How Scholarship Providers Can Adapt to the “Better FAFSA”
The Free Application for Federal Student Aid (FAFSA) will undergo significant transformations in the upcoming 2024-2025 academic year. Let's dive into the changes and explore how providers can evolve alongside this important form.
Reduced Question Count: Get ready for a more concise FAFSA, featuring a mere 36 questions compared to the previous 108.
Role-Based Approach: The new FAFSA is adopting a role-based structure, ensuring that students and parents encounter only the questions relevant to their respective roles.
EFC Replacement with SAI: The Expected Family Contribution (EFC) is making way for the Student Aid Index (SAI). This shift, tied to family size and Federal Poverty Guidelines, opens avenues for students from low-income families with a potential negative SAI and increased financial aid eligibility.
Expanded Pell Grant Access and Increased Maximum: Pell Grant eligibility is expanding, the maximum Pell Grant amount is increasing, and currently incarcerated students will regain eligibility for Pell Grants.
In the face of these impending FAFSA changes, scholarship providers–especially those with early application deadlines or reliance on FAFSA data–must adopt flexible and proactive approaches. Collaboration and adaptability are the keys to a seamless transition in this changing FAFSA landscape. Here’s what you can do:
Educate Yourself: Dive into resources like NCAN's Better FAFSA Training Toolkit to stay ahead of the curve.
Seek Official Information: Rely on Federal Student Aid's Better FAFSA Financial Aid Toolkit. We especially like the invaluable "5 Things College Access Professionals Should Know" resource.
Share Information: Leverage NCAN's Better FAFSA Awareness Toolkit materials, including social media resources, to disseminate crucial information to students and families.
Provide FAFSA Completion Assistance: Host workshops and tutorials, or collaborate with other organizations to assist students and families in navigating the new FAFSA terrain.
Update Organizational Materials: Make changes like replacing EFC references with SAI references in all organizational and programmatic materials.
Consider Timeline Adjustments: If feasible, tweak your timeline to accommodate the delayed release of the 2024-2025 form. Smooth transitions make for happier applicants!
Alternative Financial Need Assessment Methods: Explore alternative methods like estimated SAI values, Pell Grant eligibility, and means-tested programs. Simplify financial need assessment with a limited question set via a straightforward rubric.
Still curious about how you can adapt to the Better FAFSA? Check out Student First Consulting’s Quick Guide: Assessing Financial Need for ideas and specific ways to update your application and selection processes to stay up to date with the FAFSA evolution.
