2024-2025 FAFSA will be available by December 31st, 2023

This page was last updated on: 11/15/23

FAFSA changes by the U.S. Department of Education are not yet complete. Information on this webpage will be updated as new information becomes available. 

MLC Application Deadline is not changing!

Financial Aid applications are due the same day as tax day: any student applying for financial aid will need to submit application information to the financial aid office by APRIL 15, 2024.

Students applying only for spring semester have a deadline of NOVEMBER 1, 2024.

What’s Changing?

Changes to the FAFSA

Several elements have been modified to facilitate a simpler user experience.

A significant change in the 2024-25 FAFSA will be the reduction of untaxed income items included in the SAI calculation.  The following items are no longer included:

  • Housing, food, and living allowances paid to member of the military and clergy
  • Veterans non-education benefits
  • Other untaxed income
  • Money received or paid on behalf of the student

A contributor refers to anyone who is required to provide information on a student’s FAFSA, including 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.

  • You, the student, will need the contributor’s name, date of birth, Social Security Number (SSN), and email address to invite them to complete the required portion of your FAFSA.
  • Contributors will need to provide personal and financial information on their section of your FAFSA. They will only be able to see and complete their own specific sections of your FAFSA.
  • All Contributors must provide consent to have their federal tax information (FTI) transferred directly from the IRS to the FAFSA. If consent is not provided by all parties, you will not be eligible for federal, state, or institutional grant aid. In previous years, transferring IRS data was optional; moving forward, it’s required.

The IRS DRT will be replaced with the Direct Data Exchange (DDX)

  • EVERYONE (students, spouses (if applicable), and parents) will need to consent to have their Federal Tax Information (FTI) imported into the FTI module.
  • All Contributors must provide consent to have their federal tax information (FTI) transferred directly from the IRS to the FAFSA. If consent is not provided by all parties, you will not be eligible for federal, state, or institutional grant aid. In previous years, transferring IRS data was optional; moving forward, it’s required.
  • To provide consent, the individual will need to access the FAFSA with an FSA ID that has been matched with the Social Security Administration (SSA).
  • Federal tax filers will have their tax information imported into the FTI module. No tax income will transfer into the FAFSA, but tax data will be sent to the colleges listed on the FAFSA.
  • Non-tax filers must also check the box to consent. When IRS Data is accessed, the process will verify non-filing status.

The number of people in your family size will be automatically pulled in from your Federal Tax Information (FTI).

The number of family members in college will still be asked on the FAFSA®, but it will be excluded from the federal, state, and institutional financial aid calculation.

The net worth of any small business and/or farm assets must be included on the FAFSA®.

Remember, net worth = asset value minus asset debt.

EFC is now SAI

The final figure calculated by the FAFSA® will no longer be called the Expected Family Contribution (EFC). Rather, it will be called the Student Aid Index (SAI) to more accurately describe how that number is used to determine financial aid eligibility.

Student Aid Report (SAR) is now FAFSA® Submission Summary

The Student Aid Report (SAR), which is the confirmation of submitted information, will now be referred to as the FAFSA Submission Summary.

What’s NOT Changing?

Goal of the FAFSA Remains

Students seeking financial aid assistance will complete the FAFSA every year.

The FAFSA® will continue to be made available on an annual basis for federal financial aid consideration and students must meet the eligibility requirements.

Students will also need to complete the MLC Financial Aid Application.

The requirement that determines whether or not you, the student, are required to provide parent information on your FAFSA® will remain the same. The FAFSA® includes a series of questions and you must be able to answer ‘Yes’ to at least one question to be considered Independent for financial aid purposes. Read more»

The FAFSA will use prior-prior tax data (2022 tax information for the 2024-2025 academic year).

If you or your family have experienced significant changes in income or have expenses that are not reflected on the FAFSA, your special circumstances may be eligible for a professional judgment. Read More»

An FSA ID is a username and password that you must use to log in to certain U.S. Department of Education (ED) websites. Your FSA ID identifies you as someone who has the right to access your personal information on ED websites such as the FAFSA.

To create your FSA ID, please go to https://studentaid.gov/fsa-id/create-account/launch.

Still have questions?

Additional information is provided directly from the Department of Education at the links below. Or contact our office directly for more information.

FAFSA Simplification FAFSA Tips Contact Us

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