Navigating the financial aid process can be a crucial step in achieving your academic dreams. We want to make this journey more accessible and straightforward for you.
Big changes for the 2024-2025 aid year! Congress passed the FAFSA Simplification Act in 2020, bringing significant changes to the Free Application for Federal Student Aid (FAFSA) process. This overhaul includes simplifying the FAFSA form, adjusting how federal aid eligibility is determined, using easier language, and updating policies for schools in federal student aid programs. Check out more about the FAFSA Simplification Act, and get ready for a more straightforward and user-friendly financial aid experience.
Ozarks’ Response to the FAFSA Timeline
The Department of Education (DOE) has processed all FAFSA submissions. However, roughly one third of these FAFSAs have processing errors per the DOE. These errors are slated to be corrected by the end of April.
If your FAFSA was rejected by the DOE (i.e. missing signatures or consent) or you need to make other changes (i.e. adding a school), you now have the ability to correct your submissions. Curious what your reject code means? See the FAFSA Reject Code Explanation.
Ozarks is committed to working diligently to ensure a positive and smooth transition for families. We understand the importance of timely assistance, and rest assured, we are dedicated to supporting you through this process. New students can contact their assigned admission counselor for individual assistance. Current students can contact the Office of Administrative Services (OAS) for questions around financial aid or account services.
Take a listen to Ozarks’ very own Executive Director of Admissions, Joey Hughes, as he speaks on Ozarks at Large, a daily news magazine highlighting the people, places and events of Northwest Arkansas and the Arkansas River Valley.
What isn’t changing?
While the FAFSA is undergoing some updates and we’ve revised the aid eligibility calculation. However, there are several key points about financial aid that remain unchanged:
- Automatic Merit Scholarships: Rest assured, students will still receive merit scholarships automatically upon acceptance to Ozarks.
- FAFSA Requirement: The FAFSA will still be required for consideration of federal and state financial aid every year. Don’t forget to complete it annually!
- Tax Information: The FAFSA will continue to request tax information from the prior-prior year. This means for the 2024-25 application, you’ll report 2022 income and assets. If your family has experienced a significant reduction in income, keep in mind that submitting an appeal after you receive your award letter is an option.
What is Changing?
In case you aren’t familiar with the changes, this 2024-25 academic year the Free Application for Federal Student Aid (FAFSA) is undergoing significant simplification. These changes, implemented at a national level, are designed to streamline the application process, reduce complexity, and ultimately make it easier for students and families to access financial assistance.
Shorter & More User -Friendly
The FAFSA makeover streamlines questions, allowing you to focus on the most essential information without unnecessary complexity. The maximum number of questions is reduced from 108 to 46. And because the FAFSA is dynamic, some students won’t even be presented with all 46 questions. This streamlined format will simplify the application process and make it less daunting for students and their families.
Enhanced Accessibility
The updates prioritize accessibility, ensuring that everyone, regardless of their background or circumstances, can easily understand and complete the FAFSA. It’s a commitment to inclusivity and breaking down barriers to education. One such example is that it will now be available in the 11 most common languages spoken by English learner students and their parents.
All “Contributors” Must Provide Financial Information
A new term, “contributor,” is making its debut on the 2024-25 FAFSA, and it simply means someone who needs to provide information on a student’s form, like a parent/stepparent or spouse. The FAFSA responses from the student or parent will determine if any contributors need to provide information.
Once identified as contributors, individuals will receive an email notification. To fulfill this role, they’ll need to log in using their FSA ID (or create one if they haven’t already) to provide the necessary information on the student’s FAFSA.
It’s important to note that being a contributor doesn’t imply financial responsibility for the student’s education costs. However, it does mean that providing information on the FAFSA is crucial; otherwise, the application will be incomplete, and the student won’t be eligible for federal student aid. Additionally, for dependent students, financial information was previously needed from the parent(s) the student had lived with the most in the last 12 months. With the new FAFSA, financial information will be required from the parent(s) who provided the most financial support to the student. If you have any questions or concerns about being a contributor, we’re here to help!
The Student Aid Index (SAI) is replacing Expected Family Contribution (EFC)
A notable terminology update within the new FAFSA is the replacement of the term Expected Family Contribution (EFC) with 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 down to -1500.
Automatic 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.
Your Next Steps
After reviewing your financial aid package and considering your college options, it’s time to make your decision! Remember that not all financial aid awards are created equal. Ask questions. Visit again if you need to. Finally, you’ll submit your enrollment deposit to secure your space!
- Stay Informed: Keep yourself updated on the latest FAFSA changes by visiting our Financial Aid website regularly. If you haven’t filled out the FAFSA yet, take a look at our updated FAFSA Guide.
- Attend FAFSA Events: If you haven’t yet submitted your FAFSA, think about participating in FAFSA events, at local schools, and on-campus for current students, organized by the University to get hands-on assistance and guidance through the process.
- Connect with Us: Our friendly and professional team is here to help. Reach out to us with any questions or concerns, and we’ll guide you through the process.
At University of the Ozarks, we’re committed to making your educational journey as seamless as possible. With FAFSA simplification, we’re confident that accessing financial aid will be a positive and empowering experience for you.
Your dreams, your education,
simplified with FAFSA at University of the Ozarks.