The New FAFSA: Everything You Need to Know and How to Apply in 5 Easy Steps

The New FAFSA: Everything You Need to Know and How to Apply in 5 Easy Steps

Why Complete the Free Application for Federal Student Aid (FAFSA)?

Every student who wants access to federal funds for college (e.g., grants, loans, & work-study) MUST complete the FAFSA. Even if a student won’t qualify for grants or work-study and does not plan to take out loans, since life can be unpredictable (job loss, death, etc.), consider filling out just in case. Notably, some colleges will not consider students for financial aid EVER if the FAFSA was not completed prior to a student’s freshman year.

What is the New FAFSA?

The new FAFSA is a streamlined version of the original FAFSA and includes some notable changes. Although the FAFSA Simplification Act was passed in 2020, the new FAFSA only became available in late 2022. Notable changes include:

• Replacing the Expected Family Contribution (EFC) With the Student Aid Index (SAI)
• Modifications to Family Definitions in FAFSA Formulas
• Expanded Access to Federal Pell Grants
• In most cases, tax data will be received directly from the IRS to calculate Federal Pell Grant eligibility and the SAI
• Parents with multiple children in college no longer get a break
• Now available in 11 languages
• More colleges (up to 20) can now be listed

Click HERE to Learn How to Complete the FAFSA in 5 Easy Steps

Click HERE for access to the FES Financial Aid Demystified slide deck

For more information on what can be done if you're deferred or waitlisted or anything regarding the college admissions process, drop us a line at kathy@fineeducationalsolutions.com.