FAFSA and Financial Aid update
Issues surrounding the 2024-2025 FAFSA and the federal Department of Education have understandably caused uncertainty and concern among students and their families. UAF wishes to emphasize that we remain dedicated to assisting students in navigating the financial aid system and accessing the resources they need to pursue their educational goals.The 2025-2026 FAFSA is expected to become available in December 2024. We will notify students when the FAFSA is available. We encourage all students to submit the FAFSA every year.
If you or your family would like assistance filing, or if you have any questions, the experts at UAF Financial Aid Office would love to meet with you! Schedule an appointment online.
FAFSA
The Free Application for Federal Student Aid (FAFSA) will determine your eligibility for federal grants and loans, state grants and scholarships and some private scholarships.
File the FAFSA (UAF's School Code: 001063)
What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is a form used by U.S. students and their families to apply for federal financial aid for college or graduate school. It's the primary way the federal government determines your eligibility for various types of financial assistance, including:
- Federal Grants – Need-based grants like the Pell Grant.
- Federal Loans – Loans with generally lower interest rates and better repayment terms, such as Direct Subsidized and Unsubsidized Loans.
- Federal Work-Study – A program that provides part-time jobs to help students pay for their education.
- State and Institutional Aid – Many state governments and colleges use FAFSA information to determine eligibility for their own financial aid programs.
The FAFSA collects financial and personal information from you and your family, including income, tax returns and other assets. The information is then used to calculate your Student Aid Index (SAI), which is used by schools to determine how much financial aid you might receive.
The FAFSA is important because it opens the door to a wide range of financial assistance, and it's usually required by most colleges and universities before they can award you any kind of financial aid.
The Student Aid Index (SAI)
The Student Aid Index (SAI) is designed to be a more accurate reflection of a family's ability to pay for college. It replaces the EFC and serves a similar purpose: helping schools determine a student's eligibility for federal financial aid, including grants, work-study, and federal student loans.
Key Differences Between the EFC and SAI:
- EFC was used as a specific dollar amount indicating what the government expected a family to contribute towards the cost of education.
- SAI doesn't have a set dollar figure like the EFC did. Instead, it's used in a broader way to help determine eligibility for need-based financial aid, but it no longer communicates a specific contribution amount.
This simplifies the process for students and families, as the SAI is intended to be more transparent and easier to understand. It also expands eligibility for certain types of aid, like the Pell Grant, by lowering the income thresholds.
So, when you fill out the FAFSA, instead of an EFC, the results will now show your SAI, which will be used to determine your financial aid package.
When to file
The 2025-2026 FAFSA is expected to be made available in December 2024. UAF recommends all students submit the FAFSA, as soon as you can, every academic year. The FAFSA qualifies you for federal grants and loans, but it’s also used to qualify for some scholarships, like the Nanook Commitment Scholarship, Alaska Performance Scholarship and other third-party scholarships.
The FAFSA Verification process double-checks and confirms the information you’ve submitted on your FAFSA. About one third of the people who file the FAFSA each year are selected for verification.