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FAFSA/CADAA applications for 2024-2025

Better FAFSA, Better Future/Renewing the Dream

Big changes are coming to the FAFSA/CADAA 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. Updates to the FAFSA will reduce errors, remove barriers, and expand student eligibility for federal aid.

Historically, the FAFSA/CADAA applications for the upcoming year open on October 1st. This year the applications will be avaliable by 12/31/2023. For more information please visit 2024-2025 FAFSA updates

Updates to be aware of:

1. ALL students and ALL parents completing a FAFSA will need to create a FSA ID before completing the form. In preparation create your FSA ID NOW! Stop by the Financial Aid Office if you need assistance with this process.

2. EFC (estimated family contribution) will now be SAI (student aid index) and the calculations will see some changes.

  • The FAFSA/CADAA used to calculate the number of household members attending college into the EFC, dividing it proportionately to determine aid eligibility. Now, the application will still ask how many household members are in college, but your answer will not be calculated into the SAI. 
  • 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.

3. There will be a new term, contributors. This 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/CADAA 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 will also need to create an FSA ID, details coming soon.
  • 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.
  • CSAC is working on updating the CADAA to allow the parental signature into the original submission, which may eliminate the separate PIN creation process. NO FSA ID is needed for CADAA applications or parents.

4. The deadline for state grants has been pushed back to May 2nd, instead of March 2nd. It is recommended to have your FAFSA/CADAA submitted by that deadline to maximize your grants.

5. For additional information regarding whether your eligibility for aid will change, please use the Student Aid Estimator to plug in your information for 24-25. THIS IS NOT AN APPLICATION, just a tool to gauge eligibility.

 

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