What tax year does FAFSA use for 2025 2026?

Keep in mind of course that the FAFSA uses prior-prior year income, so changes you make in 2023 will be reflected on the FAFSA you file in fall of 2024 for the 2025-2026 school year.

What is the IRS data retrieval tool for FAFSA 2024-2025?

The 2024-2025 FAFSA and beyond will use the FUTURE ACT DIRECT DATA EXCHANGE [FADDX], instead of the DATA RETRIEVAL TOOL [DRT] to receive FEDERAL TAX INFORMATION [FTI] from the Internal Revenue Service [IRS].

When to apply for FAFSA for 2024-2025 school year?

The 2024–25 FAFSA^® form will launch in December 2023.

That's right—the FAFSA form will launch by Dec. 31, 2023. The federal deadline to submit the 2024–25 FAFSA form will be June 30, 2025. Some states and colleges have their own deadlines for financial aid, so check for updates at StudentAid.gov/fafsa-deadlines.

Do both parents need a FSA ID 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.

How will FAFSA change for divorced parents 2024-2025?

For students whose parents are divorced or separated, the Custodial Parent on your FAFSA will be the parent who provides you with the most financial support and will no longer be the parent with whom you lived with the most over the past 12 months.

2024-2025 Fafsa Step-By-Step Guide Webinar

Is the 2024 2025 FAFSA available?

The 2024–25 FAFSA^® form will be available in December 2023, not Oct. 1. Learn how to prepare for and stay informed about the FAFSA launch.

What is the new rule for divorced parents on FAFSA?

The 2024-25 FAFSA treats divorced parents differently than married parents. If you have divorced parents, the parent who provided the most financial support over past 12 months is considered a FAFSA "contributor" and will need to fill out a section of the form on their own.

Why can't i access FAFSA 2024-2025?

2024-2025 FAFSA Available in December 2023

Historically, the FAFSA has been available beginning October 1st each year. However, because of significant changes to the application and the rebuild of the FAFSA processing system, the 2024-2025 FAFSA will not be available until sometime in December 2023.

How much is the Pell Grant for 2024-2025?

Although $7,395 is the maximum Pell Grant Scheduled Award for the 2024-2025 award year, institutions are reminded that a student may be eligible to receive Pell Grant funds for up to 150 percent of the student's Pell Grant Scheduled Award for an award year.

Can I apply for FAFSA without my parents?

It's possible to complete the FAFSA without parental support, but it's more difficult, experts say. While filling out the form, students can select the "unable to provide information about my parents" option and indicate no special circumstances.

Which year's tax information should be used to complete the 2023 2024 FAFSA?

What year of income information is required on the 2023-2024 FAFSA? The 2023-2024 FAFSA requires income information from the 2021 tax year, even if your family's current income is less than in 2021.

How do I change my FAFSA 2024-2025 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.

What tax information is needed for FAFSA 2024?

The 2024–25 FAFSA form asks for 2022 tax information. The 2023–24 FAFSA form asks for 2021 tax information.

Is it better to use IRS data retrieval tool for FAFSA?

Use of this tool will increase the accuracy of your FAFSA information and streamline the application, review and award process.

Is it better to use the IRS Retrieval Tool on FAFSA?

It's the best way of ensuring that your FAFSA form has accurate tax information. You won't need to provide a copy of your or your parents' tax returns to your college.

Does Pell Grant cover 5 years?

There is a maximum amount of Federal Pell Grant funds you can receive over your lifetime. You can receive the Pell Grant for no more than 12 terms or the equivalent (roughly six years).

What is the lifetime amount for Pell Grants?

The amount of Federal Pell Grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding. Since the amount of a scheduled Pell Grant award you can receive each award year is equal to 100%, the six-year equivalent is 600%.

Which FAFSA do i fill out for fall 2024?

The school year you select should correspond to the Free Application for Federal Student Aid (FAFSA^®) form you will complete. For example, if you're applying for federal student aid for the 2024–25 school year, use the 2024–25 FAFSA^® form. submit the 2024–25 FAFSA form.

Is FAFSA first come first serve?

Each October, the FAFSA is available for the next school year. It is best to fill it out as early as you can because some aid is first come, first served. When you complete the FAFSA, you'll need to provide personal and tax information.

What semesters does FAFSA 2024 25 cover?

If you are planning to attend college and want to receive financial aid for the fall 2024 and spring 2025 semesters, this is the form you will complete. The Federal Student Aid office has a webpage dedicated to announcements related to the simplified FAFSA that you can check regularly for any updates.

How much is the Pell Grant for 24 25?

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).

Does FAFSA check both parents income if divorced?

When filling out the FAFSA for divorced parents, you only need to report the income of both your parents if they still live together. If they are divorced or separated and no longer living in the same household, you should only use the information of the parent who provides greater financial support to you.

Do you get more FAFSA money if your parents are divorced?

If you have divorced parents who don't live together, you'll report the information for only one of those parents, and your EFC will be based on only that parent's finances. Because of this, you may get more financial aid if you live with the parent who has a lower income.

Which parent has the most financial support on FAFSA?

For students whose parents are divorced or separated, the Custodial Parent on your FAFSA will be the parent who provides you with the most financial support and will no longer be the parent with whom you lived with the most over the past 12 months.