What you need to know about the 2024-2025 FAFSA
"As you and your family prepare to complete this important step in the financial aid process, here’s a quick rundown on some of the key changes and what you’ll need to know before you begin the FAFSA."
"As you and your family prepare to complete this important step in the financial aid process, here’s a quick rundown on some of the key changes and what you’ll need to know before you begin the FAFSA."
This fall, there’s lots of conversation going on in financial aid offices around the country about the FAFSA Simplification Act (FSA) which was passed by Congress in 2021.
The legislation enacted a significant overhaul to the Free Application for Federal Student Aid—known to most as the FAFSA—and the underlying processes and methodologies for determining federal student aid eligibility. Most important for prospective students and families to know: the 2024-2025 FAFSA will be available by December 31 this year. If you are applying to ±¬ÁÏ¹Ï as an Early Decision I or II applicant, not to worry—you’ll submit your CSS Profile and tax information by the admissions deadline to be considered for financial aid and then submit the FAFSA by January 15.
In the meantime, we recommend you set up your FSA User ID so you’re ready when the FAFSA opens in December. Here’s a to help you get started.
As you and your family prepare to complete this important step in the financial aid process, here’s a quick rundown on some of the key changes and what you’ll need to know before you begin the FAFSA.
What is the Student Aid Index (SAI)?
The long-standing Estimated Family Contribution (EFC) is now being replaced with the Student Aid Index (SAI) as a measure of your family’s ability to pay for college.
The index calculation includes changes to the methodology that the FAFSA uses to determine your SAI. One notable change is that the number of family members you have in college will no longer be in the calculation.
But here’s some good news—±¬ÁÏ¹Ï will still consider the number of family members in college when determining your eligibility for institutional need-based aid through the College Board’s CSS Profile. Don’t forget to submit the CSS Profile when you submit your admissions application using ±¬ÁϹÏ's school code #2049.
What is a "contributor"?
This is a new term being introduced on the 2024-25 FAFSA and refers to anyone who is required to provide information on a student's form (such as a parent/stepparent or spouse). A student's or parent's answers on the FAFSA will determine which contributors (if any) will be required to provide information.
Students will start the FAFSA with their FSA ID and then appoint contributors to submit their family’s financial information. Contributors will then receive an email informing them to log in using their own FSA ID (if they don't already have one) and provide the required information on the student's FAFSA. The contributor will have 45 days from the date of the email to complete their application.
Providing Consent
All contributors must provide consent and approval to have their federal tax information transferred directly into the student's FAFSA form via direct data exchange with the IRS. If any contributor doesn't provide consent and approval, submission of the FAFSA will still be allowed. However, a Student Aid Index won’t be calculated and the student won't be eligible for federal grants or loans.
Keep an eye on your email inbox for more information on the changes to the FAFSA and relevant deadlines. You can also follow FAFSA updates and from the What’s New section on our Financial Aid website.
Questions about completing this year’s FAFSA? Contact our Office of Financial Aid at finaid@brynmawr.edu or (610) 526-5245.