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2024-25 Major FAFSA Changes – New Formula
This is the third in a series of five posts about next year’s Free Application for Federal Student Aid, better known as the FAFSA. The FAFSA is your application for financial aid at USCB and determines whether you qualify for grants, work study, loans and some scholarships. The FAFSA has minor changes each year, but for 2024-25, the biggest changes in several decades are being implemented. Here is what you need to know.
Because of all the changes, the FAFSA won’t be available until December 31, 2023.
In the past when you submitted your FAFSA, the number that is the result was called the Estimated Family Contribution (EFC).. Now, that number is called the Student Aid Index (SAI).
However, the SAI is not calculated in the way as the EFC. The Department of Education has developed a new formula to determine the SAI. Since the questions asked about income, assets, family size and number in college are changing, the formula has to change too.
As a result of the new formula, some students will have increased Pell eligibility, while a smaller percentage of students will have decreased or no Pell eligibility.
Applicants may use Federal Student Aid’s Estimator to determine their SAI.
More information is available at USCB-FAFSA and 2024-25 Major FAFSA Updates.
We understand that the financial aid process can be confusing and complex, and we are here to help. Questions? Contact us at uscbfina@uscb.edu or 843-521-3104.
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