Education
BY HANNAH NORTON
What to know about the new FAFSA
Quotes of note
Higher Education Coordinating Board pushed its priority financial aid application deadline to March 15, but individual schools may offer aid on a first-come, first-served basis. The Department is expected to begin sending information from completed FAFSAs to schools in late January. Applicants will answer less than 50 questions for the new FAFSA, down from 108. The form takes around an hour to complete, but some people may answer as few as 18 questions depending on their individual circumstances. Officials said 610,000 more students from low-income backgrounds will qualify for federal Pell Grants. This includes over 51,000 Texans, the department of education reported.
Current and prospective college students applying for financial aid will likely have a more streamlined experience with the 2024-25 Free Application for Federal Student Aid, or FAFSA. Mandated by Congress, the new form includes fewer questions and a new formula to determine aid eligibility. The U.S. Department of Education launched the redesigned application in late December— nearly three months later than normal—and it is now available online 24/7. Over 1 million students nationwide had completed the FAFSA by Jan. 8, officials said. Students must fill out the form to qualify for federal student loans, grants, work-study programs and some scholarships. The Texas
"Financial aid is extremely important, particularly in this day and age, with the high cost of education. So you’re going to have to be an educated consumer." JACK WALLACE, THE DIRECTOR OF GOVERNMENTAL RELATIONS FOR YREFY, A STUDENT LOAN REFINANCE COMPANY
“We have heard from students and families that the new FAFSA form is a better experience that’s easier to complete. We will continue to communicate directly with students, families and schools about how they can access the maximum support available to them to pursue their higher education dreams.” RICHARD CORDRAY, FEDERAL STUDENT AID CHIEF
A streamlined application process
The 2024-25 FAFSA was redesigned after Congress passed the FUTURE Act and the FAFSA Simplification Act. The new form is expected to be more user-friendly and take less time to fill out. Here are some key changes to the application: All “contributors,” including parents, stepparents and spouses, must provide financial information. Contributors will be identified based on a student’s answers on the form.
The Internal Revenue Service will transfer students’ and their families’ tax information directly to their FAFSA application.
Next steps
A new formula, called the Student Aid Index, will be used to determine applicants’ eligibility for financial aid.
The 2024-25 FAFSA will be available online through June 30, 2025, but many states and schools set earlier deadlines. Under Texas law, high school seniors are required to complete the FAFSA, a state financial aid application or an opt-out form to graduate. Future applications should open Oct. 1.
Applicants may list up to 20 colleges or universities on their application. They were previously limited to 10.
Families with multiple students in college will no longer qualify for extra aid, known as a “sibling discount.”
SOURCE: TEXAS EDUCATION AGENCY/COMMUNITY IMPACT
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