Applying for college is an equally exciting and challenging time as students and their families prepare their admission applications and financial aid applications. During this time, one of the most common steps students take to help them obtain funding for their education is applying for financial aid through the Free Application for Federal Student Aid, known as the FAFSA.

The FAFSA goes through subtle changes each year to make it easier for students navigating the FAFSA to receive financial aid. However, the 2024 FAFSA has more updates that students and their families should be aware of.

In today’s article, we’ll discuss the new FAFSA changes, answer questions, and share FAFSA tips for navigating the FAFSA in 2024 and beyond.

What is the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is one of the primary and most popular sources of financial aid for students and their families. The information from this application determines an individual’s eligibility for financial assistance and puts them in the running to receive $38 billion of financial aid in the form of:

• Federal grants
• Merit scholarships
• Student loans
• State and school-based aid
• Work-study opportunities

So, it’s a pretty important form! Thankfully, these days, the FAFSA can be quickly submitted online. Plus, after completing it in 2024, you will have a better idea of your options for paying for college.

FAFSA tip #1: Remember to fill out a FAFSA every year you attend college to apply for continuing federal aid.

What has changed about the FAFSA for 2024-25?

The new FAFSA updates made in 2024 are improving and streamlining the financial aid application process. Here are the changes that have been made to the FAFSA for 2024-2025:

• Contributor designation: The FAFSA in 2024 has implemented the term “contributor” to refer to anyone (you, your spouse, your biological or adoptive parent, or your parent’s spouse) who’s asked to provide their information, consent and approval to have their federal tax information transferred automatically from the IRS into the FAFSA form, and signature on your FAFSA form.
• Fewer questions: The new FAFSA application has significantly fewer questions than previous years. For example, some students only have to answer eighteen questions.
• Financial aid eligibility: The 2024 FAFSA has replaced the expected family contribution (EFC) with the student aid index (SAI), based on the information that candidates and their contributors include in the FAFSA. Colleges and universities use this new index number to calculate need-based financial aid. Candidates also qualify for federal and need-based Pell Grant funds with this number, as it takes into account family size, adjusted gross income (AGI), and poverty guidelines.
• Importing tax information: The International Revenue Service (IRS) now requires applicants and contributors to consent to and approve the transfer of applicants’ federal tax information into the FAFSA form. Don’t worry, though. This new process makes it easier to fill out the form, as you no longer need to find old tax returns and manually enter the information.
• New deadlines: The new FAFSA 2024-2025 application launched on December 31st, 2023. And the deadline to submit the 2024-2025 form is June 30th, 2025, so students still have some time to get used to the changes.

FAFSA tip #2: For help navigating the FAFSA, ask questions about the admissions and financial aid process from guidance counselors, admissions staff, and faculty heads questions about the admissions and financial aid process.

Why is the FAFSA delayed?

Given the overhaul of the 2024 FAFSA, the application deadlines are delayed so that students and their families have time to adjust to all of these changes. Plus, the U.S. Department of Education needs additional time to resolve glitches, correctly process applications, and award financial aid to deserving students.

At University of Bridgeport, for example, March 15 was the deadline for Connecticut residents to qualify for state funding for the 2024-2025 school year, and April 1 was University of Bridgeport’s priority FAFSA deadline for 2024-2025.

 

 

Don’t let tuition get in the way of your academic goals. Learn how University of Bridgeport helps you with financial aid and academic success!

 

 

FAFSA tip #3: Students should still research financial aid deadlines, especially as some states and colleges have their own deadlines for financial aid.

When should I fill out the FAFSA?

Students should apply and complete the 2024 FAFSA as soon as possible to take advantage of their chance to obtain financial aid. Applying early will also make sure that you are meeting the FAFSA federal, state, and school deadlines.

How do I submit my FAFSA?

The FAFSA in 2024 can be submitted online to the US Department of Education.

Students and their contributors should gather information about themselves and their families, including social security numbers, family size and income, personal income (if any), and a list of colleges they are applying to.

Then, obtain a Federal Student Aid (FSA) ID for you and your contributors so that you can fill out the student and contributor information, including everyone’s financial information.

Finally, submit your application online and check applying for the 2024 FAFSA off your college application checklist.

FAFSA tip #4: With the new FAFSA in 2024, applicants can list up to twenty colleges, whereas before, they could only list 10. Students should research what schools they want to attend before applying for the FAFSA.

What if I need to change my FAFSA form after it’s submitted?

It’s extremely important to make sure that all of a student’s and their contributor’s information is correct when submitting their FAFSA. However, if changes, corrections, and updates need to be made, students can do so after the student’s initial FAFSA form has been processed.

FAFSA tip #5: Proofread your FAFSA application by reading each question carefully and double-checking your answers before you hit submit. Correcting your FAFSA after submitting it can be difficult and even delay your financial aid notification. So, instead, save and double-check your information.

When can I expect my financial aid offer?

Online applications are typically processed within three to five business days, and paper applications are usually processed within seven to ten business days. However, the positive updates to the FAFSA in 2024 have caused some unfortunate delays as the Department of Education works to solve technical and processing issues.

As such, colleges and universities have also been delayed in receiving students’ FAFSA data. Rest assured, many institutions, including University of Bridgeport, are working hard to send out financial aid award letters as soon as possible.

What didn’t change in the 2024-2025 FAFSA?

While many changes were made to the FAFSA in 2024, some of the application remained the same.

For example:

• The 2024 FAFSA form will still require tax information from two tax years ago (prior-prior year), which means you will report your 2022 federal tax income on the 2024-25 FAFSA
  Questions that determine if your parent/contributor is required to also complete their FAFSA portion are unchanged.
• Questions regarding an applicant’s gender, race, and ethnicity will not affect federal student aid eligibility, and they are for statistical data only. Colleges will not have access to this information from the FAFSA.

The FAFSA in 2024 is still one of, if not the most important, ways for students and their families to pay for college.

 

Contact us for more information about University of Bridgeport’s financial aid eligibility and opportunities.

Together, we’ll do everything possible to help you qualify for as much financial aid as possible!