As the Department of Education finalizes the FAFSA Simplification Act, Wake Tech will promptly communicate any changes to the awarding process and the expected impacts on our students and families once details are confirmed. Keep an eye on your Wake Tech email and visit the student portal regularly for updates.
The Department of Education recently announced that FAFSA information will be shared with schools beginning the middle of March 2024. Colleges cannot confirm receipt of the 2024-25 FAFSA until they have received the applications from the Department of Education. Also, students are unable to make corrections to their FAFSA application until it has been processed by the Department of Education. Upon processing, students will receive a FAFSA Submission Summary (FSS) summarizing the provided information. It is crucial to review the FSS to ensure all information is accurate and complete, and any necessary corrections should be submitted promptly.
The FAFSA Simplification Act, enacted by Congress in 2020, marks a substantial overhaul of federal student aid. This transformation encompasses alterations to the Free Application for Federal Student Aid and the need analysis that determines eligibility for federal aid, as well as adjustments in terminology.
The effort, which takes effect with the 2024-25 aid year, is designed to streamline the application process, reduce questions and barriers and expand eligibility.
Contributor – Contributor refers to anyone asked to provide information on a student's FAFSA, including the student, the student's spouse, a biological or adopted parent and the parent's spouse. Individuals who are Contributors to your FAFSA are not agreeing to accept financial responsibility for your education.
FAFSA Privacy Act consent – Formal consent provided by an applicant and any applicable contributor(s) for a given FAFSA cycle (e.g., December 2023 to September 2025 for the 2024–25 FAFSA form) that meets the statutory requirements of collecting and using an individual's personally identifiable information.
FAFSA Submission Summary – Replaces the Student Aid Report as the student's output document providing a summary of data input on the FAFSA.
Family size – Replaces the term "household size" on the FAFSA.
Federal tax information – The data and information related to paying federal taxes. It includes a return or return information received directly from the IRS or obtained through an authorized secondary source, such as the U.S. Department of Education.
Student Aid Index (SAI) – Replaces the Expected Family Contribution (EFC) as a formal evaluation of a student's approximate financial resources to contribute toward their post-secondary education for a specific award year.
Federal Pell Grant eligibility will be determined in three steps:
The FAFSA process remains the same for the following:
Students and contributors must create an FSA ID if they are doing any of the following:
To create an FSA ID, go to StudentAid.gov and click "Create Account." You will need to provide the following information:
You will also create a memorable username and password and complete challenge questions and answers to retrieve your account information if you forget.
To create an FSA ID for a parent or spouse contributor without a Social Security number, follow the instructions linked in the Resources section above.
A contributor is anyone required to provide consent and approval for obtaining federal tax information needed to complete a student's FAFSA. It may include any or all of the following:
The FUTURE Act requires all contributors on the FAFSA to provide consent to share their tax information with the IRS. This consent is necessary for the Department of Education to request federal tax information from the IRS and to use that information in the federal student aid application process.