The revised Free Application for Federal Student Aid (FAFSA) is finally available!
The form has been shortened significantly. Instead of 108 questions, you'll be required to provide information on 36 questions and it will be easier to upload your supporting tax documents.
The Department of Education (DOE) has also modified formulas used to calculate aid, resulting in more Pell Grant eligible students. Pell Grants do not need to be repaid so this is a plus. However, but the DOE removed the sibling discount which means families with more than one student in college may get less assistance.
To get started, you'll need to set up a FSA ID which can take up to three days for verification. Start here and then once verified, one parent will need to complete the form (regardless if filing separately or jointly). Email addresses, social security number and mobile phone numbers are required. If the taxes filed in 2022 are no longer representative of your current financial situation, make sure you have all the electronic files or documentation to support the changes. There will not be a lot of time to adjust since schools have started sending acceptance letters and their timetable for offering merit or needs-based aid will be significantly shortened due to the late release of the new FAFSA form.
The new FAFSA does not link state applications which is also new. If you live in Iowa, Mississippi, Minnesota, Pennsylvania, New York, New Jersey or Vermont, you'll need to fill out a separate aid application. Also, be sure to check with your college, university or tech program about their requirements. It may be more efficient to send current documentation directly to the financial aid office to avoid any potential delays. Most schools will be back on campus by January 3, 2024 and this will be an extremely busy time for financial aid offices. Be patient as most spring semester classes start within the next two weeks.
Finally, the FAFSA is FREE. Never pay anyone to help fill out the form! With the new form and scammers seeking easy targets, there will be lots of misinformation and opportunities to fraud those seeking answers. Check the DOE website first, then reach out to a trusted financial advisor, high school counselor or college consultant if you need assistance. The Help Center has a searchable database for common questions...start there first.
