What is “Better FAFSA, Better Future”?
“Better FAFSA, Better Future” is a federal initiative to implement updates resulting from the FAFSA Simplification Act.
How will this impact me?
The act is intended to make the Free Application for Federal Student Aid (FAFSA) easier for students and their families. In addition, these updates will bring changes that may impact how FAFSA data is utilized.
While some of these changes have begun, most will impact those applying for financial aid starting the 2024-25 academic year. These include:
- The 2024-25 Free Application for Federal Student Aid (FAFSA) will be available in December 2023 (vs the annual October 2023 release)
- A Streamlined application and a reduced number of questions
- A New Financial aid formula: Student Aid Index (SAI).
- Initial electronic consent required from students, parents, and spouses (as applicable) required for all applications to access and verify tax information directly from the IRS
- A New Pell Formula
How can I get ready for these changes?
Prepare ahead of time by creating or confirming your FSA ID. Everyone providing information on a student’s FAFSA is called a “contributor,” and they will need to create their own FSA ID and consent to having their information included for their section of the application. This includes the student, the student's parents or stepparents (if the student is a dependent), and the student's spouse (if applicable).
Parents and students will need their own, separate FSA ID.
Visit StudentAid.gov/fsa-id/create-account/launch to create an FSA ID. You’ll need your Social Security
number, full name, and date of birth. You’ll also need to create a memorable username and password, and complete challenge questions and answers so you can retrieve your account information if you forget it.
You’ll be required to provide either your email address or your mobile phone number when you make your FSA ID. Providing a mobile phone number and/or email address that you have access to will make it easier to log in to ED online systems and allow additional account recovery options.
Create your FSA ID early as it could take up to 3 days for your account to become active.
Resources
Videos to Help You Prepare Ahead by Creating an FSA ID