Applying for Financial Aid
Big Changes coming with the 2024-2025 FAFSA
Applying for Financial Aid
Assumption University strongly encourages everyone to fill out the Free Application for Federal Student Aid (FAFSA) – you and your family may be pleasantly surprised by the funding you may receive.
The majority of financial aid awards made by Assumption University are based upon “demonstrated financial need.” Student need is the difference between the average cost of attending Assumption University minus your and your family’s ability to contribute toward these costs, as calculated from the information you provided on the FAFSA.
Begin the process
- Students and their parent/guardian must obtain an FSA ID prior to filling out the application.
- Instructions on creating your FSA ID
- Complete the FAFSA online. The 2024-2025 FAFSA will be available to complete in December 2023. Please refer to the FAFSA Simplification (see below) tab for more information.
- Include Assumption's School Code, 002118, so we receive your FAFSA information.
Filing the FAFSA Online
Assumption University strongly recommends you file the 2024-2025 FAFSA at www.fafsa.gov when it becomes available in December 2023.
Additional documentation requests
Students may be asked to remit additional documentation to determine financial aid eligibility. The most common request is due to a process called verification. For more information on the verification process, please refer to the Policies & Guidelines section.
Financial Aid Awarding Timeline
We strongly encourage all students to apply for financial aid by filing the 2024-2025 FAFSA when it becomes available in December 2023.
Admission Decision Timelines
Financial Aid offers will be sent out to newly admitted undergraduate students with a valid 2024-2025 FAFSA on a rolling basis beginning in February 2024.
Returning undergraduate students who meet the filing deadline and have remitted all requested documents can access their 2024-2025 financial aid offer via the My.Assumption portal in mid-June 2024.
Assumption’s Priority FAFSA filing deadlines:
New First-Year Students: March 15
New Transfer Students: March 31
Returning Students: March 31
Students who file their FAFSAs after the priority filing deadline can still apply for financial assistance but could have their financial aid offer delayed as a result of not meeting the deadline.
Important FAFSA Information
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What is the FAFSA?
The FAFSA is a free federal application that prospective and currents students complete annually in order to apply for need based financial aid funding while enrolled in college.
FAFSA Simplification ActWhat is the FAFSA Simplification Act?
The FAFSA Simplification Act represents a significant overhaul of the processes and systems used to award federal student aid starting with the 2024–2025 award year. This includes the Free Application for Federal Student Aid (FAFSA®) form, need analysis, and many policies and procedures for schools that participate in federal student aid programs.
The law will also affect every state that uses FAFSA data to award state grant aid and every school that participates in the federal student aid programs.
Beginning with the 2024-2025 academic year, there will be some significant changes to the FASFA form.
- The FAFSA will not be available to complete until December 2023. The FAFSA typically opens October 1st.
- The FAFSA will have fewer questions to answer than in past years
- The FAFSA EFC (expected family contribution) figure will be replaced with a FAFSA SAI (student aid index) figure.
- Federal 2022 Income data will be uploaded into your FAFSA directly from the IRS.
Once the Federal Department of Education releases the exact date of when the 2024-2025 FAFSA will be available to complete, we will update our website.
2024-2025 FAFSA Priority Deadlines
- Prospective (new) students: please submit your 2024-2025 FAFSA before March 15, 2024
- Current Assumption University students: please submit your 2024-2025 FAFSA before March 31, 2024.
- New and current Assumption University graduate students: please submit your 2024-2025 FAFSA 6-8 weeks prior to the term you intend to begin your graduate classes at Assumption.
What is the Student Aid Index (SAI) or Expected Family Contribution (EFC)?
The Student Aid Index (SAI), formerly known as Expected Family Contribution (EFC), is used as part of the financial aid process at most colleges and universities. Your SAI is a number that is calculated and shown during the process of submitting your Free Application for Federal Student Aid (FAFSA). It measures a student’s and family’s ability to pay for college. Schools use it to help determine your eligibility for need-based financial aid and how much aid they will offer you. Your SAI is not necessarily the amount that you will actually pay for college. It’s closer to say that your SAI is an estimate of what schools might determine your family can afford to contribute toward college, including current income and assets, college savings, and other resources. What you will actually end up paying at a given school will be determined by that school’s financial aid office.
What is the difference between the Student Aid Index (SAI) and Expected Family Contribution?
There is no difference between SAI and EFC. Beginning in 2023, EFC was renamed to SAI to avoid confusion over what the number actually means. The old name led many families to believe that the EFC was the amount they would be expected to pay toward college rather than an estimate of their financial need.
Federal Student Aid Estimator
If you are interested in determining what your estimated SAI figure may be for the 2024-2025 academic year, please use the Federal Student Aid Estimator Tool:
https://studentaid.gov/aid-estimator/
Financial Aid Offer Letters
With the FAFSA not opening until December 2023, when will I find out about my Assumption University financial aid offer for the 2024-2025 academic year?
Prospective (new) students: Early Financial Aid Offer
Prospective students who apply to Assumption University for the fall 2024 semester will be invited to receive an early financial aid offer* from Assumption University by providing information on their family income, asset, and household size. Students will receive an email invitation from Assumption University’s Undergraduate Admission Office when this process becomes available.
If students choose to receive an early financial aid offer from Assumption, the Office of Financial Aid will review your submitted information once you have been accepted to the University and provide you with an early financial aid offer. Students who receive an early financial aid offer will need to file the 2024-2025 FAFSA when it opens in December 2023 to confirm their early financial aid funding.
*The option to receive an early financial aid offer will be available for prospective students between October 15, 2023 – December 15, 2023. After December 15, 2023, all financial aid offers will be determined off the 2024-2025 FAFSA.
Official financial aid offers will be sent to prospective students with a 2024-2025 FAFSA on file beginning February 2023.
Current Assumption University students: As long as Assumption receives the results of your FAFSA by March 31, 2024 and you have provided additional information to the Office of Financial Aid if requested, you can expect to receive your 2024-2025 financial aid offer by mid-June 2024.
New and current Assumption University graduate students: FAFSA applications are processed on a rolling basis for current and newly admitted graduate students. Please make sure to file your 2024-2025 FAFSA as soon as it opens in December 2023 to make sure you receive the results of your 2024-2025 aid review prior to the start of your graduate classes.
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