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FAFSA Application: Find Out The Modification Made This Year

FAFSA Application; Source- MARCA

A vital resource for many youngsters aspiring to attend college is the Free Application for Federal Student Aid (FAFSA). For the 2023–2024 term, there were significant modifications made to the format and procedure. The government had underestimated how long the FAFSA simplification procedure would take. This is the reason that contrary to custom, candidates may access the form starting on December 31 rather than October 31.

FAFSA Application

FAFSA Application; Source- CNET

FAFSA Simplification Procedure

One of the main modifications to the application is the drop in questions from 108 to 46. Each applicant is now allowed to list 20 universities in their application, up from the previous limit of 10. Families who wanted to send multiple kids to college, however, faced a disadvantage. Due to the prior FAFSA’s emphasis on cash flow rather than revenue, families with multiple college-bound children were eligible for larger advantages. The reform did away with this. Parents will receive a 20% rise in the income protection allowance, independent students will receive a 35% increase, and single parents will receive a 60% increase.

Non Taxable Income

Certain non-taxable income categories, such as financial aid and payments made on the student’s behalf, will no longer need to be disclosed on the FAFSA. One of the biggest adjustments for kids whose parents are divorced is that the parent who fills out the FAFSA will now be the one who supports them the most, rather than the student’s living partner. Several improvements to the scholarship appeal procedure and the meaning of the cost of participation will be advantageous to applicants. The $50,000 asset reporting threshold was raised to $60,000.

Student Aid Index

To ascertain if a student is qualified for government aid, many factors must be considered. Because of this, there is no income threshold to apply for the FAFSA. The Student Aid Index (SAI) took the place of the Expected Family Contribution (EFC) in another modification to the FAFSA requirements. The last criterion is used by the authorities to determine how much aid the applicant is eligible for, along with the cost of attendance. That’s why, even if they think their child won’t get financial help, families whose kids are heading off to college still need to file their FAFSA. Because there are so many variables to take into account, you might not even be aware that you need assistance.

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