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Financial Aid

FAFSA Update – January 30, 2024

The Department of Education announced on January 30 that they will begin transmitting FAFSA information to schools in the first half of March. They anticipate catching up with the majority of transmissions to schools in the weeks following. You will receive an email informing you when your information has been sent to the schools.

Be assured, we will work to get information to you as soon as we are able after we receive your information. This will take several weeks though, so we appreciate your patience during this time.

Also, if you realize there was an error or you need to add Salem to your FAFSA, students will not be able to make corrections to your FAFSA until your eligibility has been calculated and information sent to the school. You may view your eligibility calculation by logging back into their Studentaid.gov account.

2024-2025 FAFSA Simplification

Big changes are coming to the Free Application for Federal Student Aid (FAFSA) for the 2024-25 aid year.

While the new application will be streamlined and easier to complete, it will also bring significant changes to the calculation of federal Pell Grant awards and include changes to some financial aid terminology.

As more news about the updated FAFSA becomes available, the Salem College Financial Aid Office will update this page so that Salem College students, families, and our campus community remain ready for the new process.

Why is the FAFSA Changing?

From the U.S. Department of Education: “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 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 Is Changing?

The 2024-2025 FAFSA will feature a reduced number of questions, a new federal formula for determining federal aid eligibility, and a direct data exchange of tax information from the IRS to the Department of Education.

  • Release Date. Due to significant application changes, the 2024-2025 FAFSA release date, which would typically be October 1, 2023, will be delayed to December 2023.  An exact date is yet to be determined. Our office will post the official date on this website once available.
  • FAFSA Contributors and FSA IDs. A FAFSA contributor refers to anyone who is asked to provide information on a student’s FAFSA form. Contributors can be the student, a student’s spouse, a biological or adopted parent, or a parent’s spouse (stepparent). Each contributor will provide personal and financial information in the designated section of the FAFSA. Contributors are required to create an FSA ID in order to log in and complete their section of the FAFSA. You can prepare for the FAFSA by creating your FSA IDs online.
  • FUTURE Act Direct Data Exchange (FADDX). Students and families will now be able to provide consent on the FAFSA to the disclosure of Federal Tax Information (FTI) from the IRS to the Department of Education. The data exchange can also be used to confirm non-filing status. This process will replace the currently used IRS Data Retrieval Tool. Although the FTI transfer process is changing, students and families will continue to use prior-prior year tax information when completing the FAFSA. The 2024-2025 FAFSA will be based on the 2022 tax year.
  • Student Aid Index (SAI). The Expected Family Contribution number, or more commonly known as the EFC, will be replaced by the Student Aid Index (SAI). Like the EFC, the SAI will be used to determine a student’s federal aid eligibility and calculate a student’s financial need. In addition to the name change, new federal methodology will be used to calculate the SAI. Since the SAI calculation differs from the EFC calculation, federal aid a student was previously eligible for may be affected.

How Can You Prepare?

While the 2024–25 FAFSA won’t be available until December 2023, you can still prepare by doing the following:

  • Create your FSA ID on the Federal Student Aid (FSA) website and assist contributors, such as your parent(s) or spouse, in creating an FSA ID.
    • An FSA ID is an account and password that gives you access to the online FAFSA and serves as your e-signature.
    • With the FSA ID, you can fill out the FAFSA when it’s available, sign your federal student loan Master Promissory Note (MPN), complete loan counseling and apply for repayment plans once you graduate.
  • Complete the FAFSA as soon as it opens on or before December 31, 2023.

The Salem College Financial Aid Office will continue to update this webpage as more information becomes available. If you have any questions, please feel free to contact our office by calling (336) 721-2808 or emailing financialaid@salem.edu.

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