Big Changes are Coming to the FAFSA for the 2024-2025 Award Year! The FAFSA Simplification Act was passed by Congress in 2020 and includes the first major redesign of the FAFSA system in over 40 years.
A better FAFSA means a better future and will offer families an improved interface and seamless filing experience. Updates to the FAFSA will reduce errors, remove barriers, and expand student eligibility for federal aid.
The Department of Education will release the FAFSA for submission in December 2023. SU students should plan to file by Seattle U's priority of February 1.
Previously, users had the option to enter their tax information manually or use the IRS Data Retrieval Tool. Beginning with 2024-25, all persons on the FAFSA will be required to use the IRS Direct Data Exchange to share tax information or confirm non-filing status. This change makes it easier to complete the FAFSA and reduces the number of questions to be answered.
A contributor—a new term being introduced on the 2024-25 FAFSA—refers to anyone who is required to provide information on a student's form (such as a parent/stepparent or spouse). A student's or parent's answers on the FAFSA will determine which contributors (if any) will be required to provide information. Contributors will receive an email informing them that they've been identified as such and will need to log in using their own FSA ID to provide the required information on the student's FAFSA. Contributors without a social security number can still create an FSA ID at Create Account | Federal Student Aid. Being a contributor does not mean they are financially responsible for the student's education costs, but it does mean the contributor must provide information on the FAFSA or the application will be incomplete, and the student will not be eligible for federal student aid.
A notable terminology update within the new FAFSA is the replacement of the term Expected Family Contribution (EFC) with the Student Aid Index (SAI). This name more accurately describes the number used to determine aid eligibility and, unlike the EFC, the SAI may be a negative number down to -1500. Although, a negative SAI does not mean a student will receive more aid. Regardless of updates to the FAFSA your benefits from Seattle University's Institutional Gift Aid Guarantee will not change.
Previously, the FAFSA calculated the number of household members attending college into the EFC, dividing it proportionately to determine federal aid eligibility. Beginning with the 2024-25 FAFSA, the application will still ask how many household members are in college, but your answer will not be calculated into the SAI. As such, undergraduate SU students with siblings in college may see a change in their federal aid eligibility.
The net worth of a business is no longer limited to those with more than 100 full-time employees. Applicants will be asked to report the net worth of all businesses, regardless of the size of business.
The net worth of a farm now includes the value of a family farm, however; the value of a family's primary residence is still excluded.
Child support received will be reported as an asset on the FAFSA instead of as untaxed income.
Families making less than 175% and single parents making less than 225% of the federal poverty level will see their students receive a maximum Federal Pell Grant award. Minimum Pell Grants will be guaranteed to students from households below 275%, 325%, 350%, or 400% of the poverty level, depending on household structure. Pell awards between the maximum and minimum amounts will be determined by SAI.
Federal Student Aid Estimator | Federal Student Aid
With this tool, students can find out how much federal student aid they may be eligible for starting with the 2024–25 award year—note that this tool estimates the Student Aid Index (SAI) for 2024–25 award year, not the Expected Family Contribution (EFC) for 2023–24 award year.
To apply for financial aid for this year (2023-2024), complete the 2023–24 FAFSA® form.
The 2024–25 FAFSA form will be available in December 2023.
Seattle U’s gift aid guarantee means that your total institutional gift aid will not change! If you are continuously enrolled, continue to make satisfactory academic progress and file a Free Application for Federal Student Aid (FAFSA) annually, Seattle University guarantees the amount of institutional gift aid (grants and/or scholarships) that incoming undergraduate students will receive each year over the course of their attendance at the university.
The best way to be prepared, is to get prepared. Join us for one of 2 live webinars!
October 11, 2023 @ 12:00PM PST: https://seattleu.zoom.us/j/92672415418
November 15, 2023 @ 4:00PM PST: https://seattleu.zoom.us/j/99998455032