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Financial Aid

FAFSA Simplification Act

The FAFSA is Changing for the 2024-25 School Year

Here’s what you need to know…

Why is the FAFSA Changing?

» Due to the passing of the Free Application for Federal Student Aid (FAFSA) Simplification Act on December 27, 2020, as a part of the Consolidated Appropriations Act, the FAFSA is changing for the 2024-2025 aid year and beyond.

» These changes have resulted in a shorter, more streamlined version of the FAFSA that makes it easier for families to provide their federal tax information (FTI) and expands student aid eligibility.

What changes are happening?

HERE ARE THE CHANGES YOU CAN EXPECT: 

The changes from the FAFSA Simplification Act have been implemented in phases starting with the 2021-22 award year. The most significant of these changes are occurring with the 2024-25 award year.

2024-25 FAFSA Release Date

  • The FAFSA is being released in December 2023. This is only temporary - the FAFSA will be released on October 1st in subsequent years.
Streamlined Application Process
  • Modified FAFSA form with fewer questions and skip-logic so families only need to answer questions that pertain to their circumstance
  • Students with unusual family circumstances can apply for a “provisional independent” status and verify this status with the Financial Aid Office
  • FAFSA form now available in 11 different languages
  • Future Act Direct Data Exchange (FADDX), used to import your families’ tax information from the IRS, is replacing the IRS Data Retrieval Tool
New Terminology and Processes
  • EFC (estimated family contribution) is being replaced with the SAI (student aid index)
  • Students and parents need to provide “consent” in order to import federal tax information (FTI) from the IRS and complete the FAFSA
  • The term “contributor” now refers to anyone who is required to provide information on a student’s FAFSA. For more information on who is considered a contributor, please see our FAQ section.
  • The Student Aid Report (SAR) will now be referred to as the FAFSA Submission Summary (FSS). This is the summary submission document you receive after completing the FAFSA.
Pell Grant Eligibility

Roadmap

The following roadmap will provide you with an overview of the new FAFSA process and a timeline of events for both new and returning students. Dates and items will be added as we learn more about this implementation.

Before you start:

Create your FSA ID »

The student and any contributors who will be providing information on the FAFSA need to have an FSA ID prior to starting the FAFSA. This would include the student, the student’s parents or stepparents (if the student is dependent), or the student’s spouse (if married).

December 2023

The Free Application for Federal Student Aid (FAFSA) opens for the 2024-25 academic year.

Early/Mid Spring 2024

Estimated financial aid offers will begin going out to new undergraduate students in the mail (first-time and transfer).

Mid Summer 2024

Financial aid package notices will be sent to returning and graduate students via their Marywood student email account. Financial aid awards will be viewable in the MarywoodYou student portal.

2024-25 FAFSA FAQ Video Playlist

FAFSFA Form Tips

Frequently Asked Questions (FAQs)

Federal Student Aid (FSA) ID

The Department of Education has created a new process whereby a contributor can receive an FSA ID without an SSN through a secondary identity verification process.

Learn How to Create Your Account

The student and their contributor(s) must each have an FSA ID account with a unique email address and phone number (i.e. the same email address or phone number cannot be used to make multiple accounts).

If you have already created an FSA ID, you are all set to login when the FAFSA opens.

CREATE YOUR FSA ID or LOGIN »

To create an account, visit StudentAid.gov and click on “Get Started”. You will be asked to provide the following information:

  • Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • Full name
  • Date of birth
  • Email address
  • Mobile phone number

You can create an account at any time, but it is recommended that you create your account 1-2 weeks before starting the FAFSA since your account will need to go through a verification process with the U.S. Department of Education.

Contributors

The following individuals may need to provide their information on a student’s FAFSA (if applicable):

  • Student
  • Student’s spouse (if married)
  • Biological or adoptive parents
  • Parent’s spouse (stepparent)

The following individuals are not contributors:

  • Grandparents
  • Foster parents
  • Legal guardians
  • Siblings
  • Aunts or uncles

  1. The contributor will receive an email from studentaid.gov.
  2. The contributor should make a studentaid.gov account if they haven’t already.
  3. Log in to studentaid.gov using your account information.
  4. Review and complete your section of the FAFSA form.

Being a student’s contributor does not mean they’re responsible for the student’s college costs. In the case where a contributor does not wish to contribute to the student’s FAFSA, the FAFSA will remain incomplete and the student will be ineligible for federal student aid.

Consent

Yes, all contributors must provide consent so that the IRS can verify whether or not you filed taxes.

  • Starting with the 2024-25 FAFSA, all contributors (including the student) have to provide consent so the U.S. Department of Education can request your federal tax information (FTI) from the IRS.
  • If consent is not provided, the student will not be eligible for any federal aid.

By providing consent, you’re allowing the U.S. Department of Education to use your personal information to match your identity with the IRS. The IRS then shares your tax information so it can be added to the FAFSA form.

Financial Information and Assets

Some financial information previously excluded from asset reporting will now need to be reported including:

  • Child support received
  • Net worth of business, regardless of size or number of employees
  • Net worth of family farm (excluding primary residence)
  • Education savings accounts if the account is designated primarily for the student

No, the IRS Data Retrieval Tool (DRT) is being replaced with the Future Act Direct Data Exchange (FADDX). As long as you provide consent, your tax information will directly transfer from the IRS.

  • Starting with this new FAFSA, the parent that must be included on the student’s FAFSA is the parent which provides the most financial support (previously it was who the student lived with for the majority of the year).
  • Even if this parent did not claim the student on their taxes, they must still provide consent to transfer their tax data. If this parent is remarried, their spouse’s information must be provided also.