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Home > Financial Aid Process > Information About the 2024-25 FAFSA

Information About the 2024-25 FAFSA

The new 2024-25 FAFSA form for students and families seeking federal financial aid for enrollment at UB during the summer 2024, fall 2024, and spring 2025 semesters is now available.

Overview of FAFSA Changes

The new FAFSA will result in a more streamlined application process, providing expanded student aid eligibility for many families.

Key changes include:

How to Get Started

  1. All contributors can create an account on StudentAid.gov (FSA ID) now. It typically takes up to 3 days for your login to be processed. Learn how to create your FSA ID and how to access your account with this 3-minute video!
  2. Gather contact information for contributors who will need to supply information on the FAFSA. You will need full names, dates of birth, social security numbers, and email addresses for every individual required to report information on your FAFSA. (Note that beginning with the 2024-25 aid year, parents who do not have a social security number will be able to create an FSA ID.)
  3. Visit studentaid.gov for instructions on how to complete the FAFSA form, and to see their Pro Tips for the 2024-25 FAFSA Form.

What Tax Information Will Be Shared Through the Direct Data Exchange?

Once you consent to sharing your federal tax information (FTI), the following data will be sent from the IRS to the Department of Education through the Direct Data Exchange:

      • Tax Year (ex. Award year 2024-25 is based on 2022 tax year information from the IRS)
      • Tax Filing Status
      • Adjusted Gross Income (AGI)
      • Number of Exemptions and Number of Dependents
      • Income Earned from Work
      • Taxes Paid
      • Educational Credits
      • Untaxed IRA Distributions
      • IRA Deductible and Payments
      • Tax Exempt Interest
      • Untaxed Pension Amounts
      • Schedule C Net Profit/Loss
      • Indicators for Schedules A, B, D, E, F, H

This information will also be shared with the schools you list on your FAFSA form to determine financial aid eligibility.

I’m Having Trouble Completing My FAFSA. What Should I Do?

The Department of Education is still working on a few system issues related to the new FAFSA form. We recommend contacting FSA directly if you experience any difficulty accessing the application, entering your information, or submitting the form. You can reach a representative by phone at 1-800-433-3243 or you can visit the studentaid.gov contact page to submit an email or speak to someone via live chat.

Many of the errors may have a workaround or an easy solution while others may require additional investigation. UB’s Financial Aid Office does not have access to the FAFSA Processing System so we encourage you to contact FSA directly to ensure you receive the service you need to complete your application.

For Contributors without Social Security Numbers that created an account at studentaid.gov, you will need to complete an identity verification process. Refer to this page at studentaid.gov for more information.

I Submitted My FAFSA, Now What?

Once you submit your FAFSA, you (the student) will receive a FAFSA Submission Summary (FSS), formerly called the Student Aid Report (SAR). The FSS summarizes the information you reported on the FAFSA and will provide your Student Aid Index (SAI), which replaces the Expected Family Contribution (EFC) component used in prior years. Schools will use the SAI to determine your eligibility for federal financial aid including the Federal Pell Grant and student loans. Learn more about the FAFSA Submission Summary on studentaid.gov.

If you find a mistake on your FSS, please log back in to your application and make the necessary corrections. We encourage you to visit the How To Correct or Update Your FAFSA Form guide on studentaid.gov, or contact Federal Student Aid (FSA) directly by calling 1-800-433-3243 if you have questions about how to make a correction or if you are still unable to access your FAFSA.

You can learn more about the next steps from this What Happens After My FAFSA Form is Processed video.

Deadlines

We encourage you to complete your FAFSA before March 1 to ensure your financial aid is in place before the start of the academic year. You must have a valid FAFSA on file at UB before your last day of attendance for the academic year to be eligible for federal student aid. Although the application is available through June 30, 2025, schools cannot offer financial aid to students after their last day of attendance.

Information for NY State Residents

The 2024-25 TAP application is currently open to NY State residents. While a FAFSA is not required for submission of the TAP application, HESC does require the information to determine eligibility. If you are planning to apply for the TAP Grant, STEM Incentive Program, Excelsior Scholarship or any other NY State financial aid, please complete your FAFSA as soon as possible to establish eligibility for the 2024-25 academic year.

Helpful Videos from Federal Student Aid (FSA)

How-To Videos
FAQ Videos

 

 

 

Information is subject to change without notice due to changes in federal, state and/or institutional rules and regulations. Students must complete a FAFSA every year. Students must be making satisfactory academic progress to continue to receive financial aid.

Last updated: Oct 22, 2024 10:28 am EDT