Money Smarts Blog

Is college in your teen’s future? Learn about upcoming changes to the FAFSA form

Sep 29, 2021 || De'Laina Miller, Financial Coach

Book with "financial aid" written on the outside of it

The latest version of the FAFSA form arrives Oct. 1 and will be for financial aid awarded for the 2022-2023 academic year. Big changes are coming to the notoriously complex form, but don’t get too excited yet. The changes will happen gradually – most after this next academic year.

Who or what is FAFSA?

FAFSA, short for Free Application for Federal Student Aid, collects financial details about students and their families and acts as a portal to grants, scholarships and loans for higher education.

It’s recommended that every student, regardless of income, who wants to borrow federal student loans (also known as Stafford or Direct student loans), fill out the FAFSA to get access to these loans.

Top four changes you can expect for the new FAFSA application for the 2023-2024 academic year according to StudentAid.gov:

  • Selective Service and drug conviction eligibility questions were removed from the FAFSA form. 
  • The myStudent Aid mobile app retired on June 30, 2022. 
  • Questions asking specifically whether an applicant is male or female have been removed across all platforms.
  • The need analysis income threshold has been increased from $27,000 to $29,000.

If you’ve got a high school senior heading to college next year or a current college student, make sure you get their application in as soon as possible.

Deadlines for the 2023-2024 academic year are as follows:

  • Federal: June 30, 2024
    Yes, you read that right. You can technically go through your entire year at college before accessing the FAFSA form. However, a few federal student aid programs have limited funds, so be sure to apply as soon as you can.
  • State: July 1, 2023
Pro Tip: Make sure to check with the schools your student is interested in as many of their deadlines are sooner than State and Federal

If you’re like most, you’ll want some help filling out the form. StudentAid.gov is a good resource.

Need more help? Feel free to schedule an appointment with one of our Financial Coaches at one of our branches. Go to our homepage, and click "Schedule an Appointment" at the top.

And don’t forget! IHMVCU offers $30,000 in scholarships to local undergraduate, graduate and vocational/technical school students who stand out in the classroom and stand up in their communities. We're accepting applications through Feb. 28, 2023. 

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