Discover® Student Loans Survey Reveals Majority of Parents with College-Bound Children Are Unaware of Upcoming Changes to the FAFSA®
A New, Simplified Form, Created as Part of the FAFSA Simplification Act, Will Create a Better User Experience, But
FAFSA Simplification Act creates a better user experience for those applying for financial aid
“The changes to the FAFSA will result in a more streamlined application process,” said Rich Finn, vice president of Discover Student Loans. “The updated FAFSA will also expand eligibility for financial aid, improve access and create a better user experience overall. Discover Student Loans encourages everyone to fill out the FAFSA, regardless of their income, as most people qualify for some kind of aid.”
According to the survey,
The new FAFSA form will include a number of changes. A few of the most significant changes outlined on studentaid.gov include:
- A significant reduction in questions, from 108 questions to 36
- School list expanded to include up to 20 schools, an increase from the previous 10
- Easier completion with student and parent-specific questions
- Gifts and 529 Plan distributions from anyone other than a student’s parents will no longer have to be reported as non-taxed income
- Direct data exchange with the IRS allows tax information to be transferred directly into the FAFSA
The way aid is distributed will also shift with the new FAFSA. The Expected Family Contribution (EFC) index number is being replaced with the Student Aid Index (SAI). Unlike the EFC, which can be as low as
Most families are planning to fill out the FAFSA for the 2024-2025 school year
According to the Discover Student Loans survey,
The FAFSA’s delayed release may catch parents off guard,” said Finn. “With so many changes to the form, it will be important for families to plan ahead to get the most financial aid. Discover has free tools and information for families navigating the FAFSA application, such as this FAFSA Guide and these Common FAFSA Myths.”
With more than one quarter (
For more information on the FAFSA and how families can leverage student loans to pay for college, visit DiscoverStudentLoans.com.
About the Survey
All figures, unless otherwise stated, are from a Dynata (formerly Research Now/SSI) survey conducted on behalf of Discover Financial Services. The survey was conducted online and fielded by Dynata with a total sample size of 1,000 parents of children ages 16-18 who plan on attending college or trade school. The margin of sampling error was 3 percentage points with a +/-5 percent level of confidence.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in
1 FAFSA is a registered trademark of the
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Sheetal Shah
Discover
sheetalshah@discover.com
224-405-0297
@Discover_News
Source: Discover Financial Services