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[1] There are a number of free calculators on the Web to help applicants estimate the EFC before filing the FAFSA. 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]
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.
The changes to the form are meant to make the FAFSA easier to fill out and deliver more financial aid to students and families, but the implementation was plagued with problems.
One form covers both semesters of the school year with payments issued every quarter or semester. The date of filing depends on where you live, but it is recommended to file as soon as possible.
To qualify for need-based aid a student must have a significant amount of financial need, which is determined by the federal government based on the FAFSA. Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC). If the EFC is less than the cost of ...
The FAFSA Deadline Act in 2024 made the October availability date part of the law. [8] The 2016–2017 academic year was the final time the FAFSA was not made available until January 1. [7] Two-year old US tax information is used to complete the financial sections of the FAFSA beginning with the 2017–2018 academic year.
This comes a month after the department first issued a statement acknowledging the situation. Now that reprocessing is almost complete, schools have the official go-ahead to start sending aid offers.
The Free Application for Federal Student Aid application will be delayed this year, which may worry some college applicants, especially if they applied for early decision.FAFSA is how students ...