2024 – 2025 FAFSA Information
What is the FAFSA?
In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid.
Top 10 Changes Coming to the Better FAFSA
1. FSA ID
EVERYONE who wants to put information into an online FAFSA will need an FSA ID to access the form. FSA has indicated they are creating a process for people without social security numbers to create an ID and be able to access the FAFSA. An FSA ID will need to be created and confirmed prior to accessing a FAFSA.
2. FSA ID Two-Step Verification
EVERYONE who attempts to use their FSA ID to log into the 2024-25 FAFSA will go through a multi-factor authentication process. People should take advantage of every type of verification available (email, text, and authentication apps) when setting up the FSA ID so that completing the two-step verification will be easier. It also means that students and their parents or spouses will need to be in contact if they are trying to help complete information for other roles.
3. Number in College
The Student Aid Index (SAI) formula will no longer be divided by the number in college. Students with multiple siblings in college have the potential to have a much larger SAI with no change in income.
4. Family Size
The new name for household size is family size and will be determined by the number of exemptions claimed on the federal tax returns. Because family situations can change, there will be a question that allows the student to modify the family size to reflect the current number.
5. Number of Colleges Listed on the FAFSA
Students will now be able to list up to 20 colleges on the FAFSA which should facilitate students applying to more than 10 colleges.
6. Role-Based Form
Each person/role on the FAFSA will only be able to see questions related to their role. When a student logs in, they will only be able to see questions that should be answered by the student. The parent or spouse will need to log in to see the questions related to their role. Once the appropriate people have completed the questions for their role, the FAFSA will be able to be submitted.
Families with an adjusted gross income of greater than $60,000 (up from $50,000) or those who filed certain schedules will be required to submit assets. There are no exemptions for reporting net business or family farm value. Current FAFSA filers may see an increase in their SAI due to having to report all business or farm net values with no change in income.
8. Negative SAI
The new SAI formula may result in a student receiving a negative SAI down to -1500. This SAI will be assigned to all non-filer families. It will not result in a larger Pell Grant than a zero SAI and colleges will not be permitted to award students more than the cost of attendance.
9. Pell Grant Eligibility
Pell Grant eligibility will continue to be calculated based on the SAI but will also be calculated using Federal Poverty Tables and the family make-up, size, and income. If the student meets the Poverty Table guidelines for the maximum or minimum Pell award and the SAI calculation, the student will be awarded the highest Pell Grant amount determined by the two separate formulas.
10. Identifying Those Who Will Contribute Information (Roles):
If a student begins the FAFSA, they will be asked to identify the parent(s) or spouse who will be contributing financial information on the form. It will be critical that they enter those person(s) information as it appears in their FSA ID so that it will match and they be able to log-in and access the student’s FAFSA.