TAMPA, Fla. — For many college students, funding from Free Application for Federal Student Aid, or FAFSA, plays a big role in making school more affordable.
This year’s form comes with several changes.
The first is that the form won’t be available until December, when typically it would’ve opened on Oct. 1.
The form will be simplified in many ways—reduced to 36 questions from more than 100, which financial aid experts believe will be helpful.
“Not only will that help you complete it faster, but it will also mean you’re less likely to make errors,” said Jennifer Finetti, director of student advocacy for ScholarshipOwl.
The questions will include detailed financial information and a direct exchange with the IRS for income elements.
“Now you’re going to be required to automatically transfer tax data from your taxes to the FAFSA form,” said Finetti.
The way the funding is being calculated is different.
For families who are familiar with the term Expected Family Contribution, or EFC, that is no longer part of the FAFSA form.
Now, instead of an EFC number, you’ll receive a Student Aid Index number, or SAI.
“So when financial aid officers are calculating financial aid, they’ll take the cost of attendance, minus your SAI number, minus any other financial assistance they may know about for you, and that will result in your financial need to determine how many scholarships or grants you might receive from the college,” said Finetti.
It is possible to receive a negative SAI number, anywhere from -1,500 to zero.
“That will mean that you are eligible for the maximum Pell Grant, which for the coming school year is going to be $7,395. If you receive a number that is higher than zero, you still may receive a Pell Grant, but it may not be for the full amount,” said Finetti.
Another big change is that for many families that have more than one student in college at the same time, it will no longer be considered a benefit in terms of being qualified for more money, so it’s likely they’ll get less aid than before.
“So for those families, especially middle-income and upper-income families, it may be harder to qualify for a federal or state grant going forward,” said Finetti.
Experts stress every student, regardless of family income status, should be applying for scholarships year-round to get as much extra funding as possible.
“If you are a middle-income or upper-income student, it is quite possible that you will not qualify for any federal or state grants on the FAFSA. So for those students, it’s especially important that they prioritize applying for scholarships,” said Finetti.
