When it comes to financial aid, change is nothing new. But the changes to the Free Application for Federal Student Aid (FAFSA®) planned for the 2024-2025 award year are more involved and require more preparation than typical regulatory updates. It’s imperative that institutions begin their education and preparation now so they are ready for the changes when they begin to roll out later this year.
The redesigned FAFSA is one of the most significant updates to the application in decades, promising to simplify how students, parents, and institutions use the form. But streamlining the application and reducing the number of questions is just the beginning. Additional changes required by the FAFSA Simplification Act include:
- Replacing the Expected Family Contribution (EFC) with the Student Aid Index (SAI)
- Modifications to family definitions in FAFSA® formulas
- Expanding access to Federal Pell Grants
If this sounds like a lot of change, you’re right. It is. But between the Department of Education and NASFAA resources, and the work Regent Education is doing to prepare for the upcoming changes, you can rest assured that you’ll be ready as the changes come your way.
What Regent Education is Doing to Prepare for the New FAFSA
At Regent Education, financial aid is all we do, day in and day out. And it’s this focus that enables us to keep our finger on the pulse of what’s going on in the industry.
We consult with the Department of Education on a regular basis to ensure we have the latest information about the upcoming changes and anticipated impacts to our solutions. Our team has also been meeting with the Office of Federal Student Aid (FSA) every two months since July 2022, and have been attending all available NASFAA and Department of Education webinars so we’re always in the loop with the messages they’re sharing.
Internally, our product managers kicked off internal planning discussions and developed an internal issue tracker as the scope of these changes will impact many aspects of our current solutions. The team is also analyzing all available materials including:
- 2024-25 FAFSA Specifications Guide: Volume 4 - Record Layouts and Processing Codes (ed.gov)
- 2024-25 Draft Student Aid Index (SAI) and Pell Grant Eligibility Guide
- COD Technical Reference 2023-2024 Volume 4 - Campus-Based Record Layout (added 3/8/2023)
Preparing for changes like these is part of our DNA. Our experts are former administrators, directors, and VPs who’ve walked in your shoes. They know changes of this magnitude are stressful, and they are doing everything they can to ensure our customers smoothly transition to the new FAFSA later this year.
What You Can Do to Prepare for the New FAFSA
While we are working diligently to assess the changes needed within our solutions, there are a number of things you can do to prepare your institution for the new FAFSA and other changes coming your way.
1. Educate yourself on the upcoming changes
The Department of Education, NASFAA, and other organizations are hosting online webinars and in-person sessions about “FAFSA Simplification.” Attend as many as you can, as new information is coming to light regularly. You should also review materials as they become available, including the ones available today:
- 2024-25 FAFSA Specifications Guide: Volume 4 - Record Layouts and Processing Codes (ed.gov)
- 2024-25 Draft Student Aid Index (SAI) and Pell Grant Eligibility Guide
2. Stay informed
Sign up for FSA updates so you always have the latest information and receive alerts when they provide new guidance or publish new materials. You should also follow industry communications such as NASFAA’s Daily News bulletin. And if your institution belongs to NASFAA, visit their FAFSA Simplification page for additional resources.
3. Contact us
If you are a current Regent Education customer, please reach out with questions and concerns. Our team is ready to support you as you prepare for these upcoming changes.
And if you’re not a Regent Education customer, but are interested in learning more about our holistic, cloud-based solutions that automate the financial aid lifecycle across all enrollment models, let's connect.
Regent Education has deep experience and expertise in higher education financial aid. And that means we know what it takes to help you succeed. We’re preparing for the upcoming changes, just like you, and we’re here to provide peace of mind and support throughout the process. But our dedication doesn’t end here. Because we’re focused on financial aid, we’re always thinking about what’s next. And we’re ready to support you, whatever changes may happen in the future.
