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NEW YORK (AP) – A new version of the federal student aid application known as FAFSA is available for the 2024-2025 school year, but with limited availability as the U.S. Department of Education works on a redesign to make it easier to apply. Applying is only available to the public.
That means the Free Application for Federal Student Aid, which students typically can fill out starting in October, is not yet available to everyone.
The soft launch period began last week, and the Department of Education said the new forms will continue to be available for a short period of time. Students who wish to submit their applications now should monitor the studentaid.gov website. This is because this website is available to him at different times of the day.
Since the soft launch was announced, availability has been limited and some students and their families have experienced glitches.
“Even by soft launch standards, this weekend’s rollout was difficult, and students, families, and financial aid administrators who have been waiting for this release for months are understandably frustrated.” said Justin Drager, president of the Association of Student Financial Aid Administrators.
A Department of Education spokesperson said the department hopes to continue to open applications for an extended period of time to resolve issues with the new form.
The reboot brings big changes, including fewer questions, the ability to list more universities, and availability in more languages. However, with this update, students will receive their scholarship offers later than usual.
Here’s what you need to know:
How does the FAFSA work?
The FAFSA is a free government application that uses financial information from you and your family to determine whether you can receive federal financial aid to pay for college.
The FAFSA sends your financial information to the schools you are applying to. Previously you could only send information for 10 schools, but with the new application you will now be able to send applications for up to 20 schools. Each school that accepts you will send you a financial aid package. The amount of financial aid you can receive varies by institution.
This application is used to determine eligibility for state and school aid as well as other federal student aid programs such as work-study and loans. In some cases, even private merit-based scholarships may require FAFSA information to determine eligibility.
When will the 2024-2025 FAFSA be available?
The Ministry of Education announced a soft launch period in late December.
“During the soft launch, the FAFSA form will be made available to students and families on a regular basis while we monitor site performance and form functionality,” according to the department’s website.
The ministry did not say when the soft launch period will end or when the application will be fully released.
Who fills out the FAFSA?
Those who are planning to go to university next year. Both first-time college students and returning students can apply for the FAFSA. Although many people decide not to apply because they think their family income is too high to be considered, we encourage all students to fill out an application.
Students and parents can use the Federal Student Aid Estimator to get an early estimate of their financial package.
What are the key changes to the new FAFSA?
In general, the application restart is intended to make the process smoother for students and their families. The Department of Education also said the reopening will increase eligibility for financial aid for low- and moderate-income students.
“Most students and their families will be able to complete the process in less time, and more students will be eligible for need-based aid,” Draeger said.
The main changes are:
— FSA ID
Starting this year, anyone who needs to provide information on the FAFSA must create an FSA ID.
Previously, only the student and one parent were required to have an FSA ID. For the 2024-2025 form, anyone who needs to provide information, such as the student’s spouse, birth or adoptive parent, or parent’s spouse, must have the individual’s FSA ID.
To create an FSA ID, contributors need a social security number and email address.
— Student Aid Index
The new FAFSA replaces Expected Family Contributions with a different formula called the Student Aid Index that helps determine the amount each student can receive in financial aid.
Both formulas take into account the income and assets of students and their parents and include both taxable and non-taxable income. But unlike the old system, the new system does not benefit families with multiple students in college. Under the new formula, students from families that do not have to file federal income taxes will automatically be considered eligible for higher amounts of financial aid.
— IRS Data Acquisition Tool
The updated FAFSA reduces the number of questions and makes filling out the application faster. However, all posters must agree to have their IRS information imported directly into her FAFSA.
Previously, using IRS data retrieval tools was optional. Currently, if the submitter does not consent to having their information imported, the student is not eligible for financial aid.
— More languages available
The FAFSA will be available in 11 of the most popular languages. Previously it was only available in English and Spanish.
— Expanding eligibility for federal Pell grants
More students will be eligible to receive federal Pell grants in the 2024-2025 award year. According to the Ministry of Education, an estimated 610,000 new students will be eligible for the subsidy. Also, an additional 1.5 million students will be able to receive the maximum Pell Grant, bringing the number of students eligible to receive the maximum award to over 5.2 million. The maximum federal Pell Grant amount available last year was $7,395.
What should I do while I complete the application?
In between filling out the FAFSA, be sure to create an FSA ID for yourself and all contributors.
Once you create your FSA ID, it will take 1-3 days for your information to be verified. Therefore, it is important that all contributors create their own FSA ID before students begin filling out the application.
When will I find out my financial aid award?
Due to delays in the process this year, students will begin receiving offers later than usual. Draeger said if students fill out applications as soon as they become available, the colleges on the list likely won’t receive that information until the end of January.
“Please be patient as there may be some gaps and delays,” Draeger said.
Draeger recommends that students regularly check their desired university’s website for new relevant deadlines.
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The Associated Press receives support from the Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. This independent foundation is separate from his Charles Schwab and Co. Inc., and AP is solely responsible for its journalism.
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