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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.
The new FAFSA will replace the Expected Family Contribution with a different formula called the Student Aid Index that will help determine the amount that each student can receive in financial aid.
The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well, though some require students to submit an ...
Students must complete and submit the FAFSA annually to be considered each school year for federal work-study and funds such as the Pell Grant, federal student loans and the Federal Supplemental ...
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.
The forms help colleges calculate federal Pell grants and financial aid packages for students. The U.S. Congress passed a law in 2020 mandating that department officials simplify the byzantine ...
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. These circumstances include: [citation needed]
For unmarried students under 24, Congress mandates that parental income and assets be included. The resulting figure is the student's "need". Colleges attempt to provide students with enough financial aid to meet all student need, but in most cases are unable to do so completely. The result is "unmet need".