(GENERAL-23-78) Release of Revised Federal Student Aid Estimator

Author
Federal Student Aid
Electronic Announcement ID
GENERAL-23-78
Subject
Release of Revised Federal Student Aid Estimator

The U.S. Department of Education’s office of Federal Student Aid (FSA) is pleased to announce the release of a newly revised Federal Student Aid Estimator that now provides an estimate of the new Student Aid Index (SAI) and revised federal Pell Grant eligibility calculation.

The FAFSA Simplification Act, enacted into law as part of the Consolidated Appropriations Act of 2021 and amended by the Consolidated Appropriations Act of 2022, represents a significant overhaul of federal student aid, including the Free Application for Federal Student Aid (FAFSA®) form, need analysis, and many policies and procedures for schools that participate in the Title IV programs. One requirement in the FAFSA Simplification Act is that FSA provide an electronic estimator that will allow applicants to receive a non-binding estimate of their federal financial aid. To fulfill this mandate, FSA has revised the Federal Student Aid Estimator, a free online tool that provides students with early estimates of their eligibility for federal student aid. The actual and final federal aid amount will only be made available after an application is submitted and processed, and full financial aid award packages that include eligibility for institutional and state aid are still provided directly by the school.

The updated Federal Student Aid Estimator now gives a first look at estimates for the new SAI which replaces the Expected Family Contribution (EFC) starting in award year 2024-25. This early view precedes the launch of the 2024-25 FAFSA form in December and will allow students, families, financial aid administrators, and other college access professionals to plan ahead for college, career school, or trade school. By answering a few simple questions pertaining to federal student aid eligibility and the student’s financial situation, the tool calculates an estimated award amount for Pell grants, direct loans, and work study funds. It is important to note that the Federal Student Aid Estimator is not an aid application and students will not receive any aid without submitting a FAFSA form and meeting the eligibility criteria.

Anyone can access the new Federal Student Aid Estimator at studentaid.gov/aid-estimator.
A studentaid.gov account is not necessary to use this tool.