SEE AMAZON.COM DEALS FOR TODAY
The Free Application for Federal Student Aid (FAFSA) is undergoing major changes for the 2024-2025 academic year. The form will be simplified and streamlined, with 46 questions instead of the previous 108. This is expected to make it easier and faster to fill out. The U.S. Department of Education also announced that more low-income students will qualify for Pell Grants due to updates in student aid calculations. However, families with multiple children in college or who own family farms may receive less aid than in previous years.
You may also like to watch : Who Is Kamala Harris? Biography - Parents - Husband - Sister - Career - Indian - Jamaican Heritage
FRANKFORT, Ky. — There are major changes on the way for the Free Application for Federal Student Aid, more commonly known as FAFSA. The U.S. Department of Education is calling the 2024-2025 FAFSA “simplified, streamlined and redesigned.”
The changes apply to high school seniors who will attend college next school year and current college students who will still be enrolled next school year.
The most notable change that would impact anyone applying for federal student aid is that the FAFSA form will have 46 questions instead of the previous 108. By cutting the questions by more than half, it should take less time to fill out.
“That’s a big one. It should be easier for families, students, counselors and others to fill it out and do it fairly fast,” said Aaron Thompson, president of the Kentucky Council on Postsecondary Education.
People may also notice the FAFSA is not yet available. It usually opens Oct. 1, but it’s still not out. The U.S. Department of Education said it should be available this month, but no exact date was provided.
The U.S. Department of Education is touting that updates to student aid calculations mean about 610,000 more low-income Americans will receive Pell Grants and nearly 1.5 million more students would receive the maximum Pell Grant. That same release from the USDE said 8,160 more Kentuckians will receive Pell grants and 18,400 more Kentuckians would receive the maximum Pell Grant because of the recent changes.
Dr. Thompson said 58% of Kentucky students who could qualify for that don’t fill out the FAFSA.
“Only about 42% of our students who would fall in that unmet needs category ever fill out a FAFSA. Even though we listed as a high fill out FAFSA state, many of our low-income students don’t do that,” said Thompson.
He encourages everyone to fill out a FAFSA, whether or not they think they would qualify for aid. He said last school year Kentuckians left $54 million on the table by not filling it out.
While some families will benefit from the changes, Dr. Thompson warns it is not all good news for all families. For example, those who have multiple kids in college at the same time will probably not see as much aid as they would have under the old FAFSA.
“If you have two kids in college, that works against you a little bit. You look at them individually with the dollars the family has instead of saying ‘I have two kids in college. It’s going to cost me more.’ We are concerned about that,” said Thompson.
Another change that could hurt some families is that the value of a family farm or small business will now be used when calculating expected financial contribution from parents.
“A family farm used to not count against you. In some cases, it was a credit. But now, they will count that asset. That’s going to hurt a lot of our students,” Thompson said.
While you cannot yet access the new FAFSA form, the USDE said people can use the federal student aid estimator to get an early idea of what aid they may receive.
Major changes are coming to the Free Application for Federal Student Aid (FAFSA) in the 2024-2025 academic year. The U.S. Department of Education has described the new FAFSA as “simplified, streamlined and redesigned.” These changes will affect high school seniors who plan to attend college next year, as well as current college students who will still be enrolled.
One of the most significant changes is the reduction in the number of questions on the FAFSA form. Previously, there were 108 questions, but now there will be only 46. This reduction should make it quicker and easier for families, students, counselors, and others to complete the application.
The FAFSA form is not yet available, although it usually opens on October 1. The U.S. Department of Education has announced that it should be available this month, but no specific date has been given.
The updated student aid calculations are expected to benefit low-income Americans. The U.S. Department of Education estimates that 610,000 more low-income individuals will receive Pell Grants, and nearly 1.5 million more students will receive the maximum Pell Grant. In Kentucky alone, 8,160 more individuals will receive Pell grants, and 18,400 more will receive the maximum Pell Grant due to these changes.
Despite the improvements, there are some potential drawbacks. Families with multiple children in college may receive less aid under the new FAFSA. Previously, the cost of multiple college educations was considered, but now each student will be evaluated individually. Additionally, the value of a family farm or small business will now be factored into the expected financial contribution from parents, potentially reducing aid for some students.
It is crucial for students and families to complete the FAFSA, even if they do not believe they will qualify for aid. Last year, Kentucky students missed out on $54 million in aid by not submitting the FAFSA. To get an early idea of the aid they may receive, people can use the federal student aid estimator on the student aid website.
Overall, the simplified and redesigned FAFSA aims to make the process more efficient and increase access to financial aid for eligible students..
Source
Amber Smith said How FAFSA changes could impact your financial aid
