What's new with the 2024-25 FAFSA?
Source: U.S. Department of Education
The Department of Education has officially released the 2025-26 Free Application for Federal Student Aid (FAFSA). We are excited to say that it is widely available to all families and students. You can your form today! While completing your form, should have the question of which parent needs to be your Contributor (the parent on the form), Federal Student Aid has created this handy to aid you through the process.
The Free Application for Federal Student Aid (FAFSA) is used by colleges to determine eligibility for need-based grants, loans, and Federal Work-Study. The FAFSA Simplification Act introduces several changes and enhancements to the FAFSA, which take effect with the 2024-25 FAFSA. Below is helpful information to explain the changes.
Source: U.S. Department of Education
The FAFSA is being redesigned starting for the 2024-25 academic year.
Business/Farm Value: Families must now report the value of their business and/or farm on the 2024-25 FAFSA.
Divorced/Separated Parents: The parent on the FAFSA is now based on the amount of financial support. Previously it was based who the student lived with most.
New Term | Previous Term | Definition |
---|---|---|
Student Aid Index (SAI) | Expected Family Contribution (EFC) | Calculated from the FAFSA data and used to determine student aid eligibility. |
Direct Data Exchange (DDX) | IRS Data Retrieval Tool (DRT) | Process of using IRS data to complete the FAFSA. |
FAFSA Submission Summary | Student Aid Report (SAR) | Results of the FAFSA; a document that provides a summary of the data reported on the FAFSA. |
Consent | Required from each contributor in order for IRS tax data to be used when completing the FAFSA. | |
Contributor | Anyone who is required to provide information on the FAFSA (e.g. student, parent, step-parent) | |
Federal Tax Information (FTI) | Contributor's federal tax data on the FAFSA that comes directly from the IRS. |
Students and Contributors create your FSA ID(s) on the Federal Student Aid site.
The 2024-25 FAFSA is now available!