There's a new FAFSA in 2024. Here's what college students and parents need to know
If you're a high school senior or a current college student, you'll want to add this to your to-do list: fill out the Free Application for Federal Student Aid, also known as the FAFSA.
The FAFSA typically opens in October, but changes to the application delayed its opening date to Dec. 31. That means students and their families have a smaller window to apply before college decision day May 1.
The Enquirer talked with two experts about the new FAFSA: Jack Wallace, director of governmental relations at the Arizona-based educational consultant group Yrefy, and Catherine Brown, senior director of policy and advocacy for the National College Attainment Network, a college access advocacy organization. Read their advice below.
More from USA TODAY: A simpler FAFSA's coming. But it won't necessarily make getting money easier. Here's why.
When does the FAFSA open for 2024?
Dec. 31, 2023.
When should I fill out the FAFSA?
As soon as possible.
"It's really important to complete it ASAP because the money that you get through FAFSA − which is scholarships, grants, work study, student loans − is on a first come, first serve basis," Wallace said. "So that bucket of money is, you know, not bottomless."
Applicants who fill out the FAFSA later may only qualify for student loans and not scholarships or work study programs, he said.
What should I do before the FAFSA opens?
Go to the FAFSA website, www.studentaid.gov, to make an account.
Students who have filled out the FAFSA in previous years already have an account. Wallace said it's a good idea to log on before the application opens to make sure your information is up to date.
Students with questions should approach their school counselor or call the university's financial aid office before the FAFSA opens, he said.
Why is the FAFSA different this year?
For about a decade, advocates including the National College Attainment Effort have worked to make the FAFSA easier and more accessible for students. There's also an effort this year to make the formula more transparent so students and families can better guess how much aid they should get. It's now available in more languages, too.
One of the most exciting changes this year, Brown said, is the expansion of eligibility for Pell Grant dollars. Federal Pell Grants are usually awarded to undergraduate students who display exceptional financial need. Last year eligible students received up to $7,395. These grants don't need to be repaid.
"It's free money on the table," Brown said. "It's just available for the taking for any student that's eligible."
The federal government said an additional 610,000 students from low-income backgrounds will be eligible to receive Federal Pell Grants this year.
Does any federal student aid go unclaimed?
Yes.
Some $108 million in federal Pell Grant funds were left on the table in Ohio last year, Brown said.
"There's really thousands and thousands of students in Ohio that could be receiving Pell Grants and they're not filling out the FAFSA, so they're not getting that money," she said.
What does the condensed timeline mean for schools and students?
Since the FAFSA is opening later than usual, universities will have less time to put together scholarship award letters for students, Wallace said.
That could mean students will go longer without all of the details they need to make informed decisions about which college to attend.
Will the FAFSA open late next year, too?
No. Next year the FAFSA should open in October as usual, Wallace said.
Do you have to import tax return data into the FAFSA?
Yes.
This year applicants will link their information from the Internal Revenue Service to their FAFSA, which automatically downloads required income information. Students and their parents have to approve this action in order to receive aid.
How long does it take to complete the new FAFSA?
There are fewer questions on the form this year, Brown said.
Some applicants will only need to complete 18 questions, according to the Federal Student Aid website. It could take less than 10 minutes.
This article originally appeared on Cincinnati Enquirer: When is the FAFSA for college financial aid due for 2024?
