What will the EFC be renamed to?

One such change is replacing the Expected Family Contribution (EFC) with the Student Aid Index (SAI), which will be implemented for the 2024–25 award year.

Is FAFSA changing for 2024?

More Financial Aid is Now Available for Single Parents

The 2024-2025 FAFSA includes even more aid for single parents, including expanded eligibility for the maximum Pell Grant funds and a larger increase in Income Protection Allowance (IPA).

Is the Sai the same as EFC?

This year's FAFSA process has introduced the Student Aid Index (SAI) which supersedes the Expected Family Contribution (EFC) formula. The SAI is similar to the EFC with a few different factors that will now be considered when determining the student's aid. To determine Student Aid Index, try the new SAI Calculator.

What is the student aid report changing to?

The Student Aid Report is now the FAFSA Submission Summary.

It will include the answers that you submitted on your FAFSA form (except for any federal tax information that was transferred directly from the IRS), your SAI, and an estimation of the amount of federal student aid that you may be eligible for.

What is EFC called?

Your Expected Family Contribution (EFC) is an index number used to determine your eligibility for federal student financial aid.

Why changes are coming to FAFSA and how it will affect financial aid for college

Is EFC the same as Pell Grant?

The amount of the Pell Grant that a student is eligible to receive is dependent on several factors, which include: the expected family contribution (EFC) from the FAFSA, the student's enrollment status (full-time, ¾-time, ½-time, less than ½ -time), and whether the student attends for a full academic year or less.

What is a good EFC number on FAFSA?

The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less.

What's new with FAFSA 2024-2025?

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.

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.

Does FAFSA still use EFC?

After the FAFSA simplification: The EFC is being replaced by the Student Aid Index (SAI).

What is the maximum Pell Grant for 2024 25?

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.

Why is my EFC different?

If your family's income is higher, your EFC will be on the higher end of this percentage. For dependent students whose family's income is below $29,000 per year, your EFC number will automatically be zero.

What is maximum Pell Grant?

The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024).

What is replacing the expected family contribution EFC in the new FAFSA changes?

FAFSA Simplification Act and the Student Aid Index

One such change is replacing the Expected Family Contribution (EFC) with the Student Aid Index (SAI), which will be implemented for the 2024–25 award year.

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.

Do parents and students fill out separate FAFSA 2024 25?

Your contributors will each need their own StudentAid.gov account too. “Contributor” is a new term on the 2024–25 FAFSA form—it refers to anyone (you, your spouse, your biological or adoptive parent, or your parent's spouse) required to provide information on your FAFSA form.

Who qualifies for Pell grants 2024?

Minimum Pell Grant Eligibility Criteria

The student's parent is not a single parent and has an AGI less than or equal to 275% of the poverty guideline for the applicant's family size and state of residence.

Do both parents have to fill out the FAFSA 2024 2025?

Beginning with the 2024-25 FAFSA, each contributor will complete their own section of the form.

Who is eligible for Pell Grant 2024 FAFSA?

Minimum Pell Grants will be guaranteed to students from households below 275%, 325%, 350%, or 400% of the federal poverty level, depending on household structure.

What is the new law for FAFSA?

The FAFSA Simplification Act actually does simplify the Free Application for Federal Student Aid form. For most people, it will go from more than 100 questions down to 36. As anyone who has filled out a FAFSA knows, this is very good news. The new form will be available by December 31st, 2023.

What is the income limit for FAFSA 2024 2025?

Students filing the simplified 2024-2025 FAFSA beginning in December 2023 will be eligible for the Maximum Pell Grant if their parent(s) are exempt from filing a federal income tax return or if their adjusted gross income is at or below 175% of that family's poverty level (225% of the poverty level if the parent is ...

What is the Future Act for FAFSA?

Beginning with the 2024-25 award year, the Fostering Undergraduate Talent by Unlocking Resources for Education Act (FUTURE Act) allows FAFSA contributors to consent to the disclosure and use of their IRS federal tax information (FTI) for the purpose of determining a student's eligibility for Title IV federal student ...

Why is my EFC on FAFSA so high?

EFC is based on the parents' and student's income and assets. A high EFC is likely the result of high income or a high value of assets as reported on the FAFSA. Assets considered include bank account balances, capital gains and, sometimes, equity held in businesses and real estate.

How do I lower my EFC?

Lowering your income in the base year can make a big impact on EFC calculations. Adjusted gross income can be assessed up to 47% and assets are assessed at only 5.64%, so lowering a parent's income in the base year can be eight times more effective in lowering a family's EFC as compared to minimizing parental assets.

What does it mean when your EFC is 0000?

In some cases, the EFC may be 00000 or 0. This number isn't a mistake. It just means that the government determined you qualify for all types of need-based financial aid.