Exciting updates are coming to the federal financial aid process this year! These changes make completing a FAFSA faster and easier, whether you’re filing for the first time or applying for ongoing aid.

More information is becoming available week by week! Check out studentaid.gov for the latest. 

We’re here to help you navigate these changes and any other questions you have about the financial aid process. Just contact our Office of Financial Aid at finaid@ndm.edu or 410-532-5369. 

 

7 Big Things to Know About the New FAFSA

You can download a PDF here about the updates or read below.

The FAFSA was delayed this year.

For the 2024-25 year the FAFSA has opened later than usual. (It’s usually available in October.) Complete the FAFSA as soon as you can! 

You can get your FSA ID now!

In order to complete the FAFSA, you and at least one of your parents will need to create an account on the studentaid.gov website. If your parent(s) already has an account, they can check to make sure their log-in is working. Do this right away so you’re ready when the FAFSA is released! 

The FAFSA is much shorter.

The simplified form is only about 30 questions – down from about 100! And the answers to several questions will be populated automatically using your and your parents’ federal tax data.

More students will be eligible for Pell Grants.

Eligibility will mostly be based on family income and household size, and it will be easier to know if you qualify (and in some cases, for how much) up front. 

The Expected Family Contribution (EFC) is now the Student Aid Index (SAI).

The SAI will be calculated differently than the EFC was, but it serves the same purpose: determining your financial need by subtracting it from the college’s Cost of Attendance. 

You very likely don’t need your tax forms to file the FAFSA.

For most students, a new streamlined process will import your federal tax info directly from the IRS. 

You’ll be able to estimate your federal financial aid award and your SAI.

The English and Spanish versions of the new FAFSA have a tool that gives you an early estimate of your SAI and federal financial aid. 

 

The Top 5 Sources for Financial Aid Advice

Read below or download here.

Your favorite influencer might be your go-to for product reviews and tips, but they’re probably not the best place to get financial aid advice. And unless your family is deep into the educational funding world, they’re not the ideal sources either.

Luckily, there are many reliable places to turn to for the real deal on the changes to the financial aid process — and for help. Here are 5 of the best:

1. Studentaid.gov

The home of federal student aid and the FAFSA form. There’s also a new Financial Aid Estimator Tool, which gives you a first look at how much aid you could be eligible for when you answer a few quick questions about your family and yourself.

2. Federal Student Aid YouTube Channel

This channel is run by the division of the U.S. Department of Education that administers the FAFSA, so you can trust the information there. It’s presented in bite-sized videos that make it easy to focus on just the area you need help with, so you don’t have to skip through a lot of yadda yadda yadda.

3. College financial aid offices

While federal and state aid policies are consistent across schools, every college’s aid policies are different. Be sure you talk to the financial aid offices at the schools you’re considering attending — they’re there to provide support for you throughout the process!

4. Counselors/Community Based Organizations (CBOs)

College counselors at your school and non-profit CBOs are there to help you navigate all aspects of college, from academics to social to finances. Be sure to check their event schedules, as many high schools and CBOs hold financial aid information nights regularly.

5. Trusted publications and websites

How do you know what’s legit? Think entities like the College Board, College Navigator, US News, NACAC (the National Association of College Admissions Counselors) — names you know and that have been around. It’s always a good idea to check multiple sources, and to confirm anything you read elsewhere with studentaid.gov and your college’s financial aid office.

Remember, any site or company that charges you money to file the FAFSA is a scam.

There have been a lot of critical changes to the financial aid process as a result of the FAFSA Simplification Act, so it’s important to use only trustworthy sources for information and help.