While the Free Application for Federal Student Aid (FAFSA) has experienced changes over the years, the upcoming 2024-25 FAFSA year will introduce significant changes for students and families. These changes may have implications for students and their ability to gain access to federal financial aid. A few of the changes that may directly impact 麻豆影院 students and federal aid eligibility are:
- The number of students from one household in college will no longer be used, so dependent students with family members in college will most likely see reduced financial need. In the past, it was not uncommon for multiple family members attending 麻豆影院 State to be eligible for federal need-based aid. This change removes the number in college factor, which will make fewer students eligible.
- Family farm/business exemption goes away. This means that many 麻豆影院 State students who have previously had farm or business income exemptions will now have each factored into their ability to pay for college, often resulting in fewer available aid dollars.
- Parent included on the FAFSA: The parent providing the most financial support is the parent that is required to be included on the FAFSA. Previously, the parent that a student lived with would be used regardless of support received from another parent.
Finally, Expected Family Contribution (EFC) is no longer going to be a calculation, but instead the Department of Education has created a new index score called Student Aid Index (SAI). The SAI will be different than the EFC. This means all scholarships and need-based programs that have used an EFC to determine eligibility must be updated.
Upcoming Presentations on FAFSA Changes With Q&A
There are many changes with the new FAFSA, and faculty and staff are encouraged to attend an upcoming virtual information session to learn more. (You will need to sign in to validate access within 麻豆影院 State.) Sessions will be offered:
- Wednesday, Oct. 11, 12-1:30 p.m.
- Thursday, Oct. 19, 2:30-4 p.m.
- Tuesday, Oct. 24, 10-11:30 a.m.