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2024-2025 FAFSA Process has Changed

Now is the time to complete the Free Application for Federal Student Aid (FAFSA).

File Your FAFSA

Who Must Complete the FAFSA?

Undergraduate students and their families must complete the Free Application for Federal Student Aid (FAFSA) every year to be eligible for federal and state scholarships, grants and loans.  

Graduate students considering federal loan options are also required to complete the FAFSA annually.  

Visit the Federal Student Aid Office of the U.S. Department of Education for more information. 

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Submit Your FAFSA

Don’t delay in submitting your FAFSA to the U.S. Department of Education. You must file a FAFSA to receive financial aid, including scholarships, grants, student loans and work study!  

STEP 1: Create a Federal Student Aid Account HERE 

  1. You must create your own account to apply for, receive and manage your federal student aid.  
  2. Two things needed to create your account: 
  • Your Social Security number AND 
  • Your own mobile phone number and/or email address. 

STEP 2: Complete your FAFSA application 

  1. Log into your FAFSA using the account you created in Step 1. 
  2. Don’t forget to list The University of Olivet (code: 002308) on your FAFSA so we can receive your financial aid information to explore what federal aid you are eligible to receive. 
  3. If you have questions, ask the UOlivet financial aid team for help by emailing the UOlivet financial aid team or calling 269-749-7645. 

 STEP 3: Submit Your FAFSA 

  1. Once your FAFSA has been completed and you have successfully saved and electronically signed the form using your Federal Student Aid ID, the federal government will begin processing. 
  2. Be sure to list The University of Olivet (code: 002308) on your FAFSA so that UOlivet can complete your financial aid package. 

The University of Olivet cannot start your financial aid process until you have completed your FASFA and the U.S. Department of Education has accepted it. If you have not completed your FASFA yet, please do so now.  

QUESTIONS OR NEED SUPPORT? 

If you have questions, ask the UOlivet financial aid team for help by emailing the UOlivet financial aid team or calling 269-749-7645. We are here to support you! 

UOlivet FAFSA Code

When filling out your FAFSA, be sure to list The University of Olivet FAFSA code: 002308.  

Why the Changes to FAFSA?

The FAFSA Simplification Act was passed by Congress in 2020 and represents a significant overhaul of the processes and systems used to award federal student aid. This includes the FAFSA form, the need analysis that determines federal aid eligibility, changes in terminology, and many policies and procedures for schools that participate in federal student aid programs. 

How will the FAFSA change?

The new FAFSA application process will be streamlined and provide a better user experience for FAFSA applicants. Also, the new FAFSA will expand eligibility for federal student aid and reduce barriers for certain student populations (e.g., homeless and unaccompanied youth, incarcerated students, English language learners, and students from low-income backgrounds). 

Will the FAFSA will be shorter and more user-friendly?

  • The number of FAFSA questions will decrease from 108 to 46.  
  • A dynamic web form will allow some students to not have to respond to all 46 questions. 
  • This streamlined format makes the process easier and less daunting for students and their families. 

Will the FAFSA will be available in more languages?

In addition to English and Spanish, the 2024-25 application will include the 11 most common languages spoken by English learner students and their parents. 

Will my tax information automatically transfer to the new form?

  • Tax information data will be automatically transferred into the application for most students and families.  
  • This change makes it easier to complete the FAFSA and reduces the number of questions that need to be answered. 
  • All persons on the FAFSA must provide consent for the Department of Education to receive tax information or confirmation of non-filing status directly from the IRS.  

Do "contributors" provide the required financial information?

  • A contributor is anyone required to provide information on a student’s form (such as a parent/stepparent or spouse). A student’s or parent’s answers on the FAFSA will determine which contributors (if any) will be required to provide information. 
  • Contributors will receive an email informing them if they have been identified as someone required to provide information.  
  • Contributors must log in using their Federal Student Aid (FSA) ID to provide the required information on the student’s FAFSA. 
  • Being a contributor does not mean they are financially responsible for the student’s education costs. However, if identified as a contributor, you must provide information on the FAFSA; otherwise, the application will be considered incomplete and the student will not be eligible for federal student aid. 

 

Is the Student Aid Index (SAI) replacing Expected Family Contribution (EFC)?

  • The term Expected Family Contribution (EFC) will now be the Student Aid Index (SAI).  
  • This name more accurately describes the number used to determine aid eligibility and, unlike the EFC, the SAI may be a negative number. 

Will the number of family members in college be used to calculate SAI?

  • Previously, the FAFSA calculated the number of household members attending college into the EFC, dividing it proportionately to determine federal aid eligibility.  
  • Beginning with the 2024-25 FAFSA, the application will still ask how many household members are in college, but your response will not be calculated into the SAI.  
  • Thus, undergraduate UOlivet students with siblings in college may see a change in their federal aid eligibility. 

Will some students be automatically be awarded a Pell Grant?

  • Families making less than 175% and single parents making less than 225% of the federal poverty level will see their students receive a maximum Federal Pell Grant award.  
  • Minimum Pell Grants will be guaranteed to students from households below 275%, 325%, 350%, or 400% of the poverty level, depending on household structure.  
  • Pell awards between the maximum and minimum amounts will be determined by SAI. 

Which parent is responsible for submitting the FAFSA in cases of divorce or separation?

The new FAFSA will require financial information from the parent(s) who provided the most financial support to the student. 

Do family farms and small businesses need to be reported as assets?

  • Families must report the value of their small business or family farm when required.  
  • If the family farm includes the principal place of residence, 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. 

What isn't changing?

While the FAFSA is receiving an update and the aid eligibility calculation has been revised, some aid-related matters will not change. 

  • The general types of aid available to UOlivet students and federal student loan limits will not change. As in past years, institutional aid for undergraduate students will be determined by high school or transfer college GPA and FAFSA results.  
  • The FAFSA will still be required for consideration of federal and state financial aid every year. 
  • Dependency status questions determining if your parent(s) must complete the FAFSA will remain the same. 
  • The FAFSA will still request tax information from the prior-prior year. This means you will report 2022 income and assets on your 2024-25 application. Families with significant reductions in income can consider submitting an appeal. 
  • The questions regarding an applicant’s gender, race, and ethnicity will not affect federal student aid eligibility and are included for statistical purposes and data collection only. UOlivet won’t receive this data from the FAFSA. 

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When should graduate students submit the 2024-25 FAFSA?

Like undergraduate students, graduate students can submit a FAFSA anytime during the year up to June 30, 2025. In other words, the FAFSA does not close during the school year. Yet, to be considered for fall, it should be submitted by July 1, 2024. 

Additional Important Information

  • When filling out your FAFSA, be sure to list The University of Olivet FAFSA code: 002308. 
  • The University of Olivet will send award letters as soon as the FAFSA information is received from the Department of Education.

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320 S. Main Street
Olivet, MI 49076

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