The notoriously complicated Free Application for Federal Student Aid will soon be getting a facelift, thanks to new legislation signed into law Thursday.
The bipartisan FUTURE Act will cut the number of FAFSA questions by approximately 20% and will allow for better, more accurate data sharing between the Internal Revenue Service and U.S. Department of Education. The ability for applicants to import their income data directly from the IRS to the FAFSA form is viewed as an important step toward significantly reducing the number of students who must undergo a rigorous income verification process.
While FAFSA simplification is one of the main priorities of the bill, the FUTURE Act also provides permanent funding for Historically Black Colleges and Universities and makes changes to income-driven student loan repayment plans.
For more information about the changes that will be implemented as a result of the FUTURE Act, please visit the National College Access Network’s blog.