FAFSA Updates and Answers
FAFSA 2024/2025
The significant improvements to the 2024–25 FAFSA form expand eligibility for federal student aid, helping an estimated 610,000 more students get Federal Pell Grants. Recipients will receive more aid, with nearly 1.5 million additional students receiving the maximum Pell Grant award. The new FAFSA form also provides a streamlined user experience for students and their families. Millions of students and families will benefit from the Department’s effort to streamline the FAFSA experience, so applicants only see relevant questions based on the answers they provide.
You may have questions regarding these changes. Our financial aid department is here to help answer any questions. Please feel free to contact finaid@vig2.net or (616) 632-2893.
File the 2024-25 FAFSA
Completing the FAFSA is the best way to maximize a student’s potential financial aid eligibility. The State of Michigan also uses this information to determine eligibility for state grants, so students do not need a separate application for state aid.
Delays in Financial Aid Packages
In their most recent press release, the Department of Education states they are targeting early to mid-March to send FAFSA information to ALL institutions.
Because all institutions need this information to create financial aid packages, complete Financial Aid offers for students and families will be delayed as well.
Once Aquinas has received FAFSA information from the Department of Education, we will package and send out a Financial Aid offer as soon as possible to assist students and families in determining the true cost of attending Aquinas College.
More Information about the 2024/2025 FAFSA
- The FAFSA will be available this year in December 2023 instead of Oct. 1.
- The FAFSA will be streamlined and more user-friendly with fewer questions.
- The Student Aid Index (SAI) will replace the Expected Family Contribution (EFC).
- Federal aid eligibility will be extended to more students.
- IRS Direct Data Exchange (DDX) makes entering tax information easier and will require students, spouses, and parents to transfer their 2022 tax information or non-filing status.
- The number of family members in college will no longer factor into the FAFSA calculation.
- Untaxed items such as payments to tax-deferred retirement or pension plans, veteran’s non-educational benefits, and worker’s compensation will no longer be required.
- Parent assets will now include the net worth of all businesses and the net worth of a family farm, if applicable.
- For divorced or separated parents: The parent who provided the most financial support to the student will need to provide their information. Previously, the parent whom the student lived with the most provided their information.
- Everyone contributing to the FAFSA form online must have an account on the Federal Student Aid (FSA) website. Each contributor, including the student, will access their account with their own FSA ID (account username and password).
Student Aid Index (SAI): Calculated by FAFSA data and will determine student aid eligibility. This replaces the EFC that was used in previous years.
Cost of Attendance (COA): COA includes tuition and fees, food and housing, books and supplies (including course materials and equipment), miscellaneous expenses, and transportation.
Contributor: A parent, step-parent, student, or spouse of the student who is providing information to the FAFSA.
Consent: Required from all contributors in order for the IRS to share tax data directly to the FAFSA. If any contributor does not provide consent, the student will automatically be ineligible for aid.
Direct Data Exchange (DDX): Previously known as IRS Data Retrieval; this tool imports tax data directly from the IRS to your FAFSA.
FAFSA Submission Summary (FSS): A summary of your completed FAFSA information. This replaces the Student Aid Report (SAR) that was used in previous years.
There is a Federal Student Aid Youtube Channel with lots of great resources and the latest information. Check out their video explaining the 2024/2025 FAFSA changes below.
FAQ
What information will I need to complete the FAFSA?
Students and any other contributors require a Federal Student Aid (FSA) ID.
GET AN FSA IDThe parent who provides the most financial support to the student should be the contributor. If that parent is remarried, their spouse will also need to be included in the parent information section.