DENVER (KDVR) — May 1 is National College Decision Day and right now families are likely nailing down the financing for their kids who will start college in the fall.
But for 2024, there will be some changes in the form and the formula used to determine aid.
For the next round of college applications, families will use a simplified Free Application for Federal Student Aid form.
“That has been a huge plus for students. It will be less cumbersome to fill out,” Jennifer Helgeson, with the Financial Aid and Scholarships Office at Metropolitan State University of Denver, said.
Helgeson said the formula used to determine aid will also change.
“Almost 2 million families will now qualify for grant aid that haven’t in the past, so it’s a huge benefit to the American family,” she said.
The Expected Family Contribution will be replaced by the Student Aid Index Number.
“It’s determined now more on household size and poverty level,” Helgeson said.
While this will expand eligibility, there are some groups that could potentially see a reduction in aid.
For the current year, families with more than one child in college can get a break. But moving forward the sibling question will be removed from the form.
Plus, the asset list will expand.
“Small businesses and small farms were not considered assets prior on the FAFSA. They will now be considered assets going forward,” Helgeson said.
Even if families have secured aid for the fall, experts say it’s important to look ahead to see if the changes will affect your family.