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- WHEN CAN I SUBMIT MY 24-25 FAFSA?
- You can do it now! The 2024–25 FAFSA form was available to students as of January of 2024. Submitting the FAFSA is the first and most important step to take on your federal student aid journey! Check out this helpful video to get started today: https://www.youtube.com/watch?v=Zkw463ke8ho
- WHAT HAPPENS AFTER I SUBMIT MY 24-25 FAFSA?
- GTC has already started receiving FAFSA records from the Department of Education. If you have already submitted a complete 24-25 FAFSA, we will email you by the end of April at the latest.
- WHAT HAPPENS ONCE GTC RECEIVES MY 24-25 FAFSA?
- WHAT DOES ‘FAFSA SIMPLIFICATION’ MEAN?
- There are fewer questions on the FAFSA form and new guidelines for the information required.
- APPLICANTS WILL BE REQUIRED TO USE THE IRS DATA EXCHANGE
- Previously, users had the option to enter their tax information manually or use the IRS Data Retrieval Tool. Beginning with 2024-25, all persons on the FAFSA will be required to use the IRS Direct Data Exchange to share tax information or confirm non-filing status. This change makes it easier to complete the FAFSA and reduces the number of questions to be answered.
- ALL "CONTRIBUTORS" MUST PROVIDE FINANCIAL INFORMATION
- A contributor—a new term being introduced on the 2024-25 FAFSA—refers to anyone who is required to provide information on a student's form (such as a parent/stepparent or spouse).
- To invite a contributor to your FAFSA form, you'll need to provide their name, date of birth, Social Security number, and email address. Obtain this information prior to beginning to complete the 2024-25 FAFSA.
- Being a contributor does not mean they are financially responsible for the student's education costs, but it does mean the contributor must provide information on the 24-25 FAFSA.
- THE STUDENT AID INDEX (SAI) IS REPLACING THE EXPECTED FAMILY CONTRIBUTION (EFC)
- Student Aid Index (SAI) will replace the previous Expected Family Contribution (EFC). Unlike the EFC, the SAI may be a negative number down to -1500. However, a negative SAI does not mean a student will receive more aid.
- The number of household members attending college will not be calculated into the SAI.
- The net worth of a business is no longer limited to those with more than 100 full-time employees. Applicants will be asked to report the net worth of all businesses, regardless of the size of business.
- The net worth of a farm now includes the value of a family farm.
- Child support received will be reported as an asset on the FAFSA instead of as untaxed income.
- SOME STUDENTS WILL AUTOMATICALLY BE ELIGIBLE FOR A PELL GRANT
- The new FAFSA seeks to expand eligibility for the Federal Pell Grant program. While some students may become eligible for higher financial aid amounts, it’s important to acknowledge that others might experience a reduction in their eligibility.