Major Changes In Store For 2024-25 FAFSA

 

From: NEIU Targeted Announcement <No-Reply@neiu.edu>
Date: Thu, Sep 28, 2023 at 9:38 AM
Subject: DECEMBER Financial Aid Application Renewal ... Not October 1!
To: <asjatta@neiu.edu>

2024-2025 FAFSA: Available December – not October

This FAFSA determines eligibility for Fall, 2024, Spring, 2025 as well as Summer, 2025. There are MAJOR changes in store for this application – starting with when it is available as a result of two Congressional Acts: the Future Act and the FAFSA Simplification Act. The US Department of Education will release the 2024-2025 FAFSA in December..

Major changes for the 2024-2025 FAFSA include:

1. Each person who contributes information to the FAFSA is required to have an FSA ID or electronic signature. The Financial Aid Office recommends you Identify who will act as a FAFSA Federal Tax Income (FTI) Contributor (student, parents or spouse) prior to the release of the application and create a Federal Student Aid (FSA) ID for all Contributors using two-step authentication. Save Contributor(s) FSA ID, password and email account linked in a secure location for when application is available in December.
2. Undocumented parents will also need an FSA ID. The process for noncitizen Contributors is still in development, but we know it will involve the use of an ITIN. The Financial Aid Office recommends students with noncitizen parents begin discussions prior to the release of the application.
3. All FAFSA Contributors must provide IRS Federal Tax Information or FTI Consent during the application process to retrieve 2022 IRS Direct Data Exchange – even for non tax filing statuses
4. Federal and State financial aid eligibility will be determined using information only from the Internal Revenue Service (IRS) – including household size, income and assets.
   1. Net worth of businesses with less than 100 employees will be included in determining eligibility – currently it is not
   2. Number of students enrolled in degree seeking college programs will not be included in determining eligibility – currently it is
   3. Federal Pell Grant eligibility can be determined three ways using one of two poverty thresholds or a Student Aid Index (SAI) – this index replaces the Expected Family Contribution (EFC)
   4. Maximum SAI (Student Aid Index) for MAP Grant Eligibility will be 9000 - the current EFC maximum is 9000
5. RISE Act Applicants will also have access to the application in DECEMBER. There are changes in the number of questions and there will not be an EFC calculated. Instead, there will be a Student Aid Index or SAI.

Address questions regarding ‘FAFSA Simplification,’ current financial aid status or options for a prior balances with the NEIU Financial Aid Office using any of the following methods:

EMAIL: Financial-Aid@neiu.edu

TELEPHONE: 773-442-5016

VIRTUAL ADVISING: neiu.edu/aidappointment

IN PERSON: (D-200) Mondays and Fridays, 8:30am until 4:30pm; Tuesdays, Wednesdays and Thursdays, 8:30am until 6:00pm

This message brought to you by NEIU Financial Aid, Scholarships and Student Employment. We thank you for making Northeastern Illinois University your institution of choice!