Exciting NEWS! The FAFSA
®
application is undergoing major changes!
The FAFSA Simplification Act represents a significant overhaul of the processes and systems used to award federal student aid starting with the 2024-2025 award year. This includes the Free Application for Federal Student Aid (FAFSA®
) form, need analysis, and many policies and procedures for schools that participate in federal student aid programs.
Historically the FAFSA®
became available on October 1
st
however because of the complexity of the changes, the FAFSA®
for next year will be available on December 31st.
What are the changes to the new application?
The changes to the application will simplify and streamline the application process for a better user experience. Important changes that will impact the FAFSA
®
form include:
The FAFSA will reduce the maximum number of questions from 108 to 46. Some students will not be required to answer all 46 questions with the new and improved interactive Web logic. This will streamline and simplify the application process to allow faster submissions that are more accurate.
The new form will now allow for students to list up to 20 colleges as opposed to 10 colleges on previous application.
Contributors are individuals, such as a parent or spouse that may be required to provide information on an applicant’s FAFSA depending on the applicant’s dependency or marital status.
Previously known as the EFC, the SAI Student Aid Index will determine aid eligibility and unlike the EFC, it may be a negative number down to -1500.
The FAFSA Simplification Act will expand the Federal Pell Grant to more students and will link eligibility to family size and the federal poverty level.
For dependent students, FAFSA must now be completed by the parent who provides the most financial support to the student. Previously, the FAFSA included financial information from the parent the student lived with the most in the last 12 months.
A student and parent(s) previously had the option of using the IRS Data Retrieval tool directly from the FAFSA application, however with the new form, it will require the use of this tool to determine aid eligibility. All persons on the application will need to provide consent for the government to transmit income information from the IRS. This method will increase accuracy of information reported and may reduce selection of verification.
Please note: Student and parent(s) who filed a tax return through a foreign government or relevant tax authority of a U.S. territory (Guam, American Samoa, the U.S. Virgin Islands) or commonwealth (Puerto Rico and Northern Mariana Islands) will need to manually enter their tax information and earnings as it pertains to the 2022 tax year.
Previously, the FAFSA was impacted by the number of household members attending college to determine federal aid eligibility. Beginning with the 2024-2025 FAFSA, the application will still ask how many household members are in college, but it will not have an impact in the student’s aid eligibility.
Although family size will be determined by the dependents claimed on taxes filed, it can be adjusted if it does not reflect the student’s current family size.
Child support will be treated as a parent asset. Additionally a family’s small business or family farm will now need to be provided as assets. However, the value of a family’s primary residence is still excluded.
What’s Changed for the 2024–25 FAFSA® Form?
What is a Student Aid Indexor SAI? (Previously known as EFC) is a number that determines each student’s eligibility for certain types of federal student aid.
What is a FAFSA
®
Submission Summary?(Previously Student Aid Report) is an electronic or paper document that summarizes the information you reported on your Free Application for Federal Student Aid (FAFSA
®
) form.
What is a Contributor (s) on the FAFSA
®
application? Contributors are individuals, such as a parent or spouse that may be required to provide information on an applicant’s FAFSA
®
depending on the applicant’s dependency or marital status.
For dependent students with separated or divorced parents, the parent providing the most financial support must be included on the new FAFSA
®
.
What is the FUTURE Act Direct Data Exchange or FA-DDX? A Secure method where the Department of Education will be allowed to access tax information held by the IRS pertaining to FAFSA
®
applicants—and, where applicable, their parents and spouses.
NOTE: 2024-25 FAFSA
®
changes are being implemented by the U.S. Department of Education. Information on this webpage is subject to change as new information becomes available.
For many students, financial aid can greatly affect their decision about which institution to attend. The only way to tell if you are eligible to receive aid is to apply for it. Many factors are taken into account when awarding aid. Financial aid includes loans, part-time employment, grants, or scholarships offered for the express purpose of helping a student pay education-related expenses. Aid can be provided by federal, state, institutional, or private agencies. Qualifying for these awards depends on your financial need and the funds available. For full consideration of Marymount Manhattan College’s need-based grants and federal aid programs including student and parent loans, all students must have a Free Application for Federal Student Aid (FAFSA) on file that is officially processed by the Department of Education, no later than January 1.
Eligibility requirements for most financial aid programs at MMC are listed here. Some programs have additional eligibility requirements. You must:
Be a U.S. citizen, national or permanent resident alien
Be enrolled or accepted for enrollment, at least halftime, in a degree program
Make satisfactory academic progress towards a degree
Not be in default on a loan or owe a repayment on a previous financial aid award received at Marymount Manhattan College or any other institution
Demonstrate financial need
Students can submit the FAFSA online at studentaid.gov. Continuing students must reapply for financial aid each year. Marymount Manhattan College’s Federal School Code is 002769.
Your FSA ID is your identifier to let you access personal information in various U.S. Department of Education systems, including applying for Federal Student Aid. You can create a user name ID and password at studentaid.gov. Your FSA ID can be used to:
Use as an electronic signature to sign the FAFSA or obtain a copy of your FAFSA information
Make online corrections to your FAFSA
Review your online loan and grant history on the National Student Loan Data System
Important Note: Because your FSA ID serves as your electronic signature, you should not give your user name and password to anyone.
All students who complete the Marymount application for admission or the Common Application For Admission are automatically considered for scholarships. Please check out information for scholarships listed under Financial aid options.
