Implications of FAFSA Simplification on Campuses (cont’d) • Change to treatment of multiple family members in college • Starting 2024-25, no different treatment for more than one in college (not Pell eligible) • Ex. If EFC = 10,000 and 2 in college, each student’s EFC = 5,000; with changes it will not matter. • Impact: Student loses Pell grant and institutional aid eligibility. • Change to treatment of small businesses and family farms. • Currently, family farms and business with more than 100 employees are exempt from reporting as assets. Starting 2024-25, assets must be reported. • Questions removed from FAFSA • Housing Choices: We will need to now determine the student’s housing component in COA another way. • Option for Independent Student to Report Parent Data • Delayed release of 2024-25 FAFSA (anticipated to open in December; opened on October 1st in prior years. • Institutions will need to determine whether to change institutional FAFSA filing deadline (already addressed by THECB – new priority deadline is March 15) 7
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