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Latest FAFSA Updates
20 Nov 2023
FSA announces a phased release for Better FAFSA
Federal Student Aid (FSA) announced that Better FAFSA will be released in phases. The form will be available sometime on or before December 31,2023, but the FAFSA Submission Summary won’t be available until end of January. Students will receive a confirmation email in the interim. Financial aid offices won’t get student FAFSA information for those that complete their FAFSA early until the end of January, so financial aid award letters will be delayed until February.
The paper FAFSA will be available the day the Better FAFSA opens. The form will be available in both English and Spanish. The FSA Help Center will have translation services for 11 of the most common languages.
The FSA YouTube channel now has short videos on how to fill out the FAFSA and more. FSA has also updated the information on the studentaid.gov website to provide more information about how to prepare for this year’s FAFSA.
Finally, The Department of Education shared on a press release that in North Carolina, 16,489 more students will be Pell eligible and 45,852 more will qualify for maximum Pell.
20 Oct 2023
Webinar for Creating FSA ID Without SSN
2 Oct 2023
The 2024-2025 FAFSA prototype is here
The prototype offers an opportunity to experience the Better FAFSA ahead of its release. FSA noted that the prototype is not a complete replica of the 2024–25 FAFSA form. Instead, it is a tool that allows college access professionals to navigate specific scenarios that many applicants will encounter when filling out their FAFSA this year.
The specific scenarios that the FAFSA prototype demonstrates are —
• Initiating a new application as a student or parent,
• Completing an in-progress application as a student, parent, or spouse, and
• Common corrections scenarios, including missing critical data elements or signatures, and voluntary corrections.
When navigating a scenario, the prototype will advise users when a particular action must be taken. It is important to keep in mind that the scenarios the prototype covers will not be exhaustive of all possible situations users may encounter while filing the 2024–25 FAFSA application.
Access the prototype:
8 Sept 2023
How to assess the net value of a family farm?
With the new FAFSA, families no longer have an exemption for valuing family farms if they have fewer than 100 employees. For those with AGI’s greater than $60,000, they will now need to include the net value of their family farm on the FAFSA. This has some families worried and wondering how to estimate the net value of their family farm. FSA has provided the following guidance:
Applicants should determine the total net value of all farm assets and subtract the net value of their principal residence to determine the final value of their farm assets. The principal residence may include the family’s home, as well as structures and land adjacent to the home that are not being used, stored, or sold for farming or other commercial activities. Property values are generally assessed at a rate that considers the use of the property and the value of the land. Applicants and their families may refer to their property tax assessments from municipal, county, or state governments to help determine and separate the value of their principal residence from other property. Debts owed against the principal residence—such as a mortgage—should also be subtracted from the assessed value of the residence to determine the net value. [Guidance issued 08/04/2023]
The College Foundation of North Carolina (CFNC) is a service provided by the North Carolina State Education Assistance Authority (NCSEAA) to help students plan, apply, and pay for college. The NC FAFSA Hub was created for high school counselors and college access professionals to learn about the latest changes coming to the new FAFSA.