2024-2025 FAFSA Updates

There are a few key changes to the new FAFSA form and formulas that may affect the amount of aid that some of our students receive. Notable changes include:

• Format:
  • The FAFSA application will be shorter and more user friendly.
  • The number of questions will be reduced from 108 to 36.
  • The application will be expanded to include the 11 most common languages spoken by English learner students and their parents.
• Calculations:
  • The term Expected Family Contribution (EFC) will be replaced with the Student Aid Index (SAI). The SAI will more accurately determine aid eligibility and, unlike the EFC, the SAI may be a negative number down to -1500.
  • The number of students a family has enrolled in college will no longer factor into the calculation.
  • There are changes to how to determine which parent is listed on the FAFSA.
  • The net worth of family farms and small businesses will be required as part of the application.
• FSA ID:
  • Each "contributor" to the FAFSA must sign in with their own FSA ID. This means the student, their primary parent/guardian, and that parent's/guardian’s spouse (if married) all need their own FSA ID. This is different than before. Each parent (if married) signs the new FAFSA. If you need an FSA ID or don't remember your username/password, get set up at https://studentaid.gov/fsa-id/create-account/launch.
• 2022 Taxes:
  • The 2024-2025 FAFSA will link to the IRS for every person to see if they filed taxes or not. If you completed your 2022 tax return, it will import your information directly from the IRS. For seamless processing, you want to ensure your 2022 taxes have fully processed through the IRS before completing the FAFSA. If you filed a 2022 tax extension, it is best to get those taxes filed as soon as possible to complete the FAFSA in January. 

New First-Year, Transfer, and Returning Students

Your application must be submitted with all required information and signatures no later than March 1, 2024 for priority consideration for the 2024-2025 academic year which begins fall 2024 semester. Federal Pell Grant and loans can still be awarded after this point, but your eligibility for other grants, scholarships, and work study can be impacted.

You are still eligible for aid! Students and parents/guardians without a social security number can create an FSA ID. To learn more on how to qualify for federal student aid as eligible noncitizens, visit the Non-U.S. Citizens | Federal Student Aid - Financial Aid Toolkit.

Also, the Colorado Application for State Financial Aid (CASFA) is the state's financial aid application for undocumented, Colorado ASSET students. You can learn more about the Colorado state application at https://cdhe.colorado.gov/students/preparing-for-college/colorado-application-for-state-financial-aid.

1. Create an FSA ID on the Federal Student Aid website and assist contributors, such as your parent(s) or spouse, in creating an FSA ID.
   • An FSA ID is an account and password that gives you access to the Federal Student Aid’s online system and serves as your electronic signature. It’s important to note that each contributor can complete only their part of the FAFSA (student or parent). The student (first contributor) will complete their portion of the FASFA. The parent/guardian (second contributor) will receive an email to login and complete their part once the first contributor is finished and invites them.
2. Have your 2022 tax documents filed with the IRS.
3. Stay informed about upcoming changes by checking your email and this page for updates.