2024-25 FAFSA FAQs

Normally the FAFSA® becomes available every October 1st for families to apply for the following year's financial aid. Due to the vast amount of directed changes, the Department of Education won't have it ready until December 31, 2023.

To start the FAFSA®, an FSA ID is required. An FSA ID (Account username and password) allows students and parents to identify themselves electronically to access Federal Student Aid (FSA) websites. Students and parents both must have an FSA ID to fill out the form, including parents without a Social Security number. The FSA ID username and password can be set up anytime on the Federal Student Aid website. You cannot set up an FSA ID and complete the FAFSA® on the same day, so it's important to get an FSA ID at least a few days before starting the FAFSA®. *Parents without an SSN will be able to get an FSA ID by providing answers to a series of knowledge-based questions drawn from that person's credit report.

The following are what every contributor will need to create an FSA ID:

1. A working e-mail address
2. A working phone number
3. Social Security Number (SSN)* see information above for parents without an SSN
4. Username & password for FSA ID

A Contributor is anyone who is required to provide information, consent, approval, and a signature on the FAFSA® form. Each contributor needs an FSA ID (basically a username and password) to log in to the application and complete the appropriate section. All contributors will have their own sections that can only be accessed and completed by them. There is one exclusion: if two contributors are married to each other and filed a joint return, only one contributor needs to secure an FSA ID and complete the FAFSA®. The last contributor completing a section of the FAFSA® will be permitted to submit the application.

Contributors are the following:

1. Student
2. Parent(s) – If student is considered a “Dependent student.”
3. Spouse – of Student/Parent – ONLY if the spouse filed their taxes separately.

Assets

As usual, the FAFSA® will ask for each contributor to report the value of cash, savings, and checking accounts, investments, and businesses and farms. New this year, every business and farm owner will need to report the business/farm value. If the parent(s) has income under $60,000, neither the parent(s) nor the student will need to report assets. 529 accounts still count as parent assets, but parents will only need to report the value of a 529 account for the student, and no longer need to report the value of 529 accounts for any other children. And new this year, withdrawals from 529 accounts owned by grandparents or other relatives will never need to be reported.

Divorced/Separated Parents

If parents are divorced or separated, only one parent will need to report information on the FAFSA® (along with that parent's current spouse if there is one). The parent who completes the FAFSA® should be the one who provided more financial support for the student over the previous 12 months (even if the student doesn't live with that parent). If neither parent provided support in the past year, the parent who provided more financial support in the most recent year that the student received financial support should complete the FAFSA®. If equal support was given by both parents, the parent with the higher income or assets should complete the FAFSA®.

IRS Consent Starting with 2024-2025 FAFSA®

Providing consent allows the Department of Education to use your name and social security number to match with the IRS so the IRS may share your tax information with the Department of Education to determine a student’s eligibility for federal student aid. Consent is mandatory for transferring federal tax information from the IRS and determining the student’s aid eligibility.

The FAFSA® collects the income information of every contributor on the application by pulling it directly from the federal tax forms on file with the IRS. Each contributor will therefore need to provide consent for the IRS to electronically send tax data over to the FAFSA®. Even if a person did not file a U.S. tax return, that person will need to provide consent for the FAFSA® to verify there is no tax return on file with the IRS. If a student (or student’s spouse) does not provide consent, the student will be ineligible for any federal aid. If a parent contributor refuses consent, the student may still be given the opportunity to receive a Direct Unsubsidized Loan.

Victims of tax-based identity theft or fraud will not be permitted to pull in their tax return data and will be asked to manually enter it instead. They do still need to provide consent for the student to be eligible for financial aid.

Family Size

Like previous years, the FAFSA® will ask for the number of people in the family. The form will make an assumption of that answer based on the number of filers and dependents on the parent(s)' tax return. If that number is not accurate (and the FAFSA® won't display the number to refresh your memory), you'll have the opportunity to manually enter a different number.  

Students who don't qualify as independent but aren't able to provide their parent(s)' information on the FAFSA® due to unusual circumstances can still submit the application and will be given provisional independent status. Any student with this status will likely need to provide additional information to the college to verify this status and be declared officially independent.

EFC = SAI – The SAI is replacing the EFC

The FAFSA® calculates a number for every student based on the information submitted on the form. That number is supposed to represent the family's financial strength and ability to pay for college. Schools use it to determine each student's eligibility for financial aid. That number was previously called the Expected Family Contribution (EFC). It's now referred to as the Student Aid Index (SAI).

SAR = FSS

After submitting the FAFSA®, a student will receive a FAFSA® Submission Summary (FSS). Previously called the Student Aid Report (SAR) the FSS compiles all the information submitted on the FAFSA® and provides the student's SAI.

Any incomplete FAFSA® will expire and disappear after 45 days, which means the form will need to be restarted after those 45 days have passed. Contributors who have not completed their sections will receive a reminder every 7 days to do so.