2024-25 FAFSA Updates

Changes made at the federal level have delayed the timeline of FAFSA for students across the nation. We’re here to help. 

Latest update

Monmouth College released an initial batch of financial aid packages to prospective students on April 8, 2024 and have continued to mail packages out to students on a rolling basis daily. We anticipate our financial aid packages for current and returning students will be prepared in May and will be available a couple of weeks later than normal. We appreciate your patience and kindness, as we work to get your vitally important information as quickly as we can.

“FAFSA Whiplash” Article Featuring Jayne

At this time, colleges and universities across the country are receiving FAFSA results for the 2024-25 year with regularity. The U.S. Department of Education (DOE) estimates, however, that as many as 40% of the processed FAFSAs, had errors involving student assets and/or incorrect student and parent income tax information. The DOE has begun reprocessing FAFSAs and resending results to college and universities. This continues throughout the months of April and May.

Although students and families are now able to access their FAFSAs online, and submit corrections, the DOE has yet to provide colleges with any portal through which we can access a FAFSA or make a correction for a student. We do not know when this access will be provided and the DOE has provided us with no estimate of time. Again, we ask for your patience and kindness as we work through all of this together. 

Read The Chronicle of Higher Education article featuring Jayne and Stephanie.

LISTEN TO JAYNE ON NPR

FAFSA Delay 

The Free Application for Federal Student Aid (FAFSA) is now open. We encourage your student and family to file their FAFSA as soon as feasible. The sooner you file, the sooner you receive a financial aid offer from us.

What this means for prospective students hoping to attend Monmouth (or any college) in the fall of 2024: financial aid offers are expected to be available by April 2024 and after depending on when you file. This is expected to be a one-year obstacle, and FAFSA’s for future years (fall 2025 and beyond) should return to the October 1 timeline.

What we know:

  • The FAFSA will remain the universal application used for both federal and state funding and you will access it at: www.studentaid.gov
  • The FAFSA will remain the only application Monmouth College will request from a student.
  • The FAFSA, when processed, will produce a Student Aid Index (SAI), rather than an Expected Family Contribution (EFC) as it has in the past. The new SAI will be used to determine aid eligibility moving forward.
  • The formula used to calculate the SAI will be different from the formula used to calculate the EFC of the past.
  • The new FAFSA will ask far fewer questions of students and families making it much more “simplified”.
  • The optional Data Retrieval Tool used by families in the past to automatically pull their IRS tax return information into the FAFSA, will now be required for everyone.
  • Students who file the FAFSA, will still need to obtain/create an FSA ID and Password which will service as their electronic signature with the U. S. Department of Education. Students may obtain the FSA ID at: https://studentaid.gov/fsa-id/create-account/launch
  • Parents of dependent students or spouses of independent students will also be required to obtain/create an FSA ID at: https://studentaid.gov/fsa-id/create-account/launch
  • Instructions for parents without a SSN but who need to apply for a FSA ID in order to sign the FAFSA for their child. Those instructions are here.
  • There will be a bit of a delay between the time you create your FSA ID, and when you can use it to sign and submit the FAFSA application. We encourage you to create your FSA ID’s at least 48 hours before you intend to use them to sign the FAFSA.
  • Students with divorced parents who do not reside together, will be instructed to file the FAFSA with the parent who provided the most financial support. This is a change from past years when students were directed to file the FAFSA with the parent they lived with most.
  • The number of people in the household will be determined based upon the number of exemptions claimed on the federal tax returns of the persons completing the FAFSA.
  • The number of people in the household who will be enrolled in college the following year is expected to be asked on the FAFSA, but will not impact the formula in the same way it has in past years.
  • The Department of Education is returning to a formula that includes the equity in small businesses and family farms; these have been omitted in the past several years.
  • Child support received into your home will not be counted as Untaxed Income and instead will be counted as an Asset.
  • Child support paid out of your home will no longer be reported.

Of course, this does not represent a complete list of all changes expected, but it does highlight the largest changes anticipated. We will continue to update the list as we learn more. 

Some timely tips

If you have specific questions or concerns about the FAFSA or the process of applying for financial aid, please contact our Student Financial Planning Office at 309-457-2129 or email the team at: finaid@monmouthcollege.edu

Updated 4/19/2024

Office of Student Financial Planning News

  • FAFSA News

    Big changes will force some college students’ families to play the waiting game, according to Monmouth VP for Student Financial Planning Jayne Schreck.
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