From Money Magazine:

College financial aid season has begun with the opening of the new, shorter FAFSA form. While there were initial availability issues, students can now access the form between 8 a.m. and 8 p.m. EST. Officials urge families not to rush, as colleges won’t receive the information until late January, but the new form aims to make it easier for families to apply for financial aid.

Major changes are on the way for FAFSA in 2024. The timeline for submitting the form is shorter, condensing the application process and college decision-making. The application itself will be shorter and simpler, thanks to direct transfer from the IRS. The term Expected Family Contribution has been replaced with Student Aid Index, and more students will now qualify for Pell Grants. Additionally, families who have multiple children might see a decrease in aid eligibility due to the elimination of the sibling discount.

The upcoming changes to the FAFSA form will result in significant differences in financial aid eligibility. The timeline for applications will be shorter, colleges will have less time to review and offer aid packages, and families won’t be able to edit their forms until February. However, the application itself will be shorter and simpler, with direct transfer from the IRS. There are also significant changes in financial aid eligibility, the most notable being an expanded grant for Pell Grant recipients and the elimination of the sibling discount for families with multiple children in college. All of these changes are aimed at making the financial aid process more equitable and accessible.



Read more: FAFSA Changes: What’s New on the College Financial Aid Form