FAFSA Resources

FAFSA Changes

As a result of the FAFSA Simplification Act, Federal Student Aid the U.S. Department of Education is updating the Free Application for Federal Student Aid (FAFSA) process to expand access to federal financial aid and provide an easier, streamlined FAFSA experience for students and families. 

The FAFSA is available on the Federal Student Aid website.

Key Changes to FAFSA

  • A more streamlined, user-friendly FAFSA with fewer questions (less than 50)
  • The Student Aid Index (SAI) replaces the Expected Family Contribution (EFC).
  • Federal financial aid eligibility is extended to more students.
  • IRS Direct Data Exchange (DDX) makes entering tax information easier and is required for students, spouses, and parents to transfer the relevant tax information or non-filing status for the appropriate tax year associated with your FAFSA.
  • The number of family members in college no longer factors into the FAFSA calculation.
  • Previously reported untaxed items (such as retirement-plan contributions, certain veterans’ benefits, and worker’s compensation) are no longer required.
  • Parent assets now include net worth of all businesses and net worth of a family farm, if applicable.
  • For divorced or separated parents: The parent who provided the most financial support to the student need to provide their information. Previously, the parent who the student lived with the most provided their information.
  • Everyone contributing to the FAFSA form online must have their own Federal Student Aid account (FSA ID).
  • Create an FSA ID account if you don’t already have one. Each contributor, including the student, will access their account with their own FSA ID (account username and password).

Terms to Know

  • Student Aid Index (SAI): Calculated by FAFSA data and will determine student aid eligibility. This replaces the EFC that was used in previous years.
  • Cost of Attendance (COA): COA includes tuition and fees, food and housing, books and supplies (including course materials and equipment), miscellaneous expenses, and transportation.
  • Contributor: A parent, stepparent, student, or spouse of the student providing information on the FAFSA.
  • Consent: Is required from each contributor to authorize the IRS to share tax data directly on your FAFSA. If any contributor does not provide consent, the student will automatically be ineligible for aid.
  • Direct Data Exchange (DDX): Previously known as IRS Data Retrieval; this tool imports tax data directly from the IRS to your FAFSA.
  • FAFSA Submission Summary (FSS): A summary of your completed FAFSA information. This replaces the Student Aid Report (SAR) that was used in previous years. 

Ways to Prepare

  • Apply for your FSA ID. A Federal Student Aid (FSA) ID is required for all contributors including the student.
  • Gather federal tax information for the required tax year. Each FAFSA cycle uses a specific “prior-prior year” tax return (for example, you may be asked for tax information from two years before the academic year you plan to enroll).
  • Have any W-2s or non-filing documentation ready, if applicable.

Contact us at sfs@limcollege.edu if you have any additional questions. You can also find answers to your questions about the FAFSA in general on the Federal Student Aid website.

FAQs FAQs

Fall 2025, Spring 2025, and Summer 2026.

Probably not. Please double check your email for an email from FSA confirming submission of your FAFSA. Once confirmed, also double check to ensure that you have added the school code for LIM College (007466).

After reviewing the "Determining Contributors Tab" and using the “Parent Wizard” on the FAFSA to finalize who your contributor(s) are, you will need the following information about each contributor to assign and send them an invitation to assist in completing your FAFSA form:

  • Social Security Number (SSN) – if there is no SSN, there will be a "NO SSN" option.
  • Date of Birth (DOB)
  • Email address

Yes, all contributors must have an FSA ID that is their own and unique from that of the student.

  • If your parents are married (not separated), both of your parents’ information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex. If your parents didn’t file taxes jointly, then both of your parents are contributors. If your parents filed taxes jointly, only one parent is required to be a contributor and will report information for both parents.
  • If your parents are not married to each other and live together, both of your parents are contributors and their information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex.
  • If your parents are divorced, separated, or never married, and don’t live together, the parent who provided more financial support during the last 12 months is the contributor and must provide their information. If both parents provided an equal amount of financial support or if they don’t support you financially, the parent with the greater income and assets is the contributor and must provide their information.
  • If your parent is widowed, that parent is the contributor and must provide their information.

Yes. Invitations to be a contributor will be deleted when they have been inactive for 45 days. Any previously entered information will be deleted and the process will need to start over.

An independent student is one of the following: born before Jan. 1, 2002, married (and not separated), a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, a person with legal dependents other than a spouse, an emancipated minor, a person who is unaccompanied and homeless or self-supporting and at risk of being homeless.

The FAFSA Simplification Act is a law that represents a significant overhaul of the processes and systems used to award federal student aid starting with the 2024–25 award year, including changes to the FAFSA. Learn more about the law.