FAFSA Simplification

The Free Application for Federal Student Aid (FAFSA) Simplification Act was enacted by Congress as part of the Consolidated Appropriations Act of 2021. This law reduces the number of questions students will have to answer on the form, makes crucial changes to the Higher Education Act of 1965 to expand Pell Grant eligibility and removes outdated restrictions to make federal student aid more accessible to all students. The following changes will occur during the 2024-2025 aid year:

  • FAFSA completion date – Instead of opening in October 2023, the 2024-2025 FAFSA will not be available until December 2023. This is only temporary for 2024. After the 2024-2025 aid year, the FAFSA will be available in October as usual.
  • Streamlined application process – The FAFSA will feature fewer questions, fewer requirements, and retrieve tax information using a direct data exchange from the IRS instead of the previous IRS Data Retrieval Tool.
  • New terminology and information – The need analysis formula to determine financial aid, formally known as the Expected Family Contribution (EFC), will now be referred to as the Student Aid Index (SAI). The new formula removes the number of family members in college from the calculation, better reflects the FAFSA results, and implements a separate eligibility determination criteria for Federal Pell Grants.
    • The FAFSA is also introducing the new term, contributor, which refers to anyone who is required to provide information on a student’s FAFSA form. This includes the student, the student’s spouse, a biological or adopted parent, or the parent’s spouse. Being a contributor does not imply responsibility for the student’s college costs.
  • Expanding Pell Grant eligibility – The adjustments to the new Student Aid Index (SAI) calculation will expand Federal Pell Grant eligibility to more students.

FAFSA Timeline 2024-2025 Aid Year

December 2023 The Free Application for Federal Student Aid (FAFSA) for the 2024-2025 year opens.
Late spring 2024 Estimated Financial Aid Notices begin going out to undergraduate first-year and transfer students. If you are admitted to the University and have completed the financial aid process, you will receive an Estimated Financial Aid Notice. Returning students will not receive an Estimated Financial Aid Notice.
Mid summer 2024 Financial Aid Notices begin going out to students. If you have completed the financial aid process, you will receive a Financial Aid Notice from the Financial Aid Office in your University email account.

How to Prepare for the FAFSA

While the 2024-2025 FAFSA won’t be available until December 2023, you can still prepare by doing the following:

  • Create an FSA ID on the Federal Student Aid website and assist contributors, such as your parent(s), guardian(s), or spouse, in creating an FSA ID.
    • An FSA ID is an account and password that gives you access to the Federal Student Aid’s online system and serves as your electronic signature. Please note that the student and the contributor(s) may not share an FSA ID; your FSA ID is your signature, so it has to be unique to you.
    • With the FSA ID, you can fill out the FAFSA when it’s available, sign your Master Promissory Note (MPN), apply for repayment plans, complete loan counseling, and use the Public Service Loan Forgiveness Help Tool.
  • Complete the FAFSA as soon as it opens in December 2023.

FAFSA Resources

Federal Student Aid — What is the FAFSA Simplification Act?

Concord University FAFSA Information webpage

Concord University’s FAFSA School Code is #003810