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By Jill Murphy 08 Feb, 2024
The FAFSA Simplification Act has brought about significant changes to the financial aid landscape, ushering in a new era in the FAFSA application process. While you’re likely familiar with the details, let's take a moment to recap the key highlights of this transformative legislation. Key Changes: Transition to SAI: The cornerstone of the FAFSA Simplification Act is the replacement of the Expected Family Contribution (EFC) with the Student Aid Index (SAI). This shift aims to provide a more nuanced assessment of financial need, offering flexibility with SAI values, including the possibility of negative figures down to -1500. SAR to FSS: Another notable change is the rebranding of the Student Aid Report (SAR) as the FAFSA Submission Summary (FSS), reflecting the evolving nature of the application process. Negative SAI and PELL Grant Eligibility: One of the significant departures from the previous system is the allowance for negative SAIs. This change necessitates adjustments in how institutions package students for need-based aid. Additionally, PELL grant eligibility will now be determined using criteria separate from the FAFSA and resultant SAI, with the incorporation of IRS tax return data where feasible. As you embark to adapt these new protocols, it's essential to remain informed and proactive in navigating the evolving landscape of higher education finance. As an AwardSpring partner, we’ve made suggestions on how to leverage these changes to better support students on their educational journeys and ensure access to the opportunities they deserve. AwardSpring offers the following recommendations to guide institutions through this process: Recommendation #1: Expected Family Contribution (EFC) to Student Aid Index (SAI) The most consequential change to teams that are putting together Financial Aid packages or making scholarship awarding decisions are the EFC to SAI transition. We recommend you consider one of two options: Option 1: Re-label existing EFC fields as SAI to maintain continuity in data collection If you choose to re-label existing EFC fields, be mindful that doing so may impact historical data analysis, requiring a clear understanding by the consumers of any reports of the transition from EFC to SAI effective the date you make this conversion Option 2: Keep your existing EFC fields for historical purposes and create a new SAI field In this instance, you’ll need a thorough review of all of your qualifications and/or awarding decision-making processes to ensure SAI is being used and EFC is properly retired Notables: In the case where you’re using our SIS Integration feature, we’ll want to coordinate which path you’ve chosen so we can update the import process accordingly AwardSpring currently doesn’t allow our numeric fields to go negative creating a gap between the new SAI protocol and our existing numeric fields. We’ll be addressing this in a March, 2024 release so you can capture negative SAI values, if desired In either case, you’ll want to review scholarship qualifications tied to EFC and/or SAI, and ensure compatibility with the possibility of negative SAI values Recommendation #2: Student Aid Report (SAR) to FAFSA Submission Summary (FSS) Much like repurposing EFC for SAI in our first recommendation, you have another consideration with SAR vs. FSS: Option 1: Evaluate the option of re-labeling existing SAR upload fields as FSS to streamline data collection recognize that this adjustment repurposes the field, necessitating careful consideration of historical data interpretation Option 2: Alternatively, create separate fields to accommodate the transition, albeit with potential rework depending on your unique configuration and whether you utilize SIS Integration Recommendation #3: Other FAFSA Fields There’s more variability here since you may have a wide degree of fields to consider. You should tailor any changes based on the specific field type, whether it’s being used as a qualification, and whether you’d need to make corresponding changes in your SIS. Summary Proactive assessment and strategic adaptation of FAFSA-related questions are crucial to seamlessly transition to the new framework outlined by the FAFSA Simplification Act. By carefully considering these recommendations, you can ensure alignment with regulatory changes while maintaining efficiency and accuracy in financial aid processes. As always, if you’d like to talk with our expert staff, don’t hesitate to reach out to us at support@awardspring.com.
AwardSpring: The #1 Scholarship Management Software
By The AwardSpring Team 22 Sep, 2023
We're absolutely thrilled to announce that AwardSpring has clinched the prestigious #1 spot in the G2 report for Scholarship Management Software, but we didn't stop there!
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By Jill Murphy 03 Aug, 2023
Our commitment goes beyond providing exceptionally smart, simple scholarship and donor management software: support, training, and seamless onboarding are the core of what we do.
AwardSpring Blog: Increase Enrollment and Retention Through Your Scholarship Programs
By Kurt Reilly 05 Jul, 2023
With both college and university enrollment continuing to decline, here's what you can do.
Engage with applicants through AwardSpring's Texting feature
By Julie Semyck 19 May, 2023
Looking to increase your applicants, but students aren't checking their email? Meet students where they are by utilizing text messages.
better, faster, awarding drives efficiency, accuracy, and accessibility with AwardSpring
By Kurt Reilly 18 May, 2023
If you're still managing your scholarship program using paper applications and manual processes, it's time to make a change.
By Daniel Orofino 02 Feb, 2023
Smart Reports will allow you to build and run reports in seconds. For the past year, our team has been working behind the scenes to build a powerful tool to help you get quick access to data stored in your AwardSpring site - at no additional cost.
By Julie Semyck 20 Jan, 2023
We are excited to announce that AwardSpring has received three badges in the G2 Winter reports: Leader, Best Relationship, and Users Love Us.
By Kurt Reilly 14 Sep, 2022
When students are overwhelmed, they are less likely to finish the application process. It’s time to end the practice of burying more-accessible funds beneath a sea of highly competitive, external awards that very few applicants will ever receive.
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