2024-2025 "Better FAFSA" Available Now!

• The 2024-2025 Free Application for Federal Student Aid (FAFSA) is now available at FAFSA.gov.
• Students and families can visit StudentAid.gov/fillingout for resources about completing the 2024–25 FAFSA form—including information about creating a StudentAid.gov account without a Social Security number, how to complete the new 2024–25 FAFSA form, and what to do before and after completing the FAFSA form.
• Colleges and Universities hope to start receiving FAFSA information, by early February 2024.
• NMSU expects to begin awarding 2024-2025 Financial Aid to incoming students starting early May and returning students the middle of June.

What is the FAFSA?

The Free Application for Federal Student Aid, or FAFSA, is an annual application a student submits that determines qualification for federal aid, including grants, loans, and work-study. The completion of the FAFSA is necessary to be considered for financial aid. The FAFSA gives you access to the largest source of financial aid to help pay for college! New Mexico State University offers federal and state aid to qualified students, and your eligibility for that aid is determined by the FAFSA.

If you have not already completed the 2023 – 2024 FAFSA, it’s not too late!

For the 2023-24 FAFSA, you will need to use 2021 tax information. We encourage you to fill out the FAFSA as soon as possible after the opening date each year. Certain funds are awarded on a first-come, first-serve basis, including work-study, so it’s very important to submit the FAFSA as early as possible. The priority deadline for the FAFSA is March 1st of each year. However, a FAFSA can be filed at any time during the academic year.

The 2024-2025 FAFSA opened on December 31st, 2023 and The Department of Education will hopefully begin sending FAFSAs to universities at the end of January.

There are lots of things you can be doing now to make sure you’re prepared.

• Make sure your FSA ID is ready to go. Everyone who needs to provide information on the FAFSA needs a FSA ID. This includes you (the student), the student’s parents or stepparents (if the student is a dependent), and the student’s spouse (if applicable).  Creating an FSA ID or resetting your password can take up to 3 days to process.
• Gather all necessary documents to complete your FAFSA. You will need to provide tax information for yourself and your parents and/or stepparents, and/or spouse if applicable.
• Check out the Department of Education’s Website for helpful information such as a video on how to fill out the FAFSA, documents you may need when it opens, and lots of other helpful information.

What You May Need:

• The 2023-24 FAFSA will require 2021 tax information, the 2024-25 FAFSA will require 2022 tax information.
• Student and parent Social Security Numbers.
• Driver’s license number if you have one.
• For Dependent Students, your parent’s date of birth.
• Student Alien Registration or Permanent Resident Card.

• Federal tax information, tax documents, or tax returns, including IRS W-2 information, for you (and your spouse, if you are married), (and for your parents if you are a dependent student):
  • IRS Form 1040
  • Foreign tax return or IRS Form 1040-NR
  • Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
• Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you, and for your parents if you are a dependent student.
• Student and parent Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you and for your parents if you are a dependent student.

What happens after you submit the FAFSA:

Once you submit the FAFSA, it will be processed by the Department of Education. You will receive a notification once your FAFSA has been processed. You can then check your financial aid status on your studentaid.gov account. 

Starting at the end of January 2024, once the department of Education has processed your FAFSA they will send them to the universities you have requested your FAFSA be sent to. 

Once we receive your application at our school, we will update your MyNMSU account and contact you.  Please keep an eye on your email.

Tips:

Start Early.  Some FAFSA Funds are processed on a first-come, first served basis, so submitting it as early as possible it best.

Be accurate. Provide complete and accurate information on the FAFSA.  Any errors or omissions could delay your application or even make you ineligible for financial aid you could otherwise receive.

Keep copies of all supporting documents. If selected by Federal Student Aid, you may be asked to provide copies of your tax returns, W-2s, and other documents to verify your information.

Contact us for help if you have any questions about the FAFSA or need assistance completing it.

Application Process

For easy steps to completing the FAFSA, view our FAFSA Walkthrough video.
 FAFSA Video Tutorial

Before you start the FAFSA, you will need to register for an FSA (Federal Student Aid) ID, if you do not already have one.
Start your FAFSA now

NMSU School Codes

 IRS Data Retrieval Tool (IRS DRT)

The FAFSA allows you to link your tax return directly to your application using the IRS Data Retrieval Tool. This video tutorial gives instructions on how to use the tool. All students may not be eligible to use Data Retrieval Tool.

IRS Data Retrieval Tool Tutorial

Tax Filers with Special Circumstances

• The IRS Data Retrieval Tool may not be available for the applicant in the following circumstances:
• A joint tax return was filed, but the student or the student’s parents have filed the FAFSA with a marital status of separated, divorced or widowed.
• If the tax filer is married to someone other than the individual included on the previous year’s joint tax return.
• If the parent or student was not married in the previous year, but is married at the time the FAFSA is filed. The current spouse’s income must be reported on the FAFSA.
• If the parents or the student is married but filed tax returns separately.
• If an amended tax return was filed.
• Applicants filing a territorial tax return or a foreign tax return may not use the IRS Tax Retrieval and must send a copy of their previous year’s tax documents.
• Victims of identity theft will submit IRS Form 14039 (Identity Theft Affidavit) with the 1040/A/EZ that was filed.

Non-Tax Filers

What happens after I fill out the FAFSA?

• After you submit the FAFSA, it will be processed and your Expected Family Contribution (EFC) will be determined. Your EFC is then used to determine how much aid you receive. 
• Once you've submitted your FAFSA, it is important that you do not make any changes unless instructed by your Financial Aid Office.
  
• Your Student Aid Report (SAR) will save to your StudentAid Account and the Financial Aid Office receives your data electronically in about 3-5 business days. 
• The Financial Aid Office will send all communication via your myNMSU email. Once admitted to NMSU, it is important that you register your account and check it regularly. You may follow this myNMSU Instruction Guide for assistance in reviewing your financial aid account.
• The Financial Aid Office then requests any additional information needed to complete your file.
• Submit any requested documentation to the Financial Aid Office.

Can I get an early estimate of my aid?

Yes, you can definitely get an early estimate of your aid! The Net Price Calculator is an excellent tool to help you determine how much aid you could receive. 

We Can Manually Add Your Application to NMSU?

Students may ask for NMSU Financial Aid to add their school code to an application. The student must provide their primary campus office with the Data Release Number (DRN) which is a four-digit number assigned to an application by Federal Student Aid. Follow the directions below to retrieve your DRN and then head to our Contact Us page to get in touch with your campus' Financial Aid Office.

Steps to Retrieving Your DRN

1. Go to the Federal Student Aid (FAFSA) website.
2. Click on View and Print Your Student Aid Report.
3. Student Access page comes up. Scroll down and click select to choose the school year from the pull-down. Click next.
4. FSA ID page comes up. Enter the requested information.
5. SAR Transactions page comes up. Click on Transaction Number 01.
6. Processing Information page comes up. Click on You the Student (on the left-hand side of the page).
7. You the Student page comes up and the DRN# is on it.

For additional help, call 1-800-433-3243. 

More information on changes for the 2024-2025 FAFSA

Steps to complete the 2024-2025 FAFSA:

1. Go to studentaid.gov and log in with your FSA ID.
2. Complete the student section of the FAFSA.
3. Indicate any contributors to your FAFSA. This includes your parents or stepparents (if you are a dependent student) and your spouse (if you are married).
4. Ask your contributors to log in with their FSA IDs and complete their sections of the FAFSA.
5. Review your FAFSA and submit it.

What’s Changing with the FAFSA?

There are a number of benefits of the FAFSA simplification act, including a more streamlined application process and a better user experience for the FAFSA, expanded eligibility for federal student aid, and reduced barriers for certain student populations (e.g., homeless and unaccompanied youth, incarcerated students, English language learners, and students from low-income backgrounds).

Some fundamental changes include, but are not limited to:

• The FAFSA will be shorter and more user-friendly.
• Students may list up to 20 colleges.
• The FAFSA will be available in more languages.
• Applicants will be required to use the IRS Direct Data Exchange.
• All “contributors” must provide financial information.
• The Student Aid Index (SAI) will be replacing the Expected Family Contribution (EFC).
• The number in college will not be used to calculate SAI.
• The parent responsible for submitting the FAFSA in cases of divorce or separation has changed.
• Family farms and small businesses must be reported as assets.

What isn’t changing with the FAFSA?

While the FAFSA is receiving an update and the aid eligibility calculation has been revised, there are a number of aid-related matters that will not change.

• The general types of aid available to NMSU students and federal student loan limits will not change.
• Financial aid from the State of New Mexico still does not require a FAFSA.
• The FAFSA will still be required for consideration of federal financial aid every year.
• Dependency status questions that determine if your parent(s) must complete the FAFSA will remain the same.
• The FAFSA will still request tax information from the prior-prior year, which means you'll report 2022 income and assets on your 2024-25 application.
• The questions regarding an applicant's gender, race, and ethnicity will still have no effect on federal student aid eligibility and are included for statistical purposes and data collection only. In fact, NMSU won't even receive this data from the FAFSA.

Creating an FSA ID without a Social Security Number (SSN) for Contributors 

Click the below image for a guide with steps for contributors on creating an FSA ID without a SSN.

More details on Contributors, starting FAFSA 2024-2025

Who are contributors for FAFSA 2024-2025 purposes?

A contributor is anyone required to provide consent and approval for obtaining federal tax information needed to complete a student's FAFSA. If applicable, it may include:

• Student
• Student's spouse
• Biological or adopted parent
• Parent's spouse (stepparent)

Who are not contributors?

• Grandparents
• Foster parents
• Legal guardians
• Brothers or sisters
• Aunts or uncles

How are contributors determined?

The student's or parent's answers to certain questions on the FAFSA form will determine which contributors (if any) will be required to provide information.

What steps do contributors need to follow?

• Receive an email informing you that you've been identified as a contributor.
• Create an FSA ID if you don't already have one.
• Log in to your account using your FSA ID account username and password.
• Review information about completing your section of the FAFSA form.
• Provide the required information on the student's FAFSA form.

What if I am a contributor and don't want to provide my information?

Being a contributor does not implicate financial responsibility. However, if a required contributor refuses to provide their information, it will result in an incomplete FAFSA form, and the student will become ineligible for federal student aid.

In cases where biological parents are not married, who should be the contributor on the FAFSA?

• The parent who provides the most financial support should complete it.
• If one parent pays child support, that parent should complete the FAFSA if the child support amounts to more than half of the student's support.
• If a dependent student's parents are unmarried and living together, both parents will need to complete the FAFSA as contributors.
• If the parent who provides most financial support is remarried, that parent and the stepparent's income should be on the FAFSA, even if they were not yet married on the requested tax year.

Student Aid Index (SAI) and Pell Grant

What is the SAI? 

The SAI is a measure of a student's financial aid need. It is calculated using information the student (and contributors, if required) provides on the FAFSA form. 

What is the difference between the SAI and EFC? 

The SAI is replacing the EFC starting in the 2024–25 award year. The main difference between the two is that the SAI does not consider the number of family members in college. 

How is Pell Grant eligibility determined based on SAI? 

Students may qualify for a maximum Pell Grant based on family size, adjusted gross income (AGI), poverty guidelines, and tax filing status. Students with a negative or 0 SAI are eligible for the maximum Pell Grant. 

How will Pell Grant be awarded?  

Pell grant will no longer be awarded per enrollment category, but per number of credits.  Per the FAFSA Simplification act, the Pell Grant must be prorated according to the student’s enrollment intensity.  Enrollment intensity is the percent of full-time enrollment at which a student is enrolled.