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FAFSA Changes

2023 FAFSA Simplification

There are some important changes to the Free Application for Federal Student Aid (FAFSA) for the 2024-25 academic year. These changes are being made by the U.S. Department of Education and will affect all students who are applying for federal student aid.

Key Changes

  • The 2024-25 FAFSA will not be available until December 2023. This is because the FAFSA Simplification Act requires the U.S. Department of Education to make significant changes to the FAFSA form and process, and these changes will take time to implement.
  • The 2024-25 FAFSA determines your financial aid eligibility for the summer 2024, fall 2024 and spring 2025 semesters.
  • The FAFSA application process will be streamlined and easier for students to complete. The number of questions will be reduced, and the use of the IRS Data Retrieval Tool will be mandatory.
  • Starting with the 2024-25 award year, the FAFSA will use the Student Aid Index (SAI) to measure a student's ability to pay for college instead of the Expected Family Contribution (EFC). The SAI removes the number of family members in college from the calculation, allows a minimum SAI of –1500 and implements separate eligibility determination criteria for Federal Pell Grants.
  • Eligibility for federal financial aid will be expanded.
 

FAFSA Changes for 2024-25

FAFSA Availability Date

Instead of opening in October as usual, the 2024-25 FAFSA will not be available until December 2023. This is only temporary — the FAFSA will return to its usual October release date after the 2024-25 aid year.

Streamlined application process

The new FAFSA will feature fewer questions, — just 36, down from 108 — fewer requirements and will retrieve tax information using the IRS Data Retrieval Tool.

Expanded Federal Pell Grant availability

The adjustments to the new Student Aid Index (SAI) calculation will expand Federal Pell Grant eligibility to more students. Additional changes include:

  • The updated Federal Pell Grant links eligibility to family size and the federal poverty level.
  • Incarcerated students can now receive Federal Pell Grant funds.
  • Lifetime Federal Pell Grant eligibility is restored to students whose school closed while they were enrolled or whose school was found to have misled the student.
Updates to the Student Aid Estimator

Federal Student Aid (FSA) has published its updated Federal Student Aid Estimator tool to help students and their families calculate the amount of financial aid they may be eligible to receive for the 2024-25 award year. This tool, per FSA, estimates the Student Aid Index (SAI) for the 2024-25 award year, not the Expected Family Contribution (EFC) for the 2023-24 award year. FSA encouraged students to use this tool before filling out their FAFSA to help inform them of their options for funding their postsecondary education. FSA also reminded users that this tool is not a substitute for the 2024-25 FAFSA, which will be released in December 2023. According to FSA, the form should take students, parents, counselors, and prospective students about 5-10 minutes to complete.

 

Prepare for the FAFSA

Even though the 2024-25 FAFSA will not be available until December, you can still get ready by completing the following:

  • Create your FSA ID on the Federal Student Aid website
    • Your FSA ID is an account that gives you access to the Federal Student Aid's online system and serves as your e-signature
  • Assist contributors (parents, guardians, etc.) in creating their own FSA ID
  • Complete the FAFSA when it opens in December
 
Freshman Scholarships
Learn more about scholarships available to incoming Texas Wesleyan freshmen.
Types of Financial Aid
Check out the types of financial aid that you can get at Texas Wesleyan.