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Most students are eligible for financial aid at Virginia Commonwealth University, and they are encouraged to complete and submit the Free Application for Federal Student Aid — even if they think they do not qualify for financial aid. Completing this form may make them eligible for other forms of assistance.

The form, known as the FAFSA, will look different for 2024-25. For one thing, it will be significantly shorter and less time-consuming to fill out than in the past. For another, it has been delayed from its usual Oct. 1 date, making its availability to students months later than normal.

To help students and families understand what they need to know about the overhauled FAFSA, VCU News spoke with Norm Bedford, associate vice president for student financial services at VCU.

What exactly is the FAFSA, and why is it so important for college students?

The FAFSA allows students to apply for federal student aid, such as federal grants, work-study funds and loans. But it does more than that — it also determines if a student is eligible for financial aid programs run by the state of Virginia and VCU itself. Completing and submitting the FAFSA form is free, and it gives students access to the largest source of financial aid to help pay for college or career school.

Students have to fill out the FAFSA form each year, and it’s important for students to complete it by the application deadline. Many grant programs have limited funds and there’s more demand than there is funding, so the earlier students complete their FAFSA application, the better. 

(Editor's note: The 2024-25 FAFSA was released several months later than normal on Dec. 31, 2023. The FAFSA release delay may require more time for families to complete the application than expected. Keeping our community in mind, VCU has extended our 2024-25 FAFSA priority completion deadline from Feb. 1 to March 1.)

What is different about the upcoming FAFSA?

Overall, students can expect to answer fewer questions when completing the FAFSA. The maximum amount of FAFSA questions that could be asked has been reduced from 108 to 36.

And it also expands access to Federal Pell Grants, which do not need to be repaid and are usually awarded to undergraduate students who have exceptional financial need and have not earned a bachelor’s, graduate or professional degree. The overhauled FAFSA will potentially enable more undergraduate students to be considered for a Federal Pell Grant.

Why have these changes been made? What are the pros and cons of this new version?

Congress passed the FUTURE and the FAFSA Simplification Acts in 2019 and 2020 to make it easier for students to apply for federal student aid, and the changes are being implemented this year. The goal was to make the FAFSA application easier for students to complete and be considered for federal need-based aid opportunities, with the hope of ultimately getting more funding to more students. 

Congress has made changes regarding how need-based aid is determined within the FAFSA, and the expected family contribution (EFC) has been renamed the student aid index (SAI). The renaming of the EFC to the SAI is supposed to be less confusing when discussing financial aid award packages with students. 

The downside is that the release date for the new form has been delayed from Oct. 1, 2023, to no later than Dec. 31, 2023. As a result, VCU will not be able to determine if we have received a student’s completed 2024-25 FAFSA until early February 2024. The Department of Education is delaying the release of completed FAFSA information to schools because of the programing changes required by the FUTURE and FAFSA Simplification Acts.  

That means fall 2024 financial aid award packaging for new and transfer students will be delayed. Financial aid award packaging is expected to occur for these students near the end of February 2024 to the beginning of March 2024. (Editor's note: Financial aid award packaging is now expected to occur for these students by the second week of April 2024.)

At this time, fall 2024 financial aid award packaging for currently enrolled students is expected to remain on schedule and will take place during June 2024.

What tips would you suggest for students filling out the FAFSA?

If you have never created a federal student aid ID account before, you can do that now in preparation for when the 2024-25 FAFSA becomes available.

On Dec. 31, 2023, or Jan. 1, 2024, go to the FAFSA website to see if the 2024-25 FAFSA is available for you to complete. The sooner you complete your FAFSA for the fall 2024 semester, the sooner you can check that off your to-do list. 

Given that students may receive word about their financial aid later than usual, is there anything they and their families should do while waiting for their packages?

We understand how important it is for students to have accurate and timely financial aid packages. The significant congressional changes will require some patience as financial aid offices across the nation work through Department of Education delays, and as families familiarize themselves with the FAFSA changes. 

The VCU Student Financial Management Center website provides information and will be updated with new announcements as they become available. Every student is assigned a financial counselor, and students can also reach out to them for questions or updates. Students are also encouraged to log in regularly to VCU eServices for updated account information. 

Is there anything else you’d like to add?

Yes, it’s important to know that while Virginia domiciled students who are undocumented or Deferred Action for Childhood Arrivals (DACA) recipients are not eligible to fill out the FAFSA, they may complete the Virginia Alternative State Aid Application, or VASA, to be considered for need-based aid. The VASA determines if a student is eligible for certain financial aid programs of Virginia and VCU, and it has a Feb. 1 application deadline. (Editor's note: The VASA application deadline has been extended to March 1.)

Just like for the FAFSA, it’s important to complete your VASA application as early as possible because funding is limited for many of these grant programs.

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