FAFSA Simplification Act
The FAFSA Simplification Act aims to streamline the application process and need assessment procedures for federal student aid. This Act has made significant changes to the 2024-2025 Free Application for Federal Student Aid (FAFSA) form, calculation of financial need, and policies and procedures for schools that participate in federal student aid programs.
Major Changes for the 2024-2025 Award Year
The 2024-2025 FAFSA form will be available beginning in December 2023 (not October 1)
New College’s 2024-2025 priority FAFSA filing deadline is: February 1, 2024
Please meet this priority FAFSA filing deadline for priority consideration of limited institutional and state need-based aid.
Modifications to the FAFSA aim to create a more streamlined application process and expand eligibility for federal student aid. The new FAFSA will have fewer questions, less requirements and will be easier to complete. Once you complete your FAFSA, you are now able to send your FAFSA information to up to 20 schools.
All FAFSA contributors (student, parents, spouse, etc.) will need an FSA ID. Please view the videos below for more information on how to create an FSA ID, and who qualifies as a contributor on the FAFSA form.
Video: How to Create an Account and Username (FSA ID) for StudentAid.gov
Beginning in 2024-2025, Federal Pell Grant access will be expanded to more students. Pell eligibility will be linked to family size and federal poverty level.
The 2024-2025 FAFSA will implement changes in how a student’s family size is determined. Family size will now be more aligned with what is reported on the parent and/or student’s tax returns. Additionally, the number of family members in college will no longer be factored into the need analysis formula.
Major Changes in FAFSA Terminology
A contributor is anyone who is required to provide information on the student’s FAFSA form (e.g. the student, student’s spouse, biological or adoptive parent, or the parent’s spouse (stepparent)). All contributors must provide consent and approval for federal tax information (FTI), and also sign the FAFSA form.
For more information, please view the following video: Who is a Contributor on the 2024-2025 FAFSA Form.
The FAFSA Submission Summary will replace the Student Aid Report (SAR). This FAFSA Submission Summary will provide a summary of the data that was input on the FAFSA form.
Federal Tax Information (FTI) will be transferred from the IRS into your FAFSA via the Financial Aid Direct Data Exchange. The Direct Data Exchange will replace the IRS Data Retrieval Tool (DRT), and aims to streamline the application process and save time. All contributors must provide consent and approval for this transfer of FTI (regardless of whether they filed taxes, have a social security number, or filed taxes outside the US).
Dependent students whose parents are divorced or separated will need to have their primary or custodial parent (and that parent’s spouse, if applicable) provide their information on the FAFSA. The primary or custodial parent is defined as the parent who provides the greater portion of the student’s financial support in the past 12 months.
The Student Aid Index (SAI) will replace the Expected Family Contribution (EFC). The SAI is the number that will be used to determine a student’s eligibility for need-based aid. The SAI will be calculated using the information that the student and contributors provide on the FAFSA form. The minimum SAI will be a negative number (-1500).
Additional Resources
Check out this video for more on What’s Changed for the 2024-2025 FAFSA Form
To learn more about how to prepare for the 2024-2025 FAFSA click here
To access the Free Application for Federal Student Aid (FAFSA) form, click here