What is the FAFSA Simplification Act?
The FAFSA Simplification Act will result in:
- a more streamlined application process
- expanded eligibility for federal financial aid
- reduced barriers for students; and
- a better user-experience for the FAFSA form
1. New Application release date: january 1, 2024
The 2024-2025 FAFSA application will not be available until January 1, 2024. Students and families who file the FAFSA should expect to receive their financial aid packages in April 2024.
2. Expected Family Contribution (EFC) to be replaced with the Student Aid Index (SAI)
Starting with the 2024–25 award year, students and families will see a different measure of their ability to pay for college. The new formula removes the number of family members in college from the calculation and implements separate eligibility criteria for Federal Pell Grants. The new formula gives Financial aid administrators more insight when making determinations for students with especially challenging situations.
3. Expanded Access to Federal Pell Grants
The FAFSA Simplification Act expands the Federal Pell Grant to more students and links eligibility to family size and the federal poverty level.