2024-25 FAFSA Changes
The federal government has created a simplified Free Application for Federal Student Aid (FAFSA) effective for the 2024-25 academic year.
The 2024-25 FAFSA will be available on December 31, 2023, and the influx of filers is causing some slowdowns and intermittent outages with the FAFSA website.
In addition to streamlining the FAFSA application process, the FAFSA Simplification Act initiated changes to the need analysis and many policies and procedures for schools that participate in federal student aid programs. These changes will impact how W&M students apply for financial aid.
What Will Change with the New FAFSA?
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IRS Data Transfer Required
The application previously had the option to use the IRS Data Retrieval Tool to transfer IRS information onto the FAFSA. Starting 2024-25, all persons on the FAFSA must consent for the Department of Education to receive tax information directly from the IRS. This helps to reduce the number of questions and errors from manual entry.
FSA User IDs Required
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Each person identified as a contributor on the FAFSA will need an FSA user ID and password. If parents are married, each parent will need an FSA ID to complete their section of the FAFSA. Please see the FAFSA contributors details below.
We encourage all applicable persons to obtain their FSA User ID and password now if they have not already obtained one. (Previously, only the student and one parent if the student was dependent had to sign off on the application.)
Student Aid Index (SAI) Replaces Expected Family Contribution (EFC)
The Student Aid Index (SAI) is an eligibility index number used to determine a student’s federal aid eligibility and is determined from the information provided on the FAFSA.
Previously, the number of household members in college may have reduced the Expected Family Contribution. Although that will no longer be factored into the SAI, it will still be considered from the CSS Profile submission.
Who Is a Contributor on the FAFSA Form?
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The process now includes FAFSA contributors who can be the student, student’s spouse or parent(s). Each contributor will have to grant permission for the IRS to bring in data to the FAFSA. Once permissions are given for the FAFSA aid year, they cannot be revoked.
