ED Releases 2024-25 College Financing Plan
By Hugh T. Ferguson, NASFAA Senior Staff Reporter
The Department of Education (ED) released the newest version of the College Financing Plan this week, which included expected updates stemming from the implementation of the FAFSA Simplification Act.
The College Financing Plan (CFP) is a consumer tool, formerly referred to as the “Financial Aid Shopping Sheet,” that was first voluntarily implemented in July of 2012. Participating institutions of higher education use the CFP to notify students of their financial aid packages in a standardized form, enabling prospective students to compare costs across different schools.
The main change for the new CFP is the change from Expected Family Contribution (EFC) to the new Student Aid Index (SAI) for determining student financial need as will now be used for FAFSAs starting with the 2024-25 award year.
The new form also contains changes to the naming mechanisms of items in the Cost of Attendance, also mandated by the FAFSA Simplification Act. Notably, housing and meals are now referred to as housing and food. The glossary attached to the CFP has also been updated to reflect these wording changes, and a definition has been added for SAI.
Institutions can find all the components needed to complete their school’s College Financing Plans along with documents outlining Frequently Asked Questions (FAQ) on ED’s designated website.
Publication Date: 11/2/2023
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