Applying for college can be stressful for students and parents alike. Add in the challenge of paying for higher education—it can all feel overwhelming.

Luckily, you’re not alone. Prospective college students and their families can turn to guidance counselors, admissions staff, and department heads for extra support on the admissions and financial aid process.

One of the most common steps students take to obtain financial assistance for college is completing the Free Application for Federal Student Aid, commonly known as the FAFSA. The FAFSA is so prevalent, in fact, that more than half of undergraduate students in the U.S. receive federal aid. At Goodwin University, 98 percent of students receive grants or scholarships to fund their higher education.

The FAFSA is an incredible tool for students seeking tuition assistance. If you are an incoming student or FAFSA applicant, however, it’s important to note that changes are soon coming to this federal form. As of the 2024-25 academic year, students can expect major updates to the way the FAFSA is structured, when it needs to be submitted, who is eligible for the FAFSA, and more. However, rest assured that many of these FAFSA updates are designed to simplify the application process, and the changes could very well benefit you.

This guide will provide you with the background knowledge you need to confidently apply for federal financial aid this year and in the years to come, with an in-depth look at what the FAFSA is, which new FAFSA updates are underway, and how to submit the FAFSA application.

What is the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is one of the primary sources of financial aid for students and their families. The information from this application determines an individual’s eligibility for federal financial assistance. Further, completing the FAFSA makes students eligible to receive a portion of the $38 billion of financial aid available, in the form of:

• Federal grants
• Merit scholarships
• Student loans
• State and school-based aid
• Work-study opportunities

So, it’s a pretty important form!

Fortunately, these days, the FAFSA can be quickly submitted online. And after completing the FAFSA in 2024, you will have a better idea of your options for paying for college.

Students should fill out a FAFSA every year they attend college, to apply for continuing federal aid.

Want to speak with someone about your financial aid questions? Contact our team here!

What’s new with the FAFSA in 2024?

All U.S. citizens and permanent residents who wish to be considered for government financial support for higher education expenses must complete the FAFSA annually to apply for federal financial aid.

First-time and returning applicants alike should be aware of (and understand) the new FAFSA 2024 updates, which improve and streamline the application process.

Seriously, the changes make it easier for everyone! Let’s examine these changes individually in more detail below.

Update #1: New deadlines

The new FAFSA 2024-2025 application launched on December 31st, 2023. The deadline to submit the 2024-2025 form is June 30th, 2025, so students still have time to get used to the various changes.

Keep in mind that some states and colleges have additional rules and deadlines for applying for financial aid, so be sure to check the website of the school you want to apply to, or speak with the school’s admissions team.

Update #2: Contributor designation

The term “contributor” is a new FAFSA designation in 2024. This refers to anyone (you, your spouse, your biological or adoptive parent, or your parent’s spouse) who’s asked to provide their information, consent, and approval to have their federal tax information transferred automatically from the IRS into the FAFSA form, and signature on your FAFSA form. Contributors must participate on an applicant’s FAFSA form to determine their eligibility for federal student aid.

Note: Unless they’ve legally adopted you, your grandparents, foster parents, siblings, and aunts and uncles are not considered contributors—even if they helped provide for or raise you, their tax information won’t be necessary to complete the FAFSA.

Dependent students’ parents will be identified as contributors. If parents are married but don’t file taxes jointly, each parent will be designated as a contributor. For married independent students, FAFSA will identify the independent student’s spouse as a contributor if students are married but don’t file taxes jointly.

Rest assured, applicants will know if they need to add contributors, as the new FAFSA online form will tell you based on answers to specific questions. In other words, adding contributors to the FAFSA application will be straightforward for you.

Update #3: Importing tax information

The third new FAFSA update in 2024 involves the International Revenue Service’s (IRS) requirement that applicants and their contributors consent and approve the transfer of applicants’ federal tax information into the FAFSA form.

This new process actually makes it much easier for families to fill out the form as they no longer need to locate their tax returns and manually enter the information.

Contributors must provide consent and approval even if they don’t have a Social Security Number (SSN), didn’t file a tax return, or filed a tax return outside the U.S. If you or your contributors don’t provide consent and approval, you won’t be eligible for federal student aid.

Update #4: Fewer questions

The new FAFSA application has significantly fewer questions than in previous years. In fact, some students will only need to answer 18 questions on the new form.

Additionally, students no longer must register for the Selective Service to complete the FAFSA, and drug-related convictions alone no longer disqualify applicants as the question is no longer included.

Update #5: FAFSA financial aid eligibility

In the past, the FAFSA application used the expected family contribution (EFC) to determine a student’s ability to pay for college and the amount of financial aid they can receive.

The new FAFSA, however, has replaced the expected family contribution (EFC) with the student aid index (SAI), which is based on the information that candidates and their contributors include in the FAFSA.

College financial aid offices use this index number to calculate need-based financial aid. Your need will be calculated by subtracting your SAI from the school’s cost of attendance.

This new formula allows candidates to qualify for additional federal and need-based Pell Grant funds. The grants consider family size, adjusted gross income (AGI), and poverty guidelines.

How to apply for the FAFSA in 2024

Now that you have all the major FAFSA updates summarized, it’s time to follow these steps and tips and apply:

• Step 1: Gather information about yourself and your family, including social security numbers, family size and income, personal income (if any), and a list of colleges you are applying to. With the FAFSA in 2024, applicants can list up to twenty colleges, whereas before, they could only list 10.
• Step 2: Obtain a Federal Student Aid (FSA) ID for you and your contributors, and then fill out the student and contributor information, including everyone’s financial information.
• Step 3: Double-check your information, sign, and submit the FAFSA online to the US Department of Education. They will typically process applications within three to five days if submitted online or within seven to ten days if submitted with a paper application.

There are multiple ways for students and their families to pay for college, but the FAFSA is one, if not the most important. Plus, with all the new FAFSA 2024 updates, applying for federal financial aid is now more streamlined and beneficial than ever.

Contact us for more information about Goodwin University’s financial aid eligibility and opportunities. Together, we can help you qualify for as much financial aid as possible!