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The Free Application for Federal Student Aid, better known as the FAFSA, has long been due for an update. On December 30, a new version of the form was released – a culmination of changes ...
The Education Department announced an update to the SAI tables that will allow students to benefit from an additional $1.8 billion in aid. (Credit: Getty Images) (Richard Stephen via Getty Images)
The FAFSA is a relatively easy form to fill out, as it lets parents link to their previously filed tax returns to answer the financial questions. It has now been streamlined to just 36 questions ...
The original FAFSA form had 108 questions, which was a significant barrier for many low-income families seeking financial aid. [22] The questions were broadly seen as excessively detailed and unnecessarily complicated, with students being required to dedicate several hours to completing their application.
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 ...
Recipients of need-based financial aid must reapply for each year by completing a new FAFSA. The term and concept of Expected Family Contribution was replaced by the term Student Aid Index (SAI) in 2024. [2] While the minimum EFC was zero, the SAI can be a negative number as low as -1500. [3]
The FAFSA update is slated to add an additional $1.8 billion in need-based student aid, but colleges and universities won’t receive the new information until March, according to the DOE.
Financial aid is available from federal and state governments, educational institutions, and private organizations. It can be awarded through grants, loans, work-study, and scholarships. To apply for federal financial aid, students must first complete the Free Application for Federal Student Aid .