WASHINGTON — The Free Application for Federal Student Aid, the pivotal form determining financial aid eligibility for incoming and current college students, is getting a makeover.
FAFSA applications normally open on Oct. 1, but the new form's launch was delayed until late December.
When does FAFSA open?
A simpler FAFSA application will go live on Saturday, Dec. 31, promising major improvements to the federal student aid form.
The newly improved application will determine financial eligibility for the 2024-25 school year. The last day to submit an application for that academic period is June 30, 2025.
With the new form, applicants will be able to "skip as many as 26 FAFSA questions, depending on their individual circumstances," the government says. Some will complete as little as 18 questions, which will take "less than 10 minutes."
What changed in the new FAFSA form?
An estimated 610,000 new students will become eligible for a Federal Pell Grant in the 2024-25 academic year thanks to aid calculation updates, according to the government.
The revamped FAFSA introduces a new formula to determine eligibility. The Student Aid Index, a number that's calculated with information provided on your application, will replace the Expected Family Contribution indicator. SAI numbers will range from 1500 to 999999.
While SAI contributes to calculating Pell Grant eligibility, the government affirms it's not the only determining factor. According to StudentAid.gov, other information, like family size and federal poverty lines, will be considered.
Pell Grants are usually awarded to undergraduate students who “display exceptional financial need." Unlike loans, Pell Grants do not have to be repaid except under certain circumstances.
Federal Pell Grant maximums, which are updated annually, are $7,395 for the 2023-24 period. The new maximums for the 2024-25 academic year will be announced next year.
Aside from a new formula, the form will also introduce "contributors." The new term refers to anyone "who's asked to provide their information, consent and approval" to have their federal tax information and signature on your FAFSA form. Examples of such "contributors" include you, your spouse, biological or adoptive parent or your parent's spouse.
If you're unsure of who to add, worry not. The new form will tell you who needs to be added as a contributor based on your answers.
As part of the new changes, all contributors much have a StudentAid.gov account to start your FAFSA form. Contributors can now create an account even if they don't have a social security number, according to StudentAid.gov.