Navigating the educational financial landscape just got a makeover with the Free Application for Federal Student Aid—FAFSA 2024, Marca reports. Significant alterations to the process and criteria are reshaping the aid application experience for students and their families.
FAFSA 2024 Timeline and Questionnaire Transformation
Breaking from tradition, the FAFSA for the 2023-2024 academic year became accessible to applicants on December 31, a departure from the usual October 31 availability. Simultaneously, the number of questions on the application underwent a substantial reduction, shrinking from 108 to a more manageable 46.
Applicants now have an expanded canvas to showcase their educational ambitions as the cap on the number of universities included in the application jumps from 10 to 20.
However, families with multiple aspiring college entrants face a shift, with the emphasis on cash flow over income removed, potentially impacting benefits for households with more than one child heading to college.
FAFSA 2024: Fine-Tuning Financial Considerations
Beyond these changes, the income protection allowance witnesses a boost for parents, independent students, and single-parent students. Notably, certain types of non-taxable income no longer require reporting on the FAFSA.
The FAFSA also addresses the dynamics of divorced parents, with the responsibility for submission falling on the one providing the most support, altering the previous living arrangement criteria.
Applicants engaging in the financial aid appeals process can anticipate a series of changes in their favor, including an increased asset reporting threshold from $50,000 to $60,000.