What are the new changes to the FAFSA? How it’ll mean less financial aid for some.
Medora Lee
April 30, 2023
Key Points
A new, simplified Free Application for Federal Student Aid (FAFSA) form is coming in December.
Along with the easier-to-complete form, there’ll be changes in how your aid is calculated.
Most people will get more money for school, but some will lose out. Here’s how it breaks down.
As families finalize college decisions and line up financing for 2023-2024, some might want to start thinking about the following academic year because aid may be tougher to get.
Along with the launch in December of a simplified Free Application for Federal Student Aid (FAFSA) form to request financial help for the 2024-25 year, the Department of Education is also changing its formula to determine who will qualify for aid and how much they’ll receive. The changes fulfill legislation passed in 2020 aiming to make student aid easier to get.
While students overall will gain billions in funds, students with siblings in college likely could lose some financial aid, according to a recent analysis by the research group Brookings Institution.
