The new FAFSA
If you are seeking need-based financial aid to help support your college education, you and your parents will need to fill out the FAFSA, or Free Application for Federal Student Aid. It gathers information about the student’s and family’s financial situation to determine eligibility for grants, scholarships, and loans. FAFSA opens doors to funding opportunities that can make higher education more affordable.
Something to know, though, is that the FAFSA is currently undergoing major revision, and this year won't be available until December. Here is what we know so far about the 2023 changes:
1. The new form is shorter and simpler to fill out. The new FAFSA has only 36 questions, rather than the previous 130-plus. Keep in mind that Student Aid Index (SAI) replaces Expected Family Contribution (EFC), although these two terms are essentially identical in meaning.
2. The family’s contribution will no longer be divided by the number of students they have in college. Instead, the new SAI will represent what each student is expected to be able to pay. Siblings will no longer get a financial advantage for being in school at the same time.
3. For divorced parents, the parent who provides the most financial support has to file the FAFSA with their income and assets. In most cases, this makes the SAI much higher than if the custodial parent (who may have made much less) filed and reported, as they would have with previous years’ FAFSAs. It also includes spousal income for the remarried parent who makes the most.
4. The government will automatically collect your tax return data from the IRS for FAFSA purposes. Previously, parents had the option to import their tax data, but it didn’t happen automatically.
If you'd like guidance on how to fill out the FAFSA, about how to pay for college, or about any other aspects of the college readiness and admission process, use the contact form on my website to reach out and schedule a free consultation.
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