What is the FAFSA?
‍

The FAFSA is an application form used by the US government to determine whether a US citizen, or eligible non-citizen, can be awarded financial aid such as grants, scholarships, and work-study programs. The 2024 FAFSA is the latest version of this application.

Why is it worth completing?‍

Some students focus solely on merit scholarships, which are based on academic achievements, and overlook need-based aid, which is based on financial need. However, need-based aid can be a significant source of assistance, and it is often more generous than merit scholarships.

Completing the FAFSA opens doors to grants, scholarships, work-study programs, and federal loans. Plus, many states and colleges use the FAFSA to determine eligibility for their own aid programs. Eligible students can use this updated 2024 student aid estimator to get a rough estimate of the aid they may be awarded. 

Looking for more details and step-by-step instructions to help students easily and accurately complete the FAFSA? The MaiaLearning Career and College Readiness FAFSA Lesson is a fantastic resource.

What’s new in the 2024 FAFSA?

The updates to the FAFSA make it a more user-friendly, streamlined, and secure process. Here are some of the new features:

• The term Student Aid Index (SAI) has replaced the Expected Family Contribution. This new SAI formula allows colleges to figure out how much aid students would receive if they enrolled at that college.
• The FAFSA Simplification Act expanded eligibility for the Pell Grant, the federal grant program intended to help low-income students. This means that more students will be able to access financial assistance.
• “Contributor” is a new term on the 2024-25 FAFSA that describes anyone who must provide financial information on the form. So, if parents need to add information, they are now called contributors. In this new FAFSA, students and contributors must submit their portions of the FAFSA separately, each with their unique FSA IDs.
• Students can submit their FAFSA to up to 20 colleges, career schools, or trade schools.
• This new version is more streamlined. The new Skip-Functionality allows applicants to skip as many as 26 questions based on their circumstances. Some applicants will only need to complete 18 questions!
• Tax Data Transfer: The FAFSA will allow students to link their IRS data to their FAFSA application. This simplifies the process of verifying and transferring tax information, saving students and families time and effort.
• Enhanced data security: The new FAFSA is designed to be more secure, with additional protections against identity theft and fraud.
• Improved language translations: The new FAFSA will be available in 11 of the most spoken languages. 

What advice should counselors be giving students now?

• Advise them to create their StudentAid.gov account. Be sure to remind students to note their username and password so they can access and submit the 2024 FAFSA form when it’s available.
• Ask them to check whether their parent(s) or spouse will need to be contributors on their FAFSA form.
• Advise them to make sure each contributor creates their own StudentAid.gov account.
• Watch the “Preparing for the FAFSA Form” playlist for information about filling out the FAFSA form.

When should students complete the 2024 FAFSA?

After an initial delay of almost three months, the new, redesigned 2024 FAFSA form will be available by Dec. 31. Students should fill out and submit this form as soon as possible once it becomes available. This will let colleges provide financial aid letters to students early in 2024, and give students the best chance at receiving aid in time to make informed decisions.