FAFSA Simplification – 2024-2025

FAFSA Simplification - UPDATES

Lots of changes are coming to the Free Application for Federal Student Aid (FAFSA) for the 2024-2025 financial aid year.

The new 2024-2025 FAFSA changes will streamline the application making it a shorter and simpler form to complete. The new application will introduce new financial aid terminology and will change the way Pell Grant eligibility is determined.

As additional information becomes available, the Office of Student Financial Aid (OSFA) will update this webpage and other resources used to disseminate information to MC students, parents and the college community.

What Made the Changes Possible?

Congress passed the Consolidated Appropriations Act into law on December 27, 2020. This amended the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act which included the FAFSA Simplification Act that represents a major overhaul of the processes and systems used to award federal student aid. Starting with the 2024-2025 award year, you will see a new redesigned Free Application for Federal Student Aid (FAFSA) form, need analysis as well as changes to policies and procedures for colleges that participate in federal student aid programs.

Changes You Will See!

• New FAFSA Release Date
  The 2024-2025 FAFSA will be available on December 31, 2023.
  
  
• The Expected Family Contribution (EFC) will be replaced with the Student Aid Index (SAI)
  The SAI will be used to determine a student’s eligibility for different types of federal student aid which will include need-based grants.
  
  
• Greater Pell Eligibility
  The FAFSA Simplification Act expands the Federal Pell Grant to more students and will link eligibility to family size and state poverty levels.
  The FAFSA will use Federal Tax Information (FTI) data received directly from the Internal Revenue Service (IRS) to calculate Federal Pell Grant eligibility and the SAI.
  
  
• Changes to the FAFSA Application
  
  1. Fewer questions will be asked of applicants.
  2. A New Direct Data Exchange (DDX) system to transfer Federal Tax Information (FTI) directly from the IRS.
  3. Elimination of questions about Selective Service and drug convictions.
  4. New wording terminology will appear on the form
     • Contributor - a parent or student spouse who is asked to provide information on the FAFSA.
     • Consent - each contributor will need to give consent to their information being included on the FAFSA.

Things to Remember and Have Not Changed

• Apply as soon as the FAFSA is made available so that you meet priority deadlines.
• Most financial aid is awarded on a first come, first serve basis.
• FAFSA priority deadlines for institutional and state aid have not changed.
• A FAFSA must be completed annually for federal, state and some institutional aid consideration.
• The FAFSA uses prior-prior tax year information.

For Additional Information on FAFSA Simplification

If you are interested in reading more about FAFSA Simplification and the many changes coming with the 2024-2025 FAFSA, please click on the link: FAFSA Simplification Actnew window