DAYTON, Ohio (WDTN) — Paying for college is now top of mind for many families.
Now, there are some changes being made to the form used to determine who will receive financial aid through the Free Application for Federal Student Aid.
The FAFSA Simplification Act creates a significant overhaul of the processes and systems used to award federal student aid starting with the 2024–25 academic year.
The new law will affect every state that uses FAFSA data to award state grant aid and every school that participates in the federal student aid programs. The formula used to determine who qualifies for grants will also change.
“Almost two million families will now qualify for grant aid that haven’t in the past, so it’s a huge benefit to the American family,” Jennifer Helgeson of the Metropolitan State University of Denver said.
While the law will expand eligibility, there are also groups who could see a reduction in aid.
Right now, families with more than one child in college get a break, but moving forward, the sibling question will be removed from the form.
In addition, small businesses and small farms will now be considered assets.
