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).

What can you do now to prepare?

Mark your calendar for December 2023 — we’ll update here once we know the official date that you can complete your 2024-2025 FAFSA. Check back often for updates – this is the biggest update to the FAFSA in 40 years! We will update here as more information becomes available.

Resources

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