2024-2025 FAFSA Filing Updates

Rhode Island College has begun awarding eligible new students Financial Aid for 2024–25. Students will be emailed when their financial aid award is available in the MyRIC Student Center. 

We are grateful for your patience as we continue to work through the 2024-2025 Free Application for Federal Student Aid (FAFSA) delays.

If you have not done so already, we strongly encourage you to complete the 2024-2025 FAFSA as soon as possible. You may check the status of your FAFSA application by logging in to Federal Student Aid and navigating to “My Activity”.  Please respond promptly to any correspondence you receive from the College or the Department of Education to complete your financial aid application.

How We're Supporting Our Students During these Delays

We are encouraging every student to complete the 2024-2025 FAFSA by following these steps: 

1. Create a FSA ID on the Federal Student Aid website. The Office of Financial Aid is here to assist students, as well as other contributors: parents or spouses in creating a FSA ID.
   • A FSA ID is an account and password that provides access to the Federal Student Aid’s online system and serves as the electronic signature.
   • With the FSA ID, students can fill out the FAFSA, sign their Master Promissory Note (MPN), apply for repayment plans, complete loan counseling, and use the Public Service Loan Forgiveness Help Tool.
2. Use the Federal Student Aid Estimator to find out how much federal student aid a student may be eligible for, starting with the 2024–2025 award year. Rhode Island College’s Federal School Code is 003407.
   • This tool estimates the Student Aid Index (SAI) for the 2024–2025 award year. The Student Aid Index (SAI) is the new name for Expected Family Contribution (EFC), which you may be familiar with from previous years.

What is the FAFSA Simplification Act? 

The FAFSA Simplification Act represents a significant overhaul of the processes and systems used to award federal student aid, starting with the 2024–25 award year. These changes are aimed at making it easier for students and their families to apply for financial aid. This includes the FAFSA, need analysis, and many policies and procedures for schools that participate in federal student aid programs. 

Major Changes

• FAFSA available on December 31, 2023
• More streamlined application process, with fewer questions and an easier way to transfer the tax information directly from IRS
• Student Aid Index (SAI) replaces the term Expected Family Contribution (EFC) 

Terminology Changes 

• Contributor: anyone who is asked to provide information on the FAFSA. For example, the student, student’s spouse, student’s parent(s), and/or student’s stepparent(s)
• Consent: each contributor will now need to provide their consent to their Federal Tax Information (FTI) being included in the FAFSA, even if they did not file a U.S. tax return 
• SAI: Student Index Aid (SAI) replaces Expected Family Contribution (EFC)
• FTI: Federal Tax Information (FTI) transferred directly from the IRS

Changes to the Application 

• There are fewer questions on the FAFSA.
• For students whose parents are divorced or separated, the Custodial Parent on your FAFSA will be the parent who provides you with the most financial support and will no longer be the parent with whom you lived with the most over the past 12 months. 
• Each contributor (student, student spouse, parent(s) and/or stepparent) will have to provide consent.  
• If any contributor does not provide their consent the Student Aid Index (SAI) will not be calculated, and we will not be able to determine your eligibility for financial aid. 
• Foster, homeless, and unaccompanied youth—as well as applicants who cannot provide parental information—will be able to complete the form with a provisional independent student determination and receive a calculated SAI. 
• Students can list up to 20 schools on their FAFSA via the online application. 

Other Changes 

• A direct data share with the IRS will replace what is currently known as the IRS Data Retrieval Tool (DRT). 
• Resources for completing the FAFSA form will be expanded to the 11 most common languages spoken in the United States.