Newsroom

Five things you should know about the 2024-25 FAFSA

By Catherine Mueller

November 30, 2023

The better prepared you are for the new FAFSA, the easier it will be to complete.

With the news that the 2024-25 FAFSA will be out by December 31, now is the time to get ready. Here are five things you should know about the new FAFSA:

1. You need to have an FSA ID for the 2024-25 FAFSA. The way to get the FSA ID is to create an account at StudentAid.gov. Your FSA ID is your username and password for your account. The account must be verified before you can complete a FAFSA. Plan on setting up your account at least a week before you plan to complete the FAFSA.
2. The new FAFSA will require you to give approval and consent for the U.S. Department of Education (ED) to retrieve your tax information from the Internal Revenue Service (IRS). Because ED is pulling your information directly from the IRS, completing the FAFSA will be a lot easier. However, you must give that approval and consent for your FAFSA to be processed. If you don’t file taxes, ED will still need your approval and consent to verify that you don’t file taxes.
3. Although most income information will be retrieved from the IRS, students and parents will still be asked some financial questions. And in some situations, students may have to complete the financial information manually if it can’t be pulled from the IRS. Therefore, it’s a good idea to gather up financial documents that will help you prepare for the FAFSA, if needed. That includes income tax returns (2022 return for the 2024-25 FAFSA); records of child support received; balances in your cash, savings, and checking accounts; and net worth of businesses, investments, and farms.
4. The student and parent(s) will each complete their portions of the FASFA separately. The 2024-25 FAFSA will be roles-based, and the student will need to invite their parent(s) to the FAFSA by providing the parent(s)’s name, date of birth, social security number, and email address.
5. In cases of divorce or separation, the parent providing the most financial support to the student will contribute to the FAFSA. If the parents contribute equally to the student’s support, then the student will invite the parent that has the most income. The 2024-25 FAFSA features a parent wizard, which asks a series of questions to determine which parent(s) the student should invite to contribute to the FAFSA.

The new FAFSA has several improvements that make it easier to complete and that will students and families as they plan for college.