{"id":18847,"date":"2024-02-09T14:09:57","date_gmt":"2024-02-09T19:09:57","guid":{"rendered":"https:\/\/marymount.edu\/?p=18847"},"modified":"2024-02-09T14:19:31","modified_gmt":"2024-02-09T19:19:31","slug":"understanding-the-new-fafsa-aid-application","status":"publish","type":"post","link":"https:\/\/marymount.edu\/blog\/understanding-the-new-fafsa-aid-application\/","title":{"rendered":"Understanding the new FAFSA aid application"},"content":{"rendered":"

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This year brought important changes to the Free Application for Federal Student Aid (FAFSA)<\/a>, a crucial document that determines eligibility for various financial aid programs. Navigating these updates is essential for students and their families as they seek financial support for higher education.<\/p>\n

The streamlined FAFSA form, which now includes 36 questions, has been accessible since December 31, 2023, but Institutional Student Information Records (ISIRs) won\u2019t be transmitted from Federal Student Aid (FSA) to colleges and universities until the first half of March 2024.<\/p>\n

What does this all mean for students and parents? Marymount University\u2019s Office of Financial Aid<\/a> has provided a summary below of the information you need to know before you navigate the new form.<\/p>\n

Family size and number in college<\/em><\/p>\n

The number of dependents claimed on the prior-prior year\u2019s tax return will now determine a student\u2019s family size. The number of children in college will no longer be used in the FAFSA calculation.<\/p>\n

Small business and family farm net worth<\/em><\/p>\n

The net worth of a business with less than 100 full-time employees and family farms must now be included on the FAFSA and will be used in the FAFSA calculation.<\/p>\n

IRS tax and income information<\/em><\/p>\n

Students (and parents, if dependent) will now be required to consent to FSA to retrieve federal tax information using the secure Direct Data Exchange. This information will be used in the FAFSA calculation.<\/p>\n

Contributors<\/em><\/p>\n

A contributor is any person who must create a FSA ID to log into a student\u2019s FAFSA to give consent for the IRS Direct Data Exchange and sign the FAFSA. This includes:<\/p>\n