Rev. Brian J. Shanley, O.P. President | St. John's University website

Sweeping changes have come to the Free Application for Federal Student Aid (FAFSA®) for the academic year 2024–25, aimed at simplifying the filing process. The new version of the federal government's financial aid application may make life easier for parents and students, although it will take some time to understand and adjust to the changes.

Eileen M. Flood, Assistant Vice President of Student Financial Services, Compliance, and Bursar at St. John's University, acknowledges that the application and the application process itself are changing. She believes that families may need some time to grasp the changes, but assures them that St. John's is ready to support students and parents through the changes with counselors available to answer questions and planned workshops to guide families through the process.

The FAFSA® is the official form used to apply for federal financial aid for college. It is also used by many states and individual colleges and universities in making their financial aid decisions. The new FAFSA® has been substantially simplified, with over 100 questions pared down. The US Department of Education promises better interaction with the Internal Revenue Service (IRS).

In the past, students and parents could use the IRS Data Retrieval Tool to input tax return information. However, the new FAFSA Simplification Act requires the use of data directly received from the IRS. This more direct means of data sharing is expected to lead to increased rates of FAFSA® completion. It is important to note that without the new consent, students will not be eligible for federal financial aid.

One significant change is the replacement of the Expected Family Contribution (EFC) with the Student Aid Index (SAI). The SAI serves as a number used to determine a student's eligibility for certain types of federal aid. The new FAFSA® also allows for family financial information to be shared with 20 schools, an increase from the current limit of 10.

For students whose parents live apart, the 2024–25 FAFSA® will require information from the parent who provides the most financial support to the student, rather than the parent with whom the student lived with most the prior year. Child support received will no longer be counted as untaxed income; instead, it will be treated as an asset.

The FAFSA Simplification Act is also expected to expand the Federal Pell Grant to more students. The Pell Grant is the federal government's primary grant for undergraduate students with exceptional financial need who have not earned a bachelor's degree. Eligibility for the grant will now be linked to family size and the federal poverty level.

One change that may impact families with multiple children in college is the removal of the "Sibling Adjustment." The new formula for calculating financial aid removes the number of family members in college from the calculation.

Maryanne Twomey, Executive Director of Financial Aid, Institutional and External Programs at St. John's University, believes that simplification is always better. She is confident that the ability to import data directly from the IRS will streamline the process and ultimately benefit students.

While these changes may take some time to adjust to, St. John's University assures students and parents that they are ready to provide support and guidance throughout the application process.