Class of 2024: Apply for Financial Aid when FAFSA opens using 2021 and or 2022 tax returns

 

PELL GRANT AWARDS HAVE INCREASED TO $7.395!!! 

 

NEW FOR CLASS OF 2024 STUDENTS!!!
The 2024-2025 school year FAFSA opens sometime in December and will be redesigned to contain only 36 questions!! If you completed the FAFSA in the past, it will be different in a good way and Pell Grant eligibility will be expanded!

​

The term, "Expected Family Contribution (EFC)" will be replaced with a "Student Aid Index (SAI)". While the SAI is similar to the EFC, the name change is meant to more accurately reflect the meaning of the calculation as a determination of aid eligibility rather than an expectation of what a family can afford to pay for college. An applicant’s SAI can be as low as -$1,500 (compared to the lowest EFC, which is $0).

​

Automatic Data retrieval will allow a family's IRS tax data to be imported directly into the FAFSA.

​

Students will be able to look up whether they’ll be eligible for a Pell Grant based on their income and family size information even before they apply for financial aid. This will allow students to know earlier in their academic career whether they can expect to receive a grant when they apply for aid in the future.

​

New for Class of 2024 Students: The parent who provides the MOST financial support will be the person who must provide financial data on the FAFSA.

Which FAFSA should Class of 2024 students complete?
If the student plans to start college during summer term:
Complete BOTH the 2023-2024 school year FAFSA using 2021 tax returns AND the 2024-2025 school year FAFSA using 2022 tax returns. 

Why? Because summer term counts as a previous school year and fall term counts as the following school year.
 

If the student plans to start college during fall term:

Complete only the 2024-2025 school year FAFSA using 2022 tax returns.

​

Each year, more than $3 billion dollars in free federal money is left out there because people choose not to complete the FAFSA! In 2013, $100 million in Federal Pell Grants went unclaimed in Florida. Alarmingly, 47% of all high school graduates in the nation do not complete a “FAFSA” form, a requirement to access Pell Grants.

 

Don't think you'll be eligible for financial aid? Don't guess! The only way to find out what types of free money and low-cost federal loans you'll be eligible for is to complete the FAFSA!

 

Students should complete the FAFSA each year they are in college so they can ensure the best possible funding for the following school year. Financial Aid is awarded to students by the colleges, universities or technical colleges they are accepted to. Offers of financial aid are usually posted to students' online accounts sometime in the spring. 

 

Each school has its own financial aid priority deadline. It is a preferred date by which they prefer students to complete the FAFSA. Students who meet this priority date are ensured the best possible financial aid package they are eligible for. It is up to the student to know each school's priority date.  Make it easy! Use the simple IRS Data Retrieval Tool within FAFSA to import data directly from your IRS 2015 tax return into your FAFSA. 

 

Financial Aid can consist of gift money such as Grants and Federal Work Study or money that must be repaid, such as low-cost Federal Loans. Students are never required to accept the loans that are offered.

 

May 1 is known as National College Decision Day, as it is often the deadline for high school students to make deposits to attend the college of their choice. This makes it very convenient for students to compare financial aid offers from multiple schools and to make the best academic and financial choice for themselves and their families!