FAFSA 2024-25 will see many dramatic changes.
If you’ve been following the news or watching our YouTube channel, you know that the implementation of the FAFSA Simplification Act is underway.
As previously discussed, many of the changes in the legislation are steps in the right direction to make college less of a financial burden (notice we didn’t say affordable) on students and their families.
One still-to-come change takes a significant step backward for many families. This major change takes effect during the 2024-25 school year.
It’s the loss of benefit for having multiple students enrolled in college simultaneously. This benefit can range from $3,000 to $12,000 depending on the number of students and the school(s) they attend.
Under the new rules, families will lose this benefit.
How this will impact families has been explained with scenarios in multiple published articles. You can read one example here. Yet, it appears that many families and even some high school guidance counselors are unaware of the upcoming changes to aid.
Remember that filing the FAFSA is always one year ahead, i.e., this year’s high school seniors will file the 2023-24 FAFSA starting October 1, 2022. The FAFSA 2024-25 application will open on October 1, 2023.
With just a year to go until these changes take effect, there isn’t much time to get Congress to reverse course, but it may still be possible.
What can you do?
- Write to your congressional representatives – all of them
- Sign the petition on chang.org
There are no guarantees that the first two efforts will produce the desired results, but they are worth a try.
In the meantime, you can adjust your budgeting to reflect the enactment of the changes. Check with your child’s prospective or current schools to see if they offer a multi-student credit.
We understand that some schools requiring the CSS profile will continue to offer some form of benefit to families.
We’ll have a new post when we learn of new developments. Remember to subscribe to our “Education Unpacked” YouTube channel for sister content.
Do you have questions about the new FAFSA? Schedule your free 15-minute consultation.
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