The FAFSA Simplification Act was created to streamline the Free Application for Federal Student Aid (FAFSA) process, making it easier for families to apply for financial aid for college.
What is the FAFSA Simplification Act?
The FAFSA Simplification Act makes several significant changes to the FAFSA process beginning the 2024-2025 academic year. Some of the key changes include:
- A Simplified FAFSA: The questions on the FAFSA form have decreased significantly. This will make it easier and faster when filling out the form.
- Elimination of the "Expected Family Contribution" (EFC): The EFC calculation, which determines a student's eligibility for need-based aid, has been eliminated and replaced with the Student Aid Index (SAI.) This establishes distinct criteria for determining eligibility for Federal Pell Grants. The new formula removes the number of family members in college to allow for a minimum SAI.
- If a student is eligible for the maximum Pell Grant, their SAI will be set to zero. However, the new SAI formula can calculate below zero, and go as low as -$1500. This will accurately determine how much aid a student is eligible for.
Families should check with the schools their child is considering to find out what other aid may be available, such as scholarships and grants. By simplifying the application process, the act aims to make it easier for students to access financial aid for college.
If you have any questions the Siena Financial Aid team is here to help! Contact us at (518)783-2427 or email at aid@siena.edu.
