IMPORTANT NEWS ABOUT THE NEW FAFSA FOR 2024-2025
What You Need to Know About Next Year's FAFSA; Your Key to Financial Aid
This email is written by Jasmine Ngo
Tigerway Team Members and Families,
We have some important news regarding the upcoming year's Free Application for Federal Student Aid (FAFSA). In this email, I will provide you with essential information on what you need to know when applying for FAFSA for the years 2024-2025.
First, I want to highlight one of our Private Coaches, Cody Ho, a Tigerway Alumni. He has helped many students improve their scores, including Siena! Cody has met Siena a couple of times and has already helped her improve her score by over 120 points!
What You Need to Know about 2024-2025 FAFSA
Mark your calendars for December 1st, 2023, as the 2024-25 FAFSA will be opening for applications instead of October. Be mindful that some college applications are due in January, so you will have less time to fill the FAFSA out!
Be prepared for different questions on the FAFSA. The form has been going through several modifications to make it easier for students and families to fill out the questions easier and quicker. Last year the questions on the FAFSA decreased. This year, we expect to have around 30-40 questions!
The FSA ID is now more critical than ever. Before starting the FAFSA, both students and parents must obtain an FSA ID, even if parents don't have a Social Security number. Look out for more information on this process coming this summer.
Changes in parent inclusion on the FAFSA. For dependent students with separated parents, the parent who contributes 50% or more toward their child's financial needs is responsible for completing the FAFSA. In the past, FAFSA would have the custodial parent fill out FAFSA.
Consenting to direct data exchange (DDX) is necessary. Every contributor on the FAFSA, including those who didn't file taxes, must consent to DDX. This process allows the IRS to share federal tax information with the Department of Education and colleges listed on the FAFSA to calculate the Student Aid Index (SAI). The SAI will determine eligibility for federal financial aid.
Switching to the Student Aid Index (SAI). After submitting the FAFSA, students will receive an SAI instead of an Expected Family Contribution (EFC). The SAI will be used by financial aid offices and the government to determine financial aid eligibility. Students with an SAI of 0 or below will be eligible for a full federal Pell Grant, and it's expected to increase the number of Pell Grant recipients.
Make sure you know your Adjusted Gross Income (AGI) to help calculate your pell grant eligibility. Here is a Pell Grant Estimate Calculator to see how much you would potentially get from FAFSA: https://studentaid.gov/aid-estimator/
Potential decrease in financial aid eligibility. With the new SAI formula, some students may experience a decrease in their financial aid eligibility. The SAI does not account for siblings in college and requires the reporting of net worth for businesses and farms as assets. Students facing these scenarios should consult their financial aid office to prepare for any adjustments to their aid.
For more information about the new FAFSA form
REMEMBER DECEMBER 1ST, 2023, the earlier you get it done the earlier you are considered for more aid.
At Tigerway, we help our students achieve success on both the current and new Digital SAT. We strive to keep our students up-to-date with our wide collection of resources from our digital library. In addition, we assist students in developing effective strategies for tackling SAT problems and provide individualized support to help each student reach their goals.
Our Online Private Coaching program supports SAT/ACT, High School Courses (Regular/Ap), and College Admissions Strategy. If you are interested in our program, please contact me, Program Officer Jasmine Ngo, or Coach Larry Cheung. Please give us a call today for a roadmap session on how academic coaching, SAT/ACTs, and college consulting can help you. We currently have a waitlist for private coaching and it will be first come first serve.
Feel free to read the other emails that we’ve sent out from our Substack Email List - all public:
2 Digital SAT Problems to solve if you’re taking it in 2024
How to think about planning ahead for College Admissions as an underclassmen
What hard work can do for you in terms of personal growth and SAT Scores rising
Tigerway is a proud Founding Member of the National Test Prep Association (NTPA) where the NTPA consistently communicates with the College Board’s SAT Exam Team and ACT Exam to understand the future of academics and standardized testing.
Connect with us Today - get your Grades, SAT/ACT Scores, and increase the likelihood of admission offers into the most selective U.S. Universities:
Text us directly on our website: https://www.tigerwayprep.com/
Or book a call with our program officer Jasmine Ngo to get priority status on the private coaching waitlist where our private coaches help students academically and with individualized college strategy.