Understanding the 2024-2025 FAFSA: What You Need to Know
FAFSA 2024-2025 is approaching a soft launch and you should be ready!
This email is written by Program Director Jasmine Ngo
Tigerway Team Members and Families,
Exciting news for those preparing for the upcoming academic year: the soft launch of the 2024-25 Free Application for Federal Student Aid (FAFSA) is officially starting TODAY! This early start means that applying today could mean receiving your financial aid award as early as late February. Here's what you need to know:
Application Details:
Opening & Closing Dates: The FAFSA is open from today until July 1, 2024. Applying early increases your chances of securing aid.
Soft Launch: During this phase, the form will periodically be available as they address technical issues. If you encounter unavailability, try again later; your information will be saved. Their soft launch starts TODAY!
FSA ID Creation: To apply for financial aid, create your FSA ID ASAP. The approval process takes 2-3 days, and it's a necessity for your application.
Creating Your FSA ID: To create your FSA ID, visit the Federal Student Aid website and follow the steps provided. You'll need basic personal information and a secure username and password.
What to Prepare
Having your 2022 tax information, along with other financial documents like W-2 forms, bank statements, and records of investments, will help you with the process.
New Updates & Changes
The 2024-25 FAFSA brings significant updates, expanding eligibility for federal aid, including Pell Grants. Up to 610,000 more students from low-income backgrounds could qualify for Pell Grants due to revised aid calculations. Applicants might encounter as few as 18 questions (taking less than 10 minutes) depending on individual circumstances, making the process more efficient.
Expectations
Once submitted, you'll receive an email confirming receipt and preliminary eligibility details by late January. Your school(s) and state will receive your FAFSA information for personalized aid calculations thereafter.
Checking Your Status
Access your FAFSA Submission Summary on StudentAid.gov, available in late January. This summary provides your official Student Aid Index (SAI) and Pell Grant eligibility. Stay updated on your FAFSA status through the StudentAid.gov portal. Make sure to review your state’s eligibility and deadline information to make sure you’re up to date here.
We encourage you to take advantage of this soft launch and apply early to secure your financial aid for the upcoming academic year. As always, if you have any questions, reach out to your school's financial aid office or visit reputable online resources for guidance.
Check out our blog for more insight:
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Feel free to read the other emails that we’ve sent out from our Substack Email List - all public:
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
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