The FAFSA is getting a makeover, and there are some delays
There are major changes and improvements to the 2024-25 Free Application for Federal Student Aid (FAFSA) form. This redesigned and streamlined FAFSA form will be available by December 31, 2023 and we would encourage you to complete and submit as soon as you can after it opens.
https://studentaid.gov/h/apply-for-aid/fafsa
Email notices were sent by ED to previous student FAFSA filers regarding the delayed availability changes to the filing process, but we want to ensure that all are aware of these important changes.
In addition to the delay in the opening of the FAFSA form, schools will not receive FAFSA results until the end of January 2024. Here is a link to the Federal Student Aid website with a brief explanation and links to social media to stay informed:
https://studentaid.gov/announcements-events/december-fafsa
Information to be reported on the FAFSA is changing
There will be a transition from an Expected Family Contribution (EFC) to the Student Aid Index (SAI), which is the number that determines each student’s eligibility for need-based aid. The SAI will use a different formula and different data elements in its calculation. In most cases, federal tax information will be retrieved directly from the Internal Revenue Service (IRS). The FAFSA will have fewer questions, with some noteworthy changes that may impact your SAI calculation. These include:
- Exclusion of payments made to tax-deferred pension and retirement plans that are paid directly or withheld from earnings and are not on the tax return.
- Exclusion of housing, food, and living allowances paid to members of the military and clergy.
- Addition of foreign earned income exclusion amounts, which are to be entered manually (they are not transferred via the IRS data exchange).
- The definition of family size has changed to align with the number of individuals reported as dependents on the applicant’s (if independent) or applicant’s parents’ (if dependent) U.S. tax return. You may update family size if it has changed since filing the 2022 tax return.
- The number of family members in college is still reported, but it is not a factor in the SAI calculation.
The FAFSA application process is different
The FAFSA is now a role-based process with the student beginning the application and then identifying required contributors. For dependent students these include:
- Biological or adoptive parent(s). If married and filed a joint tax return in 2022, only one parent needs to be identified as a contributor. If married and filed separately, then each parent must be identified as a contributor.
- If a student’s parents are not married and do not live together, the parent who provides the most financial support will be identified as a contributor. If remarried, that parent’s spouse must also be identified as a contributor.
All contributors must provide consent and approval for the transfer of their federal tax information directly into the FAFSA from the IRS. Students should prepare to enter the following information into the FAFSA form for each contributor:
- First name and last name from their Social Security card
- Social Security Number (SSN)
- Mailing address if the contributor does not have an SSN
- Date of birth
- Email address
Contributors will receive an email with a link to the FAFSA form and will log in using their FSA ID. They must provide information, consent, approval, and a signature within 45 days of receiving the email.
Take steps now to prepare
All contributors will need an FSA ID (account username and password) to complete their portion of the FAFSA form and should create one now (if they haven’t already) so they’re prepared once they get the email invitation. Apply at studentaid.gov and select “Create Account” located next to the Log In option.
Frequently check your personal and ENC email inboxes
Students needing to submit additional requirements will be notified by email after we receive and review the FAFSA results, which are expected by the end of January. Instructions and links to forms will be posted on the ENC student portal. Please complete all requirements as soon as possible to avoid delays in receiving your financial aid award offer in the summer.
We’re here to help!
The Student Financial Services team is happy to address your questions and walk you through this new financial aid process. Contact us at sfs@enc.edu or by calling (617) 745-3712. You may stop by our office, schedule an in-person appointment, or book a virtual appointment through Microsoft Teams.