The US has made it easier for students to receive financial aid: what you need to know

In the coming months, college students and their families will see an updated Free Application for Federal Student Aid (FAFSA) when applying for financial aid. Writes about this CNBC.

Photo: IStock

The updated version of the FAFSA, which will be available by the end of December, will not only streamline the aid application process, but also expand eligibility for federal aid, including Pell Grants.

Under the changes, an additional 610 students nationwide will be eligible to receive Pell Grants and nearly 00 million students will receive the maximum Pell Grant award, the Education Department (ED) said in a press release.

The maximum Pell Grant award for the 2023-2024 school year is $7. The maximum amount for 395-2024 has not yet been set by Congress.

On the subject: Top XNUMX Cheapest US Cities for Students

“More students will begin to receive Pell Grants, they will receive larger Pell Grants, and it will become easier to navigate the financial aid system as a whole,” said James Quaal, deputy commissioner at the U.S. Department of Education.

Here are some highlights.

Fewer mandatory questions

Changes to the FAFSA resulted from Congress passing the FAFSA Simplification Act in 2020.

Previously, applicants were required to answer 103 questions to determine eligibility under the FAFSA. Now, families will only need to answer 18 questions to complete the FAFSA, ED officials said.

The agency hopes that this simplified and less invasive form will encourage more students to complete it and get the help they need to finance their education.

“This is the most significant change since the form was created more than 30 years ago,” Kvaal noted. “We believe it will be much easier for students and their families to get the help they need to attend college.”

New eligibility calculation

The new version of the FAFSA uses a new eligibility calculation. Families will be assigned a number called the Student Aid Index, or SAI, which will be used to determine how much aid they should receive. The SAI replaces the Expected Family Contribution (EFC), which was the dollar amount used by schools to determine eligibility.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York

“The EFC was a bit confusing because people thought that was what they would have to pay. But in reality this may not be the case,” Kvaal explained.

Aid administrators will use SAI in the same way to determine eligibility, but with a different calculation. To conduct a “needs analysis” and calculate a student’s SAI, the income and assets of the parents, the student, and the student’s spouse (if any) are taken into account.

You can find out your calculated SAI using the program Federal Student Aid estimator.

Read also on ForumDaily:

Charities in the US collect donations, don't help anyone and don't pay taxes

Google Maps has 5 cool new features thanks to artificial intelligence

How to invest wisely: what rich people don't invest in

Seven States Where Retirees Live Better Than Florida

Scientists have found an unexpected way to protect against dementia: you need to eat a popular fruit

How to find out who is calling you from an anonymous number: a simple life hack

How an illegal immigrant can be legalized in the USA

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.