FAFSA Simplification

FAFSA Simplification

Big changes are coming to the Free Application for Federal Student Aid (FAFSA) application for the upcoming 2024-2025 aid year! Oak Point University Financial Aid Office will update this page as additional information is made available so that we can continue to educate students, families, and our campus community on the new processes.

Why is it changing?

FAFSA® Simplification Act: On Dec. 27, 2020, Congress passed the Consolidated Appropriations Act. The law includes provisions that amend the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act and includes the FAFSA Simplification Act—a sweeping redesign of the processes and systems used to award federal student aid. Specifically, the law makes it easier for students and families to complete and submit the Free Application for Federal Student Aid (FAFSA®) form and expands access to federal student aid.

What does this mean for you?

The 2024–2025 FAFSA process is going to look a bit different than it was in the past. Don’t worry, we’re here to help keep you informed!

What’s Changing?

  1. 2024–2025 FAFSA completion date:
    Normally the FAFSA becomes available October 1st each year, but the 2024–2025 FAFSA will be available by the end of December 2023.
  2. The term “EFC” (expected family contribution) is changing:
    With the 2024-2025 FAFSA, the term Expected Family Contribution (EFC) will be replaced with the Student Aid Index (SAI) — this is a new need analysis formula that we will use when awarding need-based grants and scholarships.
  3. Streamlined application:
    You’ll notice fewer questions when completing the 2024–2025 FAFSA and an easier way to transfer tax information directly from the IRS.
  4. New terminology:
    You’ll notice a few new terms like contributor (anyone who is asked to provide information on the FAFSA, a parent or student spouse for example) and consent (each contributor will need to consent to their information being included on the FAFSA).

Colleges Are Not Receiving Your FAFSA Applications

On January 30, 2024 the White House and U.S. Department of Education officially announced that institutions will not receive FAFSA applicant information until “the first half of March,” further delaying an already sluggish process. Normally, the FAFSA is available on October 1, with institutions receiving FAFSA applicant information shortly thereafter.

This year, operational difficulties associated with a congressionally mandated overhaul have already delayed the FAFSA by several months. The FAFSA soft launch has been challenging, and institutions were previously notified they would receive FAFSA applicant information by the end of January, slowing the delivery of financial aid offers to some students. Now, with that date moved to March, delays will continue to plague the financial aid cycle in an already challenging year.

What does this mean for you the student?

Unfortunately, students in summer 2024 and fall 2024 may receive their financial aid later than desired. Our Financial Aid Office is committed to providing students and families with complete transparency. We want to assure you that our priority is to deliver accurate financial aid notifications. Therefore, we ask that you are patient as we adjust and alter our business practices as the delay is out of our control.

Resources

Federal Student Aid: What is the FAFSA Simplification Act? // Federal Student Aid

FAFSA Form Delays: A Better FAFSA Form Delayed

ISAC Financial Aid: Completing the FAFSA

Financing Your Education with Oak Point