Now that the FAFSA has officially opened. (December 1), here’s what you need to know:

1. Students and “contributors” must create a Student Aid Account to get an FSA ID before completing the form.
2. “Contributor” is a new term being introduced on the 2024–25 FAFSA. A contributor refers to anyone who is required to provide their information and signature on the FAFSA, as well as consent and approval to have their federal tax information transferred directly into the form via direct data exchange with the IRS. A contributor may include the student, the student’s spouse, a biological or adoptive parent, and/or the parent’s spouse (stepparent).
3. Federal tax information will be used to determine the student’s eligibility for federal student aid.
4. The FAFSA will offer a series of filtering questions that determine which parent of a dependent student will need to be a contributor. It will also identify if there’s another parent whose information must be included on the FAFSA. The information provided by the parent on the FAFSA will determine if a second parent or parent’s spouse will also be a required contributor.
5. There is federal student aid available for students who cannot provide parent information on their FAFSA due to unusual circumstances.
6. Everyone contributing to the FAFSA form online must have their own StudentAid.gov account. Each contributor, including the student, will access their account with their own FSA ID (account username and password).
7. The Social Security Administration requires verification of FSA IDs before tax information can be accessed, so applicants need to allow at least three days for this process to be completed. Be sure to start your application as soon as it becomes available!
8. To determine their eligibility for federal aid, a family must complete the FAFSA. To determine their eligibility for institutional aid (i.e., aid offered by the college itself), a family must file the CSS Profile at https://cssprofile.collegeboard.org/. Many schools that use the FAFSA to determine eligibility for aid (grants, loans, and/or work-study) from the government also use the CSS Profile, through which they can determine a student’s eligibility for grants and/or scholarships from the college.
9. The FAFSA is required from everyone who is seeking financial aid; the CSS Profile is required (in addition to the FAFSA) only by certain colleges. See which colleges require the CSS Profile in addition to the FAFSA at: https://profile.collegeboard.org/profile/ppi/participatingInstitutions.aspx
10. Although the FAFSA deadline for the 2024-25 academic year is not until June 30, 2024, a particular college’s deadline is likely to be sooner. Chances of collecting the maximum amount of FAFSA financial aid diminish as time goes by, as many schools work on a first-come, first-serve basis when it comes to financial aid. This is why it’s important to meet a college’s financial aid forms deadline.

More Resources:

• For in-depth financial aid information, go to StudentAid.gov.
• Use the Federal Student Aid Estimator at https://studentaid.gov/aid-estimator/ to get an early estimate of what your federal student aid could be after submitting the new FAFSA.

Bierer is an independent college adviser based in Charlotte. Send questions to: lee@bierercollegeconsulting.com; www.bierercollegeconsulting.com