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New FAFSA videos

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Federal Student Aid YouTube Information
https://www.youtube.com/@FederalStudentAid

THE NEW FAFSA

(Free Application for Federal Student Aid) 

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The Free Application for Federal Student Aid (FAFSA) has been rolled out.

Please take the time to fill it out if you are going to apply for financial aid.

 

The Education Department said the form will be available periodically online during a soft launch of the updated application. According to the press release, “If you submit your form during the soft launch, your information will be saved, and you won’t need to resubmit your form or any related information. If your form is unavailable when you or your family members try to access it, please try again later.”

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The agency will not transmit results to schools until later in January. 

Still, it’s best to fill out the form sooner than later, as funds are limited. 

With a family’s consent, the Education Department can automatically access tax information from the Internal Revenue Service through a data transfer

 

While students are responsible for filling out the FAFSA, they will need their parent’s financial information to complete the process.

 

Instead of calling it the Expected Family Contribution (EFC), it is now called the Student Aid Index (SAI). The SAI will represent the estimate of what families can pay for college, considering factors such as income and assets. 

 

New things:

  • The lowest estimated contribution in the EFC was zero. Now, the index can produce a negative number. 

  • The index calculation will no longer take into account the number of children enrolled in college, which places families paying multiple tuition bills at a disadvantage for getting more aid. 

  • Families also must now report the value of their family farm or small business.

  • Students can list up to 20 schools on the online FAFSA

    • If you have more than 20 schools, you can add more once the first 20 have been submitted

  • If your parents are divorced or legally separated, the parent who provided the most financial support for the student over the last 12 months will be the FAFSA contributor

 

Start by creating your own Federal Student Aid Account:

https://studentaid.gov/fsa-id/create-account/launch

 

Dependent students must invite their parent(s) to contribute to their form if parent information is required.

To invite a contributor to your FAFSA form, you'll need:

  • their legal name

  • date of birth

  • Social Security Number

  • email address

  • Whether you’re a student, parent, or borrower, you’ll need to create your own account to apply for, receive, and manage your federal student aid.

  • You can’t share the same StudentAid.gov account username and password (FSA ID) with your parent, child, or spouse. You each need your own separate accounts. An FSA ID serves as your identification and electronic signature, and it should only be used by you.

What you will need to fill out the form:​

  • Your Social Security number (if applicable)

  • Your own email address

  • Carefully enter your name and Social Security number (SSN) exactly as they appear on your Social Security card

 

Here is the link to fill out the FAFSA for 2024-2025:

https://studentaid.gov/h/apply-for-aid/fafsa

 

Gathering the Documents Needed To Apply for the 2024–25 FAFSA® Form

  • You might need the following information or documents as you fill out the 2024–25 FAFSA form:

  • Your parents’ SSNs if you’re a dependent student

  • Tax returns

  • The 2024–25 FAFSA form will ask for 2022 tax information.

  • Records of child support received

  • Current balances of cash, savings, and checking accounts

  • Net worth of investments, businesses, and farm

 

The Help Center can answer most questions:

https://studentaid.gov/help-center/answers/landing

 

Who is my parent according to the 2024–25 FAFSA® form?

If you need to report parent information on the 2024–25 FAFSA form, here are some guidelines to help you:

 

If your parents are married (not separated), both of your parents’ information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex. If your parents didn’t file taxes jointly, then both of your parents are contributors. If your parents filed taxes jointly, only one parent is required to be a contributor and will report information for both parents.

 

If your parents are not married to each other and live together, both of your parents are contributors and their information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex.

 

If your parents are divorced, separated, or never married, and don’t live together, the parent who provided more financial support during the last 12 months is the contributor and must provide their information. If both parents provided an exact equal amount of financial support or if they don’t support you financially, the parent with the greater income or assets is the contributor and must provide their information.

 

If your parent is widowed, that parent is the contributor and must provide their information.

 

What if I have a stepparent?

Your stepparent is considered a parent if they have adopted you. If your stepparent didn’t adopt you, they’ll be identified as a parent spouse contributor on your FAFSA form.

 

Reporting Parent Information

https://studentaid.gov/apply-for-aid/fafsa/filling-out/parent-info

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