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After the much-anticipated release of the new Free Application for Federal Student Aid—called the FAFSA—in December, we now have some answers to questions and concerns around the 2024-2025 application.
Fortunately, many people have found the new FAFSA quicker and easier—with some reporting it takes just 10 minutes to file. We know others have experienced challenges with filing, but there are resources to help.
Studies have shown a strong correlation between FAFSA completion and college enrollment, as the FAFSA opens the door to need- and merit-based financial assistance. Considering that, by 2031, only 28% of jobs will go to individuals with a high school diploma or less, the FAFSA is a gateway to college access and affordability and ultimately a good job.
Each year, more than $400 million in state aid and billions of dollars in federal aid is available through the FAFSA. Indiana is first in the Midwest and fifth in the nation in awarding need-based financial aid, and with the new FAFSA, even more Hoosiers are eligible to receive aid.
Yet in 2023 alone, Hoosiers left $76 million in federal financial aid unclaimed, with only 48% of high school seniors filing the FAFSA.
In an effort to improve FAFSA filing rates, the Legislature passed a FAFSA filing graduation requirement in 2023, which went into effect for this year’s high school seniors. Indiana is the eighth state in the nation to adopt this legislative requirement, with other states’ similar legislation seeing upward of 25% increases in FAFSA filings. To support a comparable aim, the Indiana Commission for Higher Education set a goal to have at least 60% of current high school seniors file the FAFSA by April 15, Indiana’s priority deadline.
The commission is already working with many partners, as this goal is possible only if schools and community and faith-based organizations use their expertise and rapport to further the reach by working directly with students and families on this process. Many of those groups are already working diligently to support Hoosiers in meeting this deadline.
The commission’s Learn More Indiana website has a calendar of upcoming FAFSA events and an interactive map to connect with outreach coordinators for direct support. Free FAFSA help is available through INvestEd at 317-715-9007. The U.S. Department of Education provides email and live chat assistance and a helpline at 1-800-4-FED-AID; wait times may vary.
In Indianapolis, the 2023 FAFSA filing rate was just 39%. In response, the Richard M. Fairbanks Foundation recently awarded nearly $5 million in short-term grants to Marion County public high schools and community-based organizations as part of the foundation’s College Matters initiative to help students, families and schools adjust to the new FAFSA form and requirement.
We must ensure more Hoosiers realize higher education is possible, and FAFSA completion is a critical step in unlocking potential college and career options. When Hoosiers pursue higher education, it impacts more than the individual. It builds a stronger society and future for our state and for all Hoosiers.•
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Fiddian-Green is president and CEO of the Richard M. Fairbanks Foundation. Lowery is Indiana commissioner for higher education.
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