The 2024-2025 FAFSA is expected to be released by Dec. 31, 2023. Here’s what you should know and expect from the 2024-2025 FAFSA.
1. Get Your FSA ID
The electronic 2024-2025 FAFSA will require all students, FAFSA Parents, and/or FAFSA Contributors to have a log in with an FSA ID. Your FSA ID is their username/password that they will use to get into a FAFSA, offer the necessary consents, provide information, and sign. If you don’t have an FSA ID, creation can take a few days once you apply. Make sure to build in a few days into your timeline!
Starting in December 2023, for the 2024-2025 FAFSA, parents or contributors who do not have a social security number will be able to create an FSA ID. These credentials can only be used to compete the 2024-2025 FAFSA and cannot be used to complete the 2023-2024 FAFSA.
2. 2024-2025 FAFSA Processing During the Soft Launch
Typically, the FAFSA will only take one to three days to process if it is submitted online. However, during the soft launch, the process may be a bit different. The student will receive the confirmation email telling them that their FAFSA was submitted, along with their submission date, estimated student aid index (SAI formerly the EFC - Expected Family Contribution), and their estimated Pell Grant eligibility.
Even if a FAFSA is submitted on Dec. 31, 2023, it will not be processed until late January. Meaning, a student will not receive their FAFSA Submission Summary until late January. To access your FAFSA Submission Summary, you will log into your account StudentAid.gov.
The FAFSA soft launch is expected to last through February 2024.
3. Mandatory Consent for Federal Tax Information Transfer
The 2024-2025 FAFSA will require all student’s, FAFSA Parents, FAFSA Contributors to authorize the transfer of federal tax information from the IRS into your FAFSA. This is not optional, like it has been past years using the IRS Data Retrieval Tool, also known as IRS DRT.
There will also be fewer fields in the financial sections of the electronic FAFSA to add more information beyond disclosing some untaxed income and disclosing assets.
Even if the FAFSA form gives you an opportunity to decline the federal tax information transfer, a decline of the transfer will result in the loss of eligibility for federal student aid.
4. Don’t Be Shocked If It’s Faster This Time
The 2024-2025 FAFSA was delayed due to the implementation of the requirements of the FAFSA Simplification Act. The FAFSA Simplification Act was passed into law in order to simplify the FAFSA Process. If you have ever filed a FAFSA before, you will notice that the FAFSA is far shorter and there will be far less questions asked. For comparison, the 2023-2024 FAFSA could have had more than 100 questions, the 2024-2025 FAFSA could have as few as 18 questions to answer.
5. Don’t Expect a “Sibling Discount”
Parents who have multiple students in college at the same time, have seen their past “EFC” divided amongst the students. While the 2024-2025 FAFSA will ask about your family size, and if any other members of your household are attending college, that information will not be factored into your student aid index, SAI.
6. Get Ready for Your Student Aid Index
The days of receiving your expected family contribution, EFC ended with the 2023-2024 FAFSA. The information provided in the 2024-2025 FAFSA will calculate your SAI, also known as your student aid index. This number may be a negative number.
The SAI is an index number your school will use to determine your financial aid award. Your SAI will be used to help your school compare your financial needs to those of other students.
7. Your School List Can Be Longer
The 2024-2025 electronic FAFSA will allow you to list up to 20 schools at a time on your application. The paper application will allow you to list up to 10. You don’t need to wait to know where you will be attending! As soon as the FAFSA is released, it’s best to start your application so you don’t miss any financial aid deadlines.
Wondering how to manage this list during the soft launch? If your school list is longer than 20 schools, you will need to file your FAFSA with your first set of schools. Do not update your school list until you can confirm your information was received by your school’s you originally listed on your FAFSA. You will be notified by the U.S. Department of Education when your FAFSA information was sent to your schools on your school list. Once you receive that confirmation, you can go ahead and log back into your FAFSA and make changes to your school list.
8. Don’t Miss Your Deadlines
Keep in mind, filing the FAFSA may only be one of the financial aid applications you need to complete. There may be a few others depending on your state and your school.
Double check your state’s financial aid deadline and see if there are any additional forms you need to complete! And see if your school, or any of your prospective schools require you to complete the CSS Profile™.
9. Track Your FAFSA Status
This is a helpful change, but necessary for those students who will need to wait for their FAFSA Parent and/or their FAFSA Contributor to complete their portions of the FAFSA. If a student has multiple individuals who will need to complete their FAFSA, this is the best way to keep track of it, and a way to see if anyone of their contributors needs a friendly nudge.
Parents can also track their student’s FAFSA. And if a parent starts the FAFSA, they can also track when it’s time to (politely) nudge their child to complete their own section.
10. “Patience is Virtue” Mantra for FAFSA Soft Launch
Financial aid is extremely important to students and their families. Many students and parents lose sleep over the cost of college. However, the FAFSA is going through a lot of changes this year, and the U.S. Department of Education has indicated that the 2024-2025 FAFSA will be a soft launch.
In past years, we have seen StudentAid.gov site crash a few hours here and there each year after the FAFSA is released. This year, it should probably be expected to do the same. While it’s recommended that you get your FAFSA application submitted as soon as possible, be ready for a few glitches along the way.
In addition, there will be times when the application is pulled down for site maintenance and updates. The fact that these “pauses” will occur was announced by the U.S. Department of Education, but they will not be on a schedule.
It’s easy to get frustrated when the application process isn’t smooth, but it typically can be expected during a soft launch process.