檚 spouse, a biological or adopted parent, or the parent鈥檚 spouse. Being a contributor does not imply responsibility for the student's college costs.听
- Students will need the contributor鈥檚 name, date of birth, Social Security Number (SSN), and email address to invite them to complete the required portion of the FAFSA.听
- Contributors will need to provide personal and financial information on their section of the FAFSA.
- Students will need the contributor鈥檚 name, date of birth, Social Security Number (SSN), and email address to invite them to complete the required portion of the FAFSA.听
- If your parents are divorced or separated, the contributing parent(s) is the parent (and their spouse, if remarried) who provided the greater portion of your financial support during the 12 months immediately prior to filing the FAFSA. It is not automatically the parent you primarily lived with during the past 12 months. If both of your parents provided equal financial support to you during the 12 months immediately prior to filing the FAFSA, the contributing parent is whichever parent (and their spouse, if remarried) has the greater income and assets.
- All Contributors鈥攕tudent, student's spouse (if married), and student's parents(s) (if a dependent student)鈥攎ust provide consent to have tax data transferred directly from the IRS to the FAFSA. If consent is not provided by all parties, the student will not be eligible for federal financial aid. In previous years, transferring IRS data was optional. It is now required.
- The need analysis formula to determine financial aid, formerly known as the Expected Family Contribution (EFC), will now be referred to as the Student Aid Index (SAI). Unlike the EFC, the SAI may be a negative number.
- Small businesses and family farms are now considered assets.
- The number of family members in college will still be asked on the FAFSA, but it will be excluded from the federal and state financial aid calculation.
- The Student Aid Report (SAR) will now be referred to as the FAFSA Submission Summary. This is the summary submission document you receive after completing the FAFSA.
- Foster, homeless, and unaccompanied youth鈥攁s well as applicants who cannot provide parental information鈥攚ill be able to complete the form with a provisional independent student determination and receive a calculated SAI.
- Students can list up to 20 schools on their FAFSA via the online application.
- There are modifications of family definitions in FAFSA and how a student鈥檚 family size is determined, aligning more with what was reported on the student/parent鈥檚 tax returns.
The adjustments to the new Student Aid Index (SAI) calculation will expand Federal Pell Grant eligibility to more undergraduate students. Federal Pell Grant eligibility is expanded to more students and will link eligibility to family size and the federal poverty level.
What does this mean for you?
The changes to FAFSA will have a varied impact on 艾可直播 College student populations. Below is information about the potential impact(s) and what to expect. These sections will be updated as new information is provided.
All incoming first-year students: Since the FAFSA application will not be available prior to the aid application deadline, applicants who apply for financial aid will be reviewed based on the information from the CSS Profile form and submitted tax documentation. The tentative aid awards will provide general information about the types of awards you will be able to receive (grants, work, and/or loans). Students will be encouraged to complete their FAFSA as soon as possible when it becomes available. Updated awards based on both the FAFSA and CSS Profile information will be provided by summer 2024 (after May 1, 2024).
Fall transfer students: Due to FAFSA processing delays, awards may be provided later than normal. More information will be emailed directly from our office with additional information as appropriate.
Incoming Student FAQs
What documents are required to be submitted by my financial aid deadline?
We have a full list of requirements () that details all the documentation needed in order to complete your financial aid file. Please note that due to the delayed availability of the FAFSA, early applicants (Questbridge, ED1 and ED2) students will not be able to submit their FAFSA information until it becomes available. We will still need the other requested documents by the published deadline.
Is there any penalty if I submit some of the required documents after the stated deadline?
No. The deadline is a priority submission deadline to help ensure we have all the necessary documents in enough time to provide a financial aid offer with your decision release. If you have forgotten to provide something that is needed, you should submit the information as soon as possible.
The FAFSA is removing the number in college from their calculation. How will this impact my financial aid offer?
A major part of 艾可直播 College鈥檚 financial aid philosophy is our belief in need-based aid. We are committed to meeting a student鈥檚 full demonstrated need as determined by our institutional application (CSS Profile). As a part of our institutional review, we will still be accounting for additional siblings enrolled in undergraduate degree programs for financial aid eligibility. The change to the federal policy for number in college should not have a major impact on your institutional eligibility.
I applied ED1. Why does my award not contain information about federal and state funds?
Due to the delay in the FAFSA application, we will not be able to confidently speculate on eligibility for federal funds. The award you receive(d) will be based on your institutional eligibility for need-based funds. We encourage you to complete your FAFSA as soon as it is available, and we will provide you with an updated award by April 2024.听
My financial aid offer was constructed only using the CSS Profile. Will it change significantly when I complete the FAFSA?
When student鈥檚 complete the FAFSA form, your application is run through a variety of eligibility checks as a part of the process. As long as you meet the for federal aid, and the information provided on the FAFSA form is consistent with the information provided on the CSS Profile, we do not anticipate there will be any significant changes. This also means that you should not expect to see any significant increase from your initial award once the FAFSA information is received.听
Do I still need to complete the FAFSA if I received a financial aid offer?
Yes, to be eligible for financial aid, you must also complete the FAFSA once it becomes available.
Why is my award still listed as conditional?
Most incoming students will receive an award based on information provided on the CSS Profile only. Until our office is able to provide full financial aid awards using both the FAFSA and CSS Profile, the award will be listed as conditional. This process of repackaging will begin summer 2024.
Due to the delayed FAFSA, the deadline for returning students to complete their financial aid file will be April 1, 2024. Students are still encouraged to complete their online BC financial aid application and upload required documents in advance of this deadline to allow for proper review of your file. Returning students will begin to receive their financial aid awards in mid-June 2024.
Returning Student FAQs
What is the deadline to submit financial aid documents for the 24鈥�25 academic year?
Due to the delayed release of FAFSA, the returning student deadline will be April 1, 2024. We do encourage families to begin submitting their other required documents as early as December to ensure we have all the information needed to evaluate your financial aid file.
If I submit my financial aid documentation early, will I still receive my award in June?
Yes. In the financial aid office we begin reviewing returning student files in late spring and have a scheduled date to release awards in June. We release awards in June, so the information will be available by the first bill for the new academic year, which typically occurs in July.
The FAFSA is removing the number in college from their calculation. How will this impact my financial aid offer?
A major part of 艾可直播 College鈥檚 financial aid philosophy is our belief in need-based aid. We are committed to meeting a student鈥檚 full demonstrated need as determined by our institutional application (BC Undergraduate Application). As a part of our institutional review, we will still be accounting for additional siblings enrolled in undergraduate degree programs for financial aid eligibility. The change to the federal policy for number in college should not have a major impact on your institutional eligibility.
Since 艾可直播 College will continue to consider the number in college, does that mean I should expect to see a similar award to last year鈥檚?
Not necessarily. Our office reviews financial information each year to determine your eligibility. If there are changes to your award, it is likely due to changes in you or your parent(s) income, assets, or other household information. For more specific information about your award, please feel free to contact your financial aid counselor.
The change in FAFSA should not impact the awards provided by our department as graduate students are only eligible for federal Direct Unsubsidized loan money from our office. Please contact your Admissions Office for information about Grants and Scholarships.
We are anticipating there may be some minor delays in our ability to provide federal financial aid awards. We hope to begin creating awards in May 2024 (typically we start awarding in April). We will provide updates to students via email if there will be more significant processing delays.
Information and forms for the 24鈥�25 financial aid year will be on our website: .
We do not believe the updates to the FAFSA form will have a large impact on the Woods undergraduate student population. However, due to the delayed availability of the FAFSA form, students may not receive a financial aid award until the 2024 calendar year.
FAFSA Simplication Frequently Asked Questions
Contributor is a new term introduced on the 2024鈥�25 FAFSA form. It refers to anyone asked to provide information on a student's FAFSA form, i.e., the student, the student's spouse, a biological or adopted parent, or the parent's spouse (stepparent).
A Contributor is not a grandparent, foster parents, legal guardian, brother or sister, aunt or uncle, even if they helped provide for or raise the student.
A Contributor on the FAFSA form doesn't mean they are financially responsible for the student's education costs.
- Contributor receives an email informing them that they've been identified as a contributor.
- Contributor creates a account if they don't already have one.
- Contributor logs in to account using their FSA ID听account username and password.
- Contributor reviews information about completing their section of the FAFSA form.
- Contributor provides the required information on the student's FAFSA form.
Being a contributor does not imply financial responsibility. However, if a required contributor refuses to provide their information, it will result in an incomplete FAFSA form, and the student will become ineligible for federal student aid.
Students that live with a single/divorced/widowed parent and receive most support from that parent will report only one parent on the FAFSA.
The parent included in the FAFSA as a contributor must be the parent that provides the greater portion of the student's financial support. If that primary parent is remarried, the income of that parent's spouse (stepparent) will also be required.
According to the Future Act, all students and contributors must provide consent to the following:
- Have their federal tax information transferred directly into the FAFSA form via direct data exchange with the IRS;
- Have their federal tax information used to determine the student's eligibility for federal student aid; and
- Allow the U.S. Department of Education to share its federal tax information with postsecondary institutions and state higher education agencies for use in awarding and administering financial aid.
Important:听Even if students or contributors don't have a Social Security number, didn't file taxes, or filed taxes outside of the U.S., they still need to provide consent.
- All students and contributors must create a account to complete the FAFSA form online.
- Students and contributors will use their FSA ID account username and password to log in to their accounts.
- Even if a parent or spouse contributor doesn't have a Social Security number, they can still get an FSA ID using their ITIN to fill out their portion of the student's FAFSA form online.
No. The FSA ID process is not changing. It's even better that parents and students can create the FSA ID and have it ready anytime before the FAFSA application starts.
To听, you'll need your Social Security number (SSN). Other information required is full name and date of birth. You'll also need to create a memorable username and password and complete challenge questions and answers to retrieve your account information if you forget it. You'll be required to provide your email address or mobile phone number when you make your FSA ID. Providing a mobile phone number and/or email address that you have access to will make it easier to log in to the Department of Education online systems and allow you to verify your FSA ID before using it on the FAFSA and additional account recovery options.
This听听can help you create a step-by-step FSA ID.
Yes. Starting 2024鈥�25, parents and/or spouses who are not U.S. Citizens or Eligible Non-Citizens can use their Individual Taxpayer Identification Number (ITIN) to create an FSA ID once their taxes are still required.
Your parents' citizenship status doesn't affect your eligibility for federal aid. They cannot create an FSA ID, but you can complete the FAFSA on paper and ask for their signatures. For FAFSA purposes, you must provide your parents' income, no matter where they reside.
If the parent you indicate on the FAFSA is the parent who remarried, it'll depend on how they filed taxes. If they filed jointly, only one parent needs an FSA ID. If they filed separately, both parents would need their own FSA ID.
No. You can听听if you forgot your username and password.
Starting 2024鈥�25, there will be only two options for filing a FAFSA form: electronically, through听, or the option to file on paper which will also be available. However, once an application is started online, all parties must complete it online. So that means that if a signature is missing, the parent or the contributor that needs to complete their section and/or sign the application must obtain an FSA ID and get into the application and complete their section.听
There is no option to print a signature page any longer. For this reason, financial aid administrators will not be able to submit complete FAFSA forms because of the consent provision that all contributors must provide and sign.
Students and parents will be required to have an FSA ID to complete the FAFSA application online. If they choose to mail a paper FAFSA, both will need to provide consent on the paper FAFSA, and both will need to provide wet signatures and mail the application to the Department of Education address on the paper application. This method is not recommended due to complexity and increased processing time.
SAI, or Student Aid Index, is replacing the term Expected Family Contribution, known as EFC. The SAI brings a change in the methodology used to determine aid.
- The SAI is a number used to determine eligibility for need-based aid. It is calculated using information the student (and contributors, if required) provides on the FAFSA form.
- The SAI will replace the Expected Family Contribution (EFC) starting in the 2024鈥�25 award year.
- A student鈥檚 SAI can be a negative number down to 鈥�1500.
Important: Your federal award: Need = Cost of Attendance (COA) - Student Aid Index (SAI) - Other Financial Assistance (OFA).
The Student Aid Index (SAI) represents a change in the methodology used to determine aid:
- Child support received will now count as an asset instead of income.
- Family farms and small businesses will now count as assets.
- The number of family members in college is no longer considered in the needs analysis formula, but it is still a required question on the FAFSA form.
Students with a negative or 0 SAI will be eligible for the maximum Pell Grant. The difference is that the negative -1500 SAI indicates the student has a higher need than the student with 0 SAI, being eligible for other grants, if available, like Federal Supplemental Educational Opportunity Grant (FSEOG).
Please visit the Special and Unusual Circumstances section of the Policies & Eligibility Factors page to see if any of those circumstances applies to you.