FAFSA Simplification Act

In 2019 Congress and the President signed the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act which included the FAFSA Simplification Act. As a result of the many changes included in the FUTURE Act, the 2024-25 FAFSA will be available by December 31, 2023.

Some of the changes students can expect because of the FAFSA Simplification Act:

1. Student and parent income (dependent students) will be a direct transfer from the IRS for all tax filers. The Data Retrieval Tool (DRT) will no longer be utilized. 
2. Independent students cannot include parental information in the 2024-25 FAFSA.
3. Dependent students whose parents are divorced or separated will need to include the income information for the parent who provides the majority of support for the student. Previously, students provided parental information based on where they resided.
4. The household size will be called family size and will be the number of exemptions from the federal tax return. Students will not be allowed to enter the number of family members on the FAFSA. 
5. The Expected Family Contribution (EFC) will be called Student Aid Index (SAI).
6. For dependent students with siblings in college, the number in college will not be taken into consideration for the SAI calculation and could affect financial aid eligibility.
7. Assets related to small businesses and family farms will be required starting with the 2024-25 FAFSA.
8. Once the 2024-25 FAFSA has been processed, students will receive a FAFSA Submission Summary (FSS) instead of the Student Aid Report (SAR).

9. Once the 2024-25 FAFSA has been submitted, changes will be allowed as of mid-April 2024. For additional information on the FAFSA correction process, visit the studentaid.gov website.

Please check back for further updates.