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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 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 SAI is a number that estimates the applicant’s ability to pay for college, generated based on the information provided on the FAFSA. Colleges compare an applicant’s SAI with the cost of ...
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.
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 is different from CSS Profile (short for "College Scholarship Service Profile"), which is also required by some colleges (primarily private ones). The CSS is a fee-based product of the College Board (a private non-profit organization) and is used by the colleges to distribute their own institutional funds, rather than federal or state ...
What is FAFSA? Financial aid for college comes from federal, state, and institutions of higher education, but most rely on the FAFSA form to determine eligibility.
Recent changes have altered when the Fafsa form may be filed as well as factors which determine federal student aid eligibility. Here is what to know. FAFSA is changing for 2024.