The Free Application for Federal Student Aid (FAFSA), which determines your financial aid eligibility, has changed for the 2024-25 aid year.
The 2024-25 FAFSA is available at studentaid.gov!
FAFSA results will not be transmitted to the university until March. UPDATE: On 1/30/24, the U.S. Department of Education officially announced that institutions will not receive FAFSA applicant information until "the first half of March."
UPDATE: On 2/20/24, the U.S. Department Education announced a 9-step workaround to the FAFSA issue that is preventing submission when a parent contributor does not have a Social Security Number (SSN).
About FAFSA Simplification
The FAFSA has changed due to the FAFSA Simplification Act and other laws enacted by Congress, which will streamline the FAFSA application process for students and families, providing an enhanced user experience in completing the form. This law reduced the number of questions students will have to answer on the form, makes crucial changes to the Higher Education Act of 1965 (as amended) to expand Federal Pell Grant eligibility, and removes outdated restrictions to make federal student aid more accessible to all students.
Other significant changes to the FAFSA application process, include new terminology, changes to how students access and complete the application form, and changes to the eligibility calculation.
Key Changes to the FAFSA
Major changes to the 2024-25 FAFSA required by law include the following:
- Replacing the Expected Family Contribution (EFC) with the Student Aid Index (SAI). You may notice a different measure of your ability to pay for college. The new formula allows a minimum SAI of -1,500, and implements separate eligibility determination criteria for Federal Pell Grants.
- Modifications to Family Definitions in FAFSA Formulas. Expect changes in how your family size is determined (rather than household size), aligning more with what is reported on tax returns.
- Expanding Access to Federal Pell Grants. Eligibility for the Federal Pell Grant will be linked to family size and the federal poverty level.
- Streamlining the FAFSA Form. The federal government will use data directly from the IRS to calculate the Student Aid Index. The direct data exchange will allow the necessary financial information contributors to consent to providing the data separately.
- FAFSA Submission Summary. Instead of a Student Aid Report (SAR), you will receive a FAFSA Submission Summary after filing the FAFSA.
How to Prepare for the FAFSA
- Create your StudentAid.gov account - and remember your username and password so you can access and submit the 2024-25 FAFSA form when it's available. If you have filed a FAFSA before, you already have a StudentAid.gov account.
- Make sure each contributor creates their own StudentAid.gov account. A contributor refers to anyone who is required to provide information on a student’s FAFSA form, including the student, the student’s spouse, a biological or adopted parent, or the parent’s spouse.
- File your 2024-25 FAFSA soon! The priority deadline to file your FAFSA is June 1, 2024.
Other Changes to the FAFSA
Some changes may not affect all students, but may impact your eligibility:
- The new Student Aid Index (SAI) will no longer use the number of students in college in the eligibility formula. This may reduce need-based aid eligibility for current students with siblings in college.
- New FAFSA guidelines expand eligibility for the Federal Pell Grant, which will allow more students to qualify for funds. There will now be separate eligibility determination criteria based on federal poverty levels and family size.
- Each contributor will need to provide their consent to their Federal Tax Information (FTI) to be included in the FAFSA, even if they did not file a U.S. tax return. If they do not provide consent, the SAI will not be calculated financial aid eligibility will not be determined.
- Students can now list up to 20 schools on their FAFSA via the online application.
- The FAFSA is now expanded to include the 11 most common languages spoken by English learner students.
- The net worth of a business with fewer than 100 full-time employees will no longer be excluded for families. Applicants will be asked to report the net worth of all businesses, regardless of the size of the business.
- Parents without a Social Security Number (SSN) will be able to apply for a StudentAid.gov account. This will allow students with parents who do not have an SSN to submit their FAFSA online rather than having to print, sign, and mail in their application.
- For students whose parents are separated or divorced, the guidance on which parent income to report has changed to the parent who provides the most financial support to the student, rather than the who lives at the student's primary residence.
Timeline for 2024-25 Financial Aid Awarding
Financial aid offer notifications will be sent out in early May, once UNO receives FAFSA data which we anticipate will be in late March.