FAFSA® Simplification

The President of the United States signed the Free Application for Federal Student Aid (FAFSA®) Simplification Act into law on December 27, 2020. As a result, the FAFSA® is changing for the 2024–25 academic year (Fall 2024, Spring 2025 and Summer 2025) at every institution of higher education in the United States.

Jan. 30, 2024 Update: Colleges and universities will not begin receiving FAFSA data from the U.S. Department of Education until mid-March, 2024. Please visit our Net Price Calculator for additional financial information regarding your 2024–25 cost of attendance estimate. 

What Is Changing?

  • The 2024–25 FAFSA® will not be made available to students and families until Dec. 31, 2023. The FAFSA® will return to its recent October launch timeline in the following year (2025–26).
  • The 2024–25 FAFSA® and future FAFSA® will feature fewer questions, fewer requirements, and retrieve tax information using a direct data exchange from the IRS.
  • The need analysis formula to determine financial aid, formally known as the Expected Family Contribution (EFC), will now be referred to as the Student Aid Index (SAI). The new formula removes the number of family members in college from the calculation, better reflects the FAFSA® results and implements a separate eligibility determination criterion for Federal Pell Grants.
  • The FAFSA® is introducing the new term contributor, which refers to anyone who is required to provide information on a student’s FAFSA® form, including the student, the student’s spouse, a biological or adopted parent or the parent’s spouse. Being a contributor does not imply responsibility for the student’s college costs.
  • The adjustments to the new Student Aid Index (SAI) calculation may expand the number of students eligible for a Federal Pell Grant.

How Can You Prepare?

While the 2024–25 FAFSA® won’t be available until Dec. 31, 2023, you can still prepare by doing the following:

  • Create your FSA ID on the Federal Student Aid website and assist contributors, such as your parent(s) or spouse, in creating an FSA ID.
    • An FSA ID is an account and password that gives you access to the online FAFSA® and serves as your e-signature.
    • With the FSA ID, you can fill out the FAFSA® when it’s available, sign your federal student loan Master Promissory Note (MPN), complete loan counseling and apply for repayment plans once you graduate.
  • Complete the FAFSA® as soon as it opens on Dec. 31.

Susquehanna’s 2024–25 Financial Aid Timeline

The following timeline provides an overview of upcoming changes due to the FAFSA® Simplification Act. Additional dates will be added as we are provided more information.

  • Dec. 31, 2023 — The Free Application for Federal Student Aid (FAFSA®) for the 2024–25 year opens.
  • March 15, 2024 — Priority deadline for filing the FAFSA®. Admitted first-year students are eligible for a FAFSA® Grant of $1,000 per year — renewable if the FAFSA® is submitted annually — for four years. Your FAFSA® must be filed with SU’s school code (003369) by March 15, 2024. Students who are awarded Tuition Exchange or Tuition Remission are not eligible.
  • Late March 2024 — Incoming admitted students with an eligible FAFSA® on file with Susquehanna University (School Code: 0036900) will begin receiving their comprehensive financial aid offer letter that highlights their net cost (direct costs minus financial aid) to attend Susquehanna University during the 2024–25 academic year.
  • April 2024 — Enrolling and current students will begin to receive payment options information for the 2024–25 academic year, including but not limited to, payment plans, private financing and external scholarships.
  • June 2024 — Current, returning students with an eligible 2024–25 FAFSA® on file will begin receiving their comprehensive financial aid offer letter via the United States Postal Service that highlights their net cost (direct costs minus financial aid) to attend Susquehanna University during the 2024–25 academic year.

  • July 2024 — Enrolling and current, returning students will receive their first e-statement notification denoting their fall 2024 semester balance due by Thursday, Aug. 1.

Frequently Asked Questions

 

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