FAFSA Changes
Federal Student Aid is making changes to the Free Application for Federal Student Aid (FAFSA) and this has resulted in a delay in the release of the form for the 2024-2025 academic year. Here is a summary of the changes and scheduling impacts for current college students and high school seniors for the Class of 2024.
Delayed FAFSA Opening
The new FAFSA application, which typically opens on October 1 each year, is being delayed by Federal Student Aid until sometime in December 2023. The official date has not been released but it is believed to be sometime in late December.
Scheduling Appointments to Complete the FAFSA
The delay means you CANNOT file or renew your FAFSA form until the new form is released. ICAN is NOT scheduling FAFSA appointments at this time. ICAN will open scheduling for renewal appointments in mid-November 2023 for appointments beginning in January 2024.
FSA ID Setup
A big change in the process is that you CANNOT setup your FSA ID username and password at the same time you file the FAFSA. It is now required that your FSA ID username and password be verified before you can use it to file the FAFSA. It can take up to five days to verify an FSA ID. You must setup an FSA ID username and password for each student filing the form and a parent. Do this at least five days prior to the date you want to file your FAFSA. To learn more about the FSA ID process click here.
Biggest Changes to the Process
- Starting Date will be sometime in December compared to Oct. 1st
- FSA ID must be registered and verified BEFORE you can fill out the FAFSA Form
- Multiple parents or a student's spouse may need an FSA ID
- Parents are divorced/separated- parent that fills it out is the one that provides the most financial support
- Number of Colleges that can be listed are now 20 instead of 10
- No longer any exemptions for business/farm assets
- Student Aid Index (SAI) instead of Expected Family Contribution (EFC)
- Number in college will be asked but no longer in the SAI formula
- Student/Parent(s) Contributors will now complete their own sections
- Results from the FAFSA will now be called FAFSA Submission Summary instead of Student Aid Report (SAR)
If you are a current college student and have questions about how these changes might impact your upcoming renewal, you can email ICAN at ICAN@ICANsucceed.org.
