The Free Application for Federal Student Aid or FAFSA is getting a major overhaul for the 2024-2025 school year. The updated form aims to simplify the financial aid application process for students.
However, some of the changes to the new FAFSA may reduce available funding for certain applicants.
The biggest update is a streamlined online application with fewer questions. The new FAFSA removes up to 22 questions that were repetitive or could be pre-filled using IRS data.
There is also a new mobile app to make completing the FAFSA on smartphones easier.
While the simplified application promises added convenience, the new formula for determining financial need has stirred up controversy. It does not account for recent inflation, meaning some middle- and lower-income families may receive less aid.
Experts estimate up to 3 million students could see smaller financial aid packages as a result.
To maximize available funding, students and families should keep the following tips in mind:
- Meet state and school deadlines which are often much earlier than the federal deadline.
- Double check for any errors before submitting the FAFSA. Even small mistakes can affect your aid eligibility and amount.
- Notify your school's financial aid office about any special circumstances impacting your family's finances like job loss, medical expenses, or other issues. They may be able to adjust your aid package.
- Consider an appeal if your aid amount seems too low. Provide documentation to support your case for additional funding.
While the goal of the updated FAFSA is to increase access to need-based aid, the application process remains complicated.
Staying on top of the changes and deadlines and asking for help when needed can help ensure you receive the maximum amount of funding for college.
The new mobile app and simplified questions are a good start, but families must remain vigilant to avoid losing out on available aid.
