While there have been numerous updates and delays in the processing of the 2024–2025 FAFSA due to FAFSA simplification, Parkland College is ahead of the curve, actively processing and awarding financial aid as applications come in. By completing your FAFSA promptly, you can ensure swift receipt of your financial aid package from us.
Big changes occurred to the Free Application for Federal Student Aid (FAFSA) application for the upcoming 2024–2025 award year. This is the first major redesign of the FAFSA and process in over 40 years.
Note: Students, as well as their spouses and parents, should sign up for an FSA ID at least five days prior to the completion event to ensure full access, as their FSA IDs must be verified by the Social Security Administration. Visit the Federal Student Aid site to create a FSA ID.
To complete their 2024–25 FAFSA, students will need to bring the following information:
- FSA ID (account username and password) to log in to the StudentAid.gov site and start the FAFSA form electronically
- Social Security Number
- A-Number (if not a U.S. citizen)
- Federal income tax returns; records of child support received; and current balance of cash, savings, and checking accounts (Note: Students must provide consent and approval to disclose federal tax information to be eligible for federal student aid.)
- Bank statements and records of investments (if applicable); net worth of investments, businesses, and farms
- Records of untaxed income (if applicable)
Why Is It Changing?
“FAFSA® Simplification Act: On December 27, 2020, Congress passed the Consolidated Appropriations Act. The law includes provisions that amend the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act and includes the FAFSA Simplification Act—a sweeping redesign of the processes and systems used to award federal student aid. Specifically, the law makes it easier for students and families to complete and submit the Free Application for Federal Student Aid (FAFSA®) form and expands access to federal student aid.”
Benefits to Students and Families
- A more streamlined application process
- Expanded eligibility for federal student aid
- Expanded eligibility for the Federal Pell Grant
- Reduced barriers for certain student populations
- A better user experience for the FAFSA form
- Enhanced data sharing with IRS to simplify the applicant’s experience
What’s Changing?
- 2024–2025 FAFSA release date
- Normally the FAFSA is available October 1 each year, but the 2024–2025 FAFSA will be available December 31, 2023.
- Streamlined application
- You’ll notice fewer questions when completing the 2024–2025 FAFSA and an easier way to transfer tax information directly from the IRS.
- New terminology
- Contributor: Anyone who is asked to provide information on the FAFSA, for example, a parent or spouse.
- Consent: Each contributor will need to provide consent to their Federal Tax Information (FTI) being included on the FAFSA.
- SAI: Student Aid Index (SAI) replaces the Expected Family Contribution (EFC). The EFC was used to calculate the amount a family could contribute to a student’s education. The SAI is now based on an actual index of the federal poverty guidelines.
- FTI: Federal Tax Information (FTI) transferred directly from the IRS.
- FSA ID
- There will be two-step verification and all FAFSA contributors must have an FSA ID to log into the online form. There will be a new process to get an FSA ID for parents and spouses without a Social Security number.
Use this tool to see how much federal student aid you may be eligible for in the 2024–2025 award year. Note: This tool estimates the Student Aid Index (SAI) for the 2024–2025 award year.
Resources
What is the FAFSA Simplification Act?
Federal Student Aid Estimator