Changes to FAFSA
/In late December, Congress released a newer version of the FAFSA or the Free Application for Federal Student Aid. The updated FAFSA is much shorter in length so that it might be “less daunting” to students and parents. What was once eight pages and more than 100 questions is now only two pages with thirty-six questions.
The FAFSA is used to give grants, loans, and other financial help to students pursuing higher education and bases any allocated aid on the details of parent and student finances. Before the legislative changes, the FAFSA allocated its support based on the “expected family contribution” which was calculated from how much a parent or guardian or student could pay for post-secondary education per year. Now, the FAFSA is using a less confusing method called the “student aid index” which means that the less a student can pay for college the more aid they will receive.
This change, supported by student aid advocates, increases aid eligibility for lower-income families with multiple kids in college. While families who need the most financial support will get more than they used to, middle- and upper-income families with more than one student in college will receive half the amount of aid than before. To find out more about specific numbers, refer to the New York Times article below.
This change in the FAFSA will be for the 2023-24 academic year, so anyone applying to college after Oct. 1, 2022, will be required to fill out the newer form.