Overview of Changes 2024-2025 Financial Aid Cycle

Overview of Changes 2024-2025 Financial Aid Cycle

Presented by Robert Weinerman

We’ve been hearing about, studying, Zooming, and worrying about the impact of the FUTURE Act and the FAFSA Simplification Act for months now – and now it’s actually happening. Let’s take a broad overview of the two acts and how they are changing the way we will process federal applications going forward. We’ll review the key changes made by the two acts, including the move from the Expected Family Contribution (EFC) to the Student Aid Index (SAI), changes to Pell Grant eligibility, and the impact of the transition from the IRS DRT to the FUTURE Act Direct Data Exchange (FADDX). We’ll look at how the FADDX will impact V1 verification. And we’ll review changes in the tax code and the use of tax returns as we move to tax year 2022 as the base year for 2024-2025.

This agenda is tentative and may change, depending on the timing of guidance from the Department of Education.