The FAFSA is getting a makeover, and there are some delays
There are main adjustments and enhancements to the 2024-25 Free Software for Federal Pupil Assist (FAFSA) type. This redesigned and streamlined FAFSA type can be obtainable by December 31, 2023 and we might encourage you to finish and submit as quickly as you’ll be able to after it opens.
https://studentaid.gov/h/apply-for-aid/fafsa
Electronic mail notices have been despatched by ED to earlier scholar FAFSA filers concerning the delayed availability adjustments to the submitting course of, however we wish to be certain that all are conscious of those necessary adjustments.
Along with the delay within the opening of the FAFSA type, colleges is not going to obtain FAFSA outcomes till the top of January 2024. Here’s a hyperlink to the Federal Pupil Assist web site with a quick rationalization and hyperlinks to social media to remain knowledgeable:
https://studentaid.gov/announcements-events/december-fafsa
Info to be reported on the FAFSA is altering
There can be a transition from an Anticipated Household Contribution (EFC) to the Pupil Assist Index (SAI), which is the quantity that determines every scholar’s eligibility for need-based assist. The SAI will use a special formulation and completely different knowledge parts in its calculation. Typically, federal tax info can be retrieved straight from the Inside Income Service (IRS). The FAFSA may have fewer questions, with some noteworthy adjustments which will influence your SAI calculation. These embody:
- Exclusion of funds made to tax-deferred pension and retirement plans which might be paid straight or withheld from earnings and aren’t on the tax return.
- Exclusion of housing, meals, and dwelling allowances paid to members of the army and clergy.
- Addition of overseas earned earnings exclusion quantities, that are to be entered manually (they don’t seem to be transferred through the IRS knowledge change).
- The definition of household measurement has modified to align with the variety of people reported as dependents on the applicant’s (if unbiased) or applicant’s mother and father’ (if dependent) U.S. tax return. You could replace household measurement if it has modified since submitting the 2022 tax return.
- The variety of relations in faculty continues to be reported, however it isn’t an element within the SAI calculation.
The FAFSA software course of is completely different
The FAFSA is now a role-based course of with the coed starting the applying after which figuring out required contributors. For dependent college students these embody:
- Organic or adoptive dad or mum(s). If married and filed a joint tax return in 2022, just one dad or mum must be recognized as a contributor. If married and filed individually, then every dad or mum have to be recognized as a contributor.
- If a scholar’s mother and father aren’t married and don’t reside collectively, the dad or mum who offers essentially the most monetary help can be recognized as a contributor. If remarried, that dad or mum’s partner should even be recognized as a contributor.
All contributors should present consent and approval for the switch of their federal tax info straight into the FAFSA from the IRS. College students ought to put together to enter the next info into the FAFSA type for every contributor:
- First identify and final identify from their Social Safety card
- Social Safety Quantity (SSN)
- Mailing handle if the contributor doesn’t have an SSN
- Date of beginning
- Electronic mail handle
Contributors will obtain an e mail with a hyperlink to the FAFSA type and can log in utilizing their FSA ID. They need to present info, consent, approval, and a signature inside 45 days of receiving the e-mail.
Take steps now to arrange
All contributors will want an FSA ID (account username and password) to finish their portion of the FAFSA type and may create one now (in the event that they haven’t already) in order that they’re ready as soon as they get the e-mail invitation. Apply at studentaid.gov and choose “Create Account” positioned subsequent to the Log In possibility.
Steadily test your private and ENC e mail inboxes
College students needing to submit extra necessities can be notified by e mail after we obtain and overview the FAFSA outcomes, that are anticipated by the top of January. Directions and hyperlinks to types can be posted on the ENC scholar portal. Please full all necessities as quickly as attainable to keep away from delays in receiving your monetary assist award provide in the summertime.
We’re right here to assist!
The Pupil Monetary Companies crew is pleased to handle your questions and stroll you thru this new monetary assist course of. Contact us at [email protected] or by calling (617) 745-3712. You could cease by our workplace, schedule an in-person appointment, or e-book a digital appointment via Microsoft Groups.
