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Big changes to FAFSA (Free Application for Federal Student Aid) are coming for the academic year of 2023-2024. The changes, as of now, will be effective for the high school graduating class of 2023. They will be completing their FAFSA applications beginning October, 2022.
Forbes Magazine - Mark Kantrowitz (link)
In part, Mark writes, Even as Congress simplified some aspects of the financial aid form and formula, it made other aspects more complicated.
Modifications include:
- EFC (Expected Family Contribution) becomes "Student Aid Index."
- Form reduced from 108 questions to ~ three dozen.
- How many from one family are in college will not be a factor.
- Income Protection Allowance increased.
- Child Support not counted as untaxed income.
- Other cash support to a student -- not factored in.