What are the changes to the FAFSA for 2024-25?

Beginning with the 2024–25 FAFSA^® form, each of your contributors (if you have any) will be able to create a StudentAid.gov account even if they don't have an SSN. As a student, you'll be required to enter your SSN (unless you're a citizen of the Freely Associated States) to create your StudentAid.gov account.

What new changes are coming to the FAFSA?

For the 2024-25 award year, the FAFSA is getting a facelift that includes a redesign and fewer questions. Plus, formulas determining aid eligibility have been modified with the goal of expanding financial assistance for low-income families.

What tax year is used for FAFSA 2024 25?

You and your contributors may need to answer FAFSA questions about untaxed income, such as child support and interest income. Remember: On the 2024–25 FAFSA form, you'll use 2022 tax or calendar year information to answer these questions.

What documents are needed for FAFSA 2024 25?

What FAFSA is used for spring 2024?

If you're applying for financial aid for the 2023–24 school year (typically July 1, 2023, through June 30, 2024), you should file a 2023–24 Free Application for Federal Student Aid (FAFSA^®) form.

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

What is the income limit for FAFSA 2024?

What Are the FAFSA Income Limits for 2024? 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.

Which FAFSA covers summer 2024?

The FAFSA form you fill out should correspond with the school year you're seeking aid for. For example, if you're applying for financial aid for the 2023‒24 school year (July 1, 2023, to June 30, 2024), submit the 2023‒24 FAFSA form.

Does FAFSA ask for bank statements?

Bank statements and records of investments (if applicable), net worth of investments, businesses, and farms. Records of untaxed income (if applicable) An FSA ID (account username and password) to log in to StudentAid.gov and start the FAFSA form electronically.

What tax information is needed for FAFSA 2024?

The 2024–25 Free Application for Federal Student Aid (FAFSA^®) form asks for your (the student's) and your family's 2022 income and tax information.

Is FAFSA 2024 25 open?

The 2024–25 Free Application for Federal Student Aid (FAFSA^®) form is now available. You can complete the form to apply for financial aid to help pay for attendance at college between July 1, 2024, and June 30, 2025.

Do both parents need a FSA ID for 2024 2025?

Who needs an FSA ID? Every contributor to an applicant's FAFSA form will need to create an FSA ID in order to provide consent for data share with the IRS. Federal Student Aid (FSA) recommends all parents create an FSA ID.

When should I not fill out FAFSA?

Who should not fill out the FAFSA? If there is no chance of you using any loans and your family has so much money that they can easily pay the full cost of your education, you may not want to spend time filling out the FAFSA.

What is Pell Grant in FAFSA?

The Pell Grant is the largest federal grant program offered to undergraduates and is designed to assist students from low-income households. A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances.

What is the most common mistake on the FAFSA?

Is the FAFSA changing in 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.

Is the FAFSA simplified needs test for 2024?

The Simplified Needs Test has also been eliminated—if applicants fall below certain income thresholds or receive some specific federal benefits, they'll be identified as Applicants Exempt from Asset Reporting.

When should I fill out FAFSA for fall 2024-2025?

( CADAA ) for the 2024-2025 application year the applications are now open . Please apply as soon as the applications become available so that your eligibility can be determined , and you receive the maximum amount of financial aid. The priority deadline for the FAFSA and CADAA is April 2, 2024.

Is the 2024-2025 FAFSA available?

You can expect the following changes: The 2024-2025 FAFSA may not be available until December 31, 2023. The 2024-2025 FAFSA determines your financial aid eligibility for the Fall 2024, Spring 2025, and Summer 2025 semesters.

Can the FAFSA see your bank account?

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

Should I empty my bank account before FAFSA?

Your bank account does have a minimal impact on FAFSA. If you drain the account to hide assets you are committing fraud. The FAFSA is an application and asks for asset information beyond cash. For almost all applicants the results are driven by income and requires IRS validation.

Can FAFSA see whats in your bank account?

FAFSA doesn't check anything, because it's a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

Is FAFSA first come first serve?

The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds.

Is FAFSA open for fall 2024?

After a weeklong "soft-launch" period, the redesigned FAFSA for the 2024-25 academic year is now available 24/7 at FAFSA.gov. Due to major processing delays, you won't be able to make changes to your submitted FAFSA until mid-March, at the soonest. You can still submit the 2023-24 FAFSA until June 30, 2024.

How does FAFSA work?

The FAFSA is the official form that students or their families use to apply for financial assistance for college from the federal government. States, individual colleges and universities, and private scholarship programs rely on the information provided in the application as well.