Is the new FAFSA better or worse?

For the first time in 40 years, students are seeing a completely revamped Free Application for Federal Student Aid (FAFSA). These changes are part of the FAFSA Simplification Act and should benefit most families, but some households could see their eligible aid decrease significantly, experts say.

How hard is the new FAFSA?

This year's application includes only 36 questions—far fewer than the 108 of years past—and is meant to help the Department of Education overhaul its lending process and alter the formulas by which the amount of aid given per student is determined, changes some have warned may have ripple effects when it comes to ...

What is the new FAFSA vs old FAFSA?

There are numerous changes to different aspects of the FAFSA: the length of the form, questions asked, the calculation of a family's ability to contribute, introduction of new vocabulary, ability to create an FSA ID without a Social Security Number, and the requirement to consent to data sharing with the IRS.

Is FAFSA better now?

The new FAFSA is faster, easier, and more accessible. See how you can get federal financial aid for your education — including Pell Grants — with this new streamlined version of the application. The new FAFSA now open!

Will the new FAFSA help middle class families?

And with FAFSA's new updates relying primarily on an income calculation to decide on aid and not much else, the middle class is left with little financial support.

What’s Changed for the 2024–25 FAFSA® Form?

At what income level is FAFSA pointless?

Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

How much parent income is too much for FAFSA?

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Will new FAFSA give more money?

New FAFSA Will Help Millions of Students Get More Pell Grant Money for College.

Is new FAFSA easier?

Financial information is easier to obtain

The connection with the IRS will also allow the form to be shorter because fewer financial questions will need to be asked. The Education Department said the questions will go from 108 to around 50, with some applicants having to complete as few as 18.

What is the most common mistake on the FAFSA?

How is the new FAFSA different?

The 2024-2025 FAFSA changes how eligibility for Pell Grants (which are a type of need-based financial aid) is determined. Students will now automatically qualify for Pell Grants based on family size and income and will know the amount of their Pell Grant much earlier in the process — before they apply to colleges.

Is the new FAFSA first come first serve?

The redesigned and streamlined FAFSA form opens Dec. 31, 2023. When students file the FAFSA, they may become eligible for scholarships or grants (based on need and merit), work-study programs, or low-interest loans. Some of the most beneficial financial aid funds are first-come, first-served.

Why did FAFSA give me nothing?

If you did not complete the FAFSA for the academic year when you are seeking aid, you won't receive any. If you did complete the FAFSA, but didn't receive financial aid, confirm that you completed the form for the correct year. Contact your school's financial aid office if the wrong form was completed.

What are the top three FAFSA errors?

How does the 2024 FAFSA work?

What's New. The 2024–25 FAFSA form expands eligibility for federal student aid, including Pell Grants, and provides a streamlined user experience. 610,000 new students from low-income backgrounds will be eligible to receive Federal Pell Grants due to updates to student aid calculations.

Is FAFSA changing for 2024?

Beginning with 2024-25, all persons on the FAFSA must provide consent for the Department of Education to receive tax information or confirmation of non-filing status directly from the IRS.

What is the EFC called now?

Student Aid Index (SAI) is the new name of Expected Family Contribution (EFC)—an important factor in the needs-analysis calculation on the Free Application for Federal Student Aid (FAFSA), the form used by colleges, states, and other scholarship providers to determine financial aid packages.

How do I maximize my FAFSA money?

What you need to know about the new FAFSA?

The new FAFSA will replace the Expected Family Contribution with a different formula called the Student Aid Index that will help determine the amount that each student can receive in financial aid. Both formulas consider the income and assets of the student and their parents and include both taxed and untaxed income.

Did Biden change the FAFSA?

The delays this year were due to the time it took to roll out the changes required by the FAFSA Simplification Act. The new law requires the Department of Education's Office of Federal Student Aid to implement massive changes to the online form and the backend technology that supports it.

Is a negative EFC good?

A student with a negative EFC has more need than the current formula reveals and as a result, the financial aid you provide may seem like it achieves less than intended. Seeing the negative EFC helps you target those students for other supports and/or additional aid if it is available.

What is the Max Pell Grant 2024?

Award amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024). The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025). your plans to attend school for a full academic year or less.

Will I get financial aid if my parents make over 100k?

But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.

Will I get financial aid if my parents make over $200 K?

Even if your family makes multiple six figures a year, you can still get financial aid. That said, not financial aid is created equal. Ideally, you want free money, or grants not loans.

What if my parents are rich but won t pay for college?

You have multiple options to consider, including federal financial aid, scholarships, grants, a job and student loans. Although paying for college by yourself is a huge financial undertaking, it's possible with enough research, hard work and planning.