2024-25 FAFSA Updates

  • The Student Aid Index (SAI) has replaced the Expected Family Contribution (EFC) for calculations of federal financial aid program eligibility.
  • IRS Direct Data Exchange (DDX) has replaced the IRS Data Retrieval Tool (DRT) and makes entering tax information easier on the FAFSA. Students, spouses, and parents are required to transfer their 2022 tax information or non-filing status.
  • The number of family members in college will no longer factor into the SAI calculation that determines federal financial aid eligibility. However, Georgetown will continue to collect  this information on the College Board Profile aid application and will consider it to assess need for undergraduate Georgetown scholarship aid.
  • Untaxed items such as payments to tax-deferred retirement or pension plans, veteran’s non-educational benefits, and worker’s compensation will no longer be required to be reported on the FAFSA.
  • Parent assets will now include the net worth of all businesses and net worth of a family farm, if applicable.
  • For divorced or separated parents: The parent who provided the most financial support to the student (referred to as the “parent of record”) will need to provide their information. Previously, the parent who the student lived with the most provided their information.
  • Everyone contributing to the FAFSA form online must have their own account on the Federal Student Aid (FSA) website. Each contributor, including the student, will access their account with their own FSA ID (account username and password).

Terms to Know about Applying for Federal Financial Aid Programs

  • Student Aid Index (SAI): Calculated by FAFSA data and the index number will be used to determine eligibility for federal student aid programs such as Pell, student loans, and Federal Work-Study. This replaces the EFC that was used in previous years to calculate eligibility for federal financial aid programs.
  • Cost of Attendance (COA): COA includes an allowance for the average costs of tuition and fees, food and housing, books and supplies (including course materials and equipment), personal expenses, and transportation.  Changes to enrollment may impact your cost of attendance and  eligibility for financial aid.
  • Contributor: The student and their parent, step-parent, or spouse of the student who is providing information to the FAFSA. 
  • Consent: Required from all contributors in order for the IRS to share tax data directly to the FAFSA. If any contributor does not provide consent, the student will automatically be ineligible for aid.
  • Direct Data Exchange (DDX): Previously known as IRS Data Retrieval; this tool imports tax data directly from the IRS to your FAFSA.
  • FAFSA Submission Summary (FSS): A summary of your completed FAFSA information. This replaces the Student Aid Report (SAR) that was used in previous years.

Ways to Prepare

  • Apply for your FSA ID. A Federal Student Aid (FSA) ID is required for all contributors including the student.
  • Determine who your contributors are. The FAFSA will also offer assistance when filing. Students, parents, step-parents, and a student’s spouse may be considered contributors.
  • Gather 2022 Federal Tax Information and W-2s. All contributors will need this information, if applicable.

FAQs on Applying for Federal Financial Aid with the FAFSA

  • Who needs a Federal Student Aid (FSA) ID?: All contributors on a student’s FAFSA must have their own FSA ID to access their account and to give their consent for the IRS to share their tax information with FAFSA.
  • What if I, or one of my contributors, do not have a Social Security Number (SSN)?: If a contributor does not have a SSN, they can create a FSA ID by following the instructions provided in this handout.
  • Who is my primary parent or parent of record if my parents are divorced or separated?: For a dependent student whose parents are divorced or separated, the primary parent is the parent who provided the greater portion of the student’s financial support during the 12 months immediately prior to filing the FAFSA. If they are married, their spouse must also be included in the family size. 
  • What if one of my contributors does not have an email address?: If a contributor does not have an email address, they must create one to be able to complete the FAFSA. Contributors will need to actively check their email to be able to complete the FAFSA.
  • How will contributors provide their federal tax information (FTI)?: FTI will be transferred directly from the IRS and into the FAFSA via the Direct Data Exchange (DDX). For this transfer to happen, each contributor must provide consent. Consent must be provided for a student to be eligible for federal student aid. Consent is required even if the contributor did not file a tax return. Although it is possible to submit the FAFSA without this consent, students will be ineligible for federal financial aid without consent provided by all contributors.
  • What happens after my FAFSA is completed?: When the FAFSA is completed, the student will receive a FAFSA Submission Summary via email. This will include the student’s SAI, which will be used by schools to determine the student’s eligibility for federal financial aid programs. For the 2024-25 cycle the U.S. Department of Education has announced that it will not begin sending FAFSA data to schools  until mid-to-late March 2024.
  • What semesters are covered by the 2024-25 FAFSA?: Fall 2024, spring 2025, and summer 2025