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The federal financial aid form looks different in the 2024-25 school year. Here's what college students and parents need to know about the new FAFSA.
There’s one form prospective and current college students must submit in order to receive federal financial aid, and it looks a lot different than in prior years. The new FAFSA: What you need to ...
The FAFSA is a free government application that uses financial information from you and your family to determine whether you can get financial aid from the federal government to pay for college.
Students can file an appeal with their college financial aid office in order to seek additional financial aid if their current financial situation is no longer the same as the financial information they provided on FAFSA (i.e. their parent recently lost their job). The exact appeal process can vary from school to school.
Decreases in the amount of financial aid lead to decreases in enrollment. However, different types of financial aid have differing effects. Grant awards tend to have a stronger effect on enrollment rates. [72] Changes in tuition and financial aid affect poorer students more than they affect students with higher incomes. [72]
Grants are a type of financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status. Federal Pell Grants are designed for low- and middle-income undergraduate students. Pell Grants for the 2023–2024 school year range from $750 to ...
Maximum amount (2024-25) Who is eligible? Pell Grant. $7,395 per year. Undergraduate students with financial need, some postbaccalaureate teacher certification students
(The EFC is split among the students in college.) Lower income (especially student income) Fewer assets (especially student assets) Colleges or universities have the legal authority to lower the EFC if there are unusual circumstances, usually brought to the financial aid office's attention as the result of an appeal of a financial aid award.