A Guide to Maximizing the New and Improved FAFSA Process

The Free Application for Federal Student Aid (FAFSA) just got a major upgrade, and students should take full advantage.

The revamped FAFSA for the 2024-2025 school year expands access to financial aid and simplifies the process. With some strategic planning, students can maximize their opportunities to receive need-based aid and scholarships.

The biggest changes to the FAFSA benefit applicants in several ways.

• The form is streamlined to just 36 questions, down from over 100, making it faster and easier to complete.
• The ability to automatically import tax data from the IRS using the IRS Data Retrieval Tool saves time and reduces errors.
• For the first time, students can submit the FAFSA as early as October 1, rather than January 1. 

These improvements open doors for students to receive more generous financial aid packages.

Submitting the FAFSA earlier gives students more time to compare aid offers and negotiate with colleges. The simplified form also expands eligibility for federal grants like the Pell Grant, and students who previously didn’t qualify may now receive aid.

With more students qualifying for need-based aid, colleges may also increase their institutional scholarships and grants.

To make the most of the new FAFSA, students should start planning and take the following steps:

• Gather financial records, tax returns, bank statements, and investment records in September, before the October 1 start date. 
• Create an FSA ID for the student and parent in September. This enables automatic tax data retrieval and faster filing.
• Submit the FAFSA as close to October 1 as possible. Earlier is better, as some aid is first come, first served. 
• Research colleges’ financial aid policies and deadlines. Apply for all available scholarships, grants, and aid the schools offer.
• Once aid offers arrive, compare packages and negotiate with colleges to get the best deal. Explain any circumstances not reflected in the FAFSA.
• Consider appealing the financial aid decision if an offer seems too low. Provide documentation to support a request for additional aid.

The new and improved FAFSA opens up more opportunities for students to access financial aid for college. With proactive planning and negotiation, students can maximize their aid offers and get the most out of the simplified process.

The revamped FAFSA means more students achieving their college dreams with the help of grants, scholarships, and federal aid.