diff --git a/lms/djangoapps/courseware/constants.py b/lms/djangoapps/courseware/constants.py
index dcde5f7024..1c7ea10097 100644
--- a/lms/djangoapps/courseware/constants.py
+++ b/lms/djangoapps/courseware/constants.py
@@ -2,7 +2,7 @@
 Constants for courseware app.
 """
 UNEXPECTED_ERROR_IS_ELIGIBLE = "An unexpected error occurred while fetching " \
-                               "financial assistance eligibility criteria for a course"
+                               "financial assistance eligibility criteria for this course"
 UNEXPECTED_ERROR_APPLICATION_STATUS = "An unexpected error occurred while getting " \
                                       "financial assistance application status"
 UNEXPECTED_ERROR_CREATE_APPLICATION = "An unexpected error occurred while creating financial assistance application"
diff --git a/lms/djangoapps/courseware/course_tools.py b/lms/djangoapps/courseware/course_tools.py
index a60a6cf278..c0e37c76e0 100644
--- a/lms/djangoapps/courseware/course_tools.py
+++ b/lms/djangoapps/courseware/course_tools.py
@@ -7,12 +7,14 @@ import datetime
 
 import pytz
 from django.conf import settings
-from django.utils.translation import gettext as _
 from django.urls import reverse
+from django.utils.translation import gettext as _
+
 from common.djangoapps.course_modes.models import CourseMode
-from openedx.features.course_experience.course_tools import CourseTool
 from common.djangoapps.student.models import CourseEnrollment
+from lms.djangoapps.courseware.utils import _use_new_financial_assistance_flow
 from openedx.core.djangoapps.content.course_overviews.models import CourseOverview
+from openedx.features.course_experience.course_tools import CourseTool
 
 
 class FinancialAssistanceTool(CourseTool):
@@ -86,4 +88,6 @@ class FinancialAssistanceTool(CourseTool):
         """
         Returns the URL for this tool for the specified course key.
         """
+        if _use_new_financial_assistance_flow(str(course_key)):
+            return reverse('financial_assistance_v2', args=[course_key])
         return reverse('financial_assistance')
diff --git a/lms/djangoapps/courseware/tests/test_views.py b/lms/djangoapps/courseware/tests/test_views.py
index c9fa87a0e1..bd313558bb 100644
--- a/lms/djangoapps/courseware/tests/test_views.py
+++ b/lms/djangoapps/courseware/tests/test_views.py
@@ -843,6 +843,17 @@ class ViewsTestCase(BaseViewsTestCase):
         assert response.status_code == 200
         self.assertContains(response, 'Financial Assistance Application')
 
+    @patch('lms.djangoapps.courseware.views.views._use_new_financial_assistance_flow', return_value=True)
+    @patch('lms.djangoapps.courseware.views.views.is_eligible_for_financial_aid', return_value=(False, 'error reason'))
+    def test_new_financial_assistance_page_course_ineligible(self, *args):
+        """
+        Test to verify the financial_assistance view against an ineligible course returns an error page.
+        """
+        url = reverse('financial_assistance_v2', args=['course-v1:test+TestX+Test_Course'])
+        response = self.client.get(url)
+        assert response.status_code == 200
+        self.assertContains(response, 'This course is not eligible for Financial Assistance for the following reason:')
+
     @ddt.data(([CourseMode.AUDIT, CourseMode.VERIFIED], CourseMode.AUDIT, True, YESTERDAY),
               ([CourseMode.AUDIT, CourseMode.VERIFIED], CourseMode.VERIFIED, True, None),
               ([CourseMode.AUDIT, CourseMode.VERIFIED], CourseMode.AUDIT, False, None),
@@ -902,10 +913,11 @@ class ViewsTestCase(BaseViewsTestCase):
 
         self.assertContains(response, str(course))
 
-    def _submit_financial_assistance_form(self, data, submit_url='submit_financial_assistance_request'):
+    def _submit_financial_assistance_form(self, data, submit_url='submit_financial_assistance_request',
+                                          referrer_url=None):
         """Submit a financial assistance request."""
         url = reverse(submit_url)
-        return self.client.post(url, json.dumps(data), content_type='application/json')
+        return self.client.post(url, json.dumps(data), content_type='application/json', HTTP_REFERER=referrer_url)
 
     @patch.object(views, 'create_zendesk_ticket', return_value=200)
     def test_submit_financial_assistance_request(self, mock_create_zendesk_ticket):
@@ -968,7 +980,12 @@ class ViewsTestCase(BaseViewsTestCase):
     @patch.object(
         views, 'create_financial_assistance_application', return_value=HttpResponse(status=status.HTTP_204_NO_CONTENT)
     )
-    def test_submit_financial_assistance_request_v2(self, create_application_mock):
+    @ddt.data(
+        ('/financial-assistance/course-v1:test+TestX+Test_Course/apply/', status.HTTP_204_NO_CONTENT),
+        ('/financial-assistance/course-v1:invalid+ErrorX+Invalid_Course/apply/', status.HTTP_400_BAD_REQUEST)
+    )
+    @ddt.unpack
+    def test_submit_financial_assistance_request_v2(self, referrer_url, expected_status, *args):
         form_data = {
             'username': self.user.username,
             'course': 'course-v1:test+TestX+Test_Course',
@@ -979,9 +996,11 @@ class ViewsTestCase(BaseViewsTestCase):
             'mktg-permission': False
         }
         response = self._submit_financial_assistance_form(
-            form_data, submit_url='submit_financial_assistance_request_v2'
+            form_data,
+            submit_url='submit_financial_assistance_request_v2',
+            referrer_url=referrer_url
         )
-        assert response.status_code == status.HTTP_204_NO_CONTENT
+        assert response.status_code == expected_status
 
     @ddt.data(
         ({}, 400),
diff --git a/lms/djangoapps/courseware/utils.py b/lms/djangoapps/courseware/utils.py
index 9eafc2a775..6cd32dca2b 100644
--- a/lms/djangoapps/courseware/utils.py
+++ b/lms/djangoapps/courseware/utils.py
@@ -17,12 +17,14 @@ from xmodule.partitions.partitions_service import PartitionService  # lint-amnes
 
 from common.djangoapps.course_modes.models import CourseMode
 from lms.djangoapps.commerce.utils import EcommerceService
+from lms.djangoapps.courseware.config import ENABLE_NEW_FINANCIAL_ASSISTANCE_FLOW
 from lms.djangoapps.courseware.constants import (
     UNEXPECTED_ERROR_APPLICATION_STATUS,
     UNEXPECTED_ERROR_CREATE_APPLICATION,
     UNEXPECTED_ERROR_IS_ELIGIBLE
 )
 from lms.djangoapps.courseware.models import FinancialAssistanceConfiguration
+from openedx.core.djangoapps.waffle_utils.models import WaffleFlagCourseOverrideModel
 
 log = logging.getLogger(__name__)
 
@@ -210,3 +212,19 @@ def get_course_hash_value(course_key):
         return int(m.hexdigest(), base=16) % 100
 
     return out_of_bound_value
+
+
+def _use_new_financial_assistance_flow(course_id):
+    """
+    Returns if the course_id can be used in the new financial assistance flow.
+    """
+    is_financial_assistance_enabled_for_course = WaffleFlagCourseOverrideModel.override_value(
+        ENABLE_NEW_FINANCIAL_ASSISTANCE_FLOW.name, course_id
+    )
+    financial_assistance_configuration = FinancialAssistanceConfiguration.current()
+    if financial_assistance_configuration.enabled and (
+            is_financial_assistance_enabled_for_course == WaffleFlagCourseOverrideModel.ALL_CHOICES.on or
+            get_course_hash_value(course_id) <= financial_assistance_configuration.fa_backend_enabled_courses_percentage
+    ):
+        return True
+    return False
diff --git a/lms/djangoapps/courseware/views/views.py b/lms/djangoapps/courseware/views/views.py
index 71d75e3a53..a2c30fd5d5 100644
--- a/lms/djangoapps/courseware/views/views.py
+++ b/lms/djangoapps/courseware/views/views.py
@@ -68,7 +68,6 @@ from lms.djangoapps.course_goals.models import UserActivity
 from lms.djangoapps.course_home_api.toggles import course_home_mfe_progress_tab_is_active
 from lms.djangoapps.courseware.access import has_access, has_ccx_coach_role
 from lms.djangoapps.courseware.access_utils import check_course_open_for_learner, check_public_access
-from lms.djangoapps.courseware.config import ENABLE_NEW_FINANCIAL_ASSISTANCE_FLOW
 from lms.djangoapps.courseware.courses import (
     can_self_enroll_in_course,
     course_open_for_self_enrollment,
@@ -90,7 +89,11 @@ from lms.djangoapps.courseware.models import BaseStudentModuleHistory, StudentMo
 from lms.djangoapps.courseware.permissions import MASQUERADE_AS_STUDENT, VIEW_COURSE_HOME, VIEW_COURSEWARE
 from lms.djangoapps.courseware.toggles import course_is_invitation_only
 from lms.djangoapps.courseware.user_state_client import DjangoXBlockUserStateClient
-from lms.djangoapps.courseware.utils import create_financial_assistance_application
+from lms.djangoapps.courseware.utils import (
+    _use_new_financial_assistance_flow,
+    create_financial_assistance_application,
+    is_eligible_for_financial_aid
+)
 from lms.djangoapps.edxnotes.helpers import is_feature_enabled
 from lms.djangoapps.experiments.utils import get_experiment_user_metadata_context
 from lms.djangoapps.grades.api import CourseGradeFactory
@@ -1902,10 +1905,18 @@ FA_SHORT_ANSWER_INSTRUCTIONS = _('Use between 1250 and 2500 characters or so in
 
 
 @login_required
-def financial_assistance(_request):
+def financial_assistance(request, course_id=None):
     """Render the initial financial assistance page."""
+    reason = None
+    apply_url = reverse('financial_assistance_form')
+    if course_id and _use_new_financial_assistance_flow(course_id):
+        _, reason = is_eligible_for_financial_aid(course_id)
+        apply_url = reverse('financial_assistance_form_v2', args=[course_id])
+
     return render_to_response('financial-assistance/financial-assistance.html', {
-        'header_text': _get_fa_header(FINANCIAL_ASSISTANCE_HEADER)
+        'header_text': _get_fa_header(FINANCIAL_ASSISTANCE_HEADER),
+        'apply_url': apply_url,
+        'reason': reason
     })
 
 
@@ -1992,8 +2003,10 @@ def financial_assistance_request_v2(request):
         if request.user.username != username:
             return HttpResponseForbidden()
 
-        lms_user_id = request.user.id
         course_id = data['course']
+        if course_id and course_id not in request.META.get('HTTP_REFERER'):
+            return HttpResponseBadRequest('Invalid Course ID provided.')
+        lms_user_id = request.user.id
         income = data['income']
         learner_reasons = data['reason_for_applying']
         learner_goals = data['goals']
@@ -2020,10 +2033,13 @@ def financial_assistance_request_v2(request):
 
 
 @login_required
-def financial_assistance_form(request):
+def financial_assistance_form(request, course_id=None):
     """Render the financial assistance application form page."""
     user = request.user
-    enrolled_courses = get_financial_aid_courses(user)
+    disabled = False
+    if course_id:
+        disabled = True
+    enrolled_courses = get_financial_aid_courses(user, course_id)
     incomes = ['Less than $5,000', '$5,000 - $10,000', '$10,000 - $15,000', '$15,000 - $20,000', '$20,000 - $25,000',
                '$25,000 - $40,000', '$40,000 - $55,000', '$55,000 - $70,000', '$70,000 - $85,000',
                '$85,000 - $100,000', 'More than $100,000']
@@ -2031,7 +2047,7 @@ def financial_assistance_form(request):
     annual_incomes = [
         {'name': _(income), 'value': income} for income in incomes  # lint-amnesty, pylint: disable=translation-of-non-string
     ]
-    if ENABLE_NEW_FINANCIAL_ASSISTANCE_FLOW.is_enabled():
+    if course_id and _use_new_financial_assistance_flow(course_id):
         submit_url = 'submit_financial_assistance_request_v2'
     else:
         submit_url = 'submit_financial_assistance_request'
@@ -2057,6 +2073,7 @@ def financial_assistance_form(request):
                 'placeholder': '',
                 'defaultValue': '',
                 'required': True,
+                'disabled': disabled,
                 'options': enrolled_courses,
                 'instructions': gettext(
                     'Select the course for which you want to earn a verified certificate. If'
@@ -2130,8 +2147,9 @@ def financial_assistance_form(request):
     })
 
 
-def get_financial_aid_courses(user):
+def get_financial_aid_courses(user, course_id=None):
     """ Retrieve the courses eligible for financial assistance. """
+    use_new_flow = False
     financial_aid_courses = []
     for enrollment in CourseEnrollment.enrollments_for_user(user).order_by('-created'):
 
@@ -2142,6 +2160,15 @@ def get_financial_aid_courses(user):
                     Q(_expiration_datetime__isnull=True) | Q(_expiration_datetime__gt=datetime.now(UTC)),
                     course_id=enrollment.course_id,
                     mode_slug=CourseMode.VERIFIED).exists():
+            # This is a workaround to set course_id before disabling the field in case of new financial assistance flow.
+            if str(enrollment.course_overview) == course_id:
+                financial_aid_courses = [{
+                    'name': enrollment.course_overview.display_name,
+                    'value': str(enrollment.course_id),
+                    'default': True
+                }]
+                use_new_flow = True
+                break
 
             financial_aid_courses.append(
                 {
@@ -2150,6 +2177,9 @@ def get_financial_aid_courses(user):
                 }
             )
 
+    if course_id is not None and use_new_flow is False:
+        # We don't want to show financial_aid_courses if the course_id is not found in the enrolled courses.
+        return []
     return financial_aid_courses
 
 
diff --git a/lms/templates/financial-assistance/financial-assistance.html b/lms/templates/financial-assistance/financial-assistance.html
index 9389af9185..a41799293f 100644
--- a/lms/templates/financial-assistance/financial-assistance.html
+++ b/lms/templates/financial-assistance/financial-assistance.html
@@ -5,47 +5,54 @@ from django.urls import reverse
 from django.utils.translation import ugettext as _
 
 from common.djangoapps.edxmako.shortcuts import marketing_link
+
 %>
 
 <div class="financial-assistance-wrapper">
 
-  <div class="financial-assistance financial-assistance-header">
-    <h1>${_("Financial Assistance Application")}</h1>
-    % for line in header_text:
-      <p>${line}</p>
-    % endfor
-  </div>
+  % if reason:
+    <p>This course is not eligible for Financial Assistance for the following reason: <b>${reason}</b></p>
+  % else:
+    <div class="financial-assistance financial-assistance-header">
+      <h1>${_("Financial Assistance Application")}</h1>
+      % for line in header_text:
+        <p>${line}</p>
+      % endfor
+    </div>
+    <div class="financial-assistance financial-assistance-body">
+      <h2>${_("A Note to Learners")}</h2>
+      ## Translators: This string will not be used in Open edX installations.
+      <p>${_("Dear edX Learner,")}</p>
 
-  <div class="financial-assistance financial-assistance-body">
-    <h2>${_("A Note to Learners")}</h2>
-    ## Translators: This string will not be used in Open edX installations.
-    <p>${_("Dear edX Learner,")}</p>
+      ## Translators: This string will not be used in Open edX installations.
+      <p>${_("EdX Financial Assistance is a program we created to give learners in all financial circumstances a chance to earn a Verified Certificate upon successful completion of an edX course.")}</p>
 
-    ## Translators: This string will not be used in Open edX installations.
-    <p>${_("EdX Financial Assistance is a program we created to give learners in all financial circumstances a chance to earn a Verified Certificate upon successful completion of an edX course.")}</p>
+      ## Translators: This string will not be used in Open edX installations.
+      <p>${_("If you are interested in working toward a Verified Certificate, but cannot afford to pay the fee, please apply now. Please note that financial assistance is limited and may not be awarded to all eligible candidates.")}</p>
 
-    ## Translators: This string will not be used in Open edX installations.
-    <p>${_("If you are interested in working toward a Verified Certificate, but cannot afford to pay the fee, please apply now. Please note that financial assistance is limited and may not be awarded to all eligible candidates.")}</p>
+      ## Translators: This string will not be used in Open edX installations.
+      <p>${_("In order to be eligible for edX Financial Assistance, you must demonstrate that paying the Verified Certificate fee would cause you economic hardship. To apply, you will be asked to answer a few questions about why you are applying and how the Verified Certificate will benefit you.")}</p>
 
-    ## Translators: This string will not be used in Open edX installations.
-    <p>${_("In order to be eligible for edX Financial Assistance, you must demonstrate that paying the Verified Certificate fee would cause you economic hardship. To apply, you will be asked to answer a few questions about why you are applying and how the Verified Certificate will benefit you.")}</p>
+      ## Translators: This string will not be used in Open edX installations.
+      <p>${_("If your application is approved, we'll give you instructions for verifying your identity on edx.org so you can start working toward completing your edX course.")}</p>
 
-    ## Translators: This string will not be used in Open edX installations.
-    <p>${_("If your application is approved, we'll give you instructions for verifying your identity on edx.org so you can start working toward completing your edX course.")}</p>
+      ## Translators: This string will not be used in Open edX installations.
+      <p>${_("EdX is committed to making it possible for you to take high quality courses from leading institutions regardless of your financial situation, earn a Verified Certificate, and share your success with others.")}</p>
+      ## Translators: This string will not be used in Open edX installations. Do not translate the name "Anant".
+      <p class="signature">${_("Sincerely, Anant")}</p>
+    </div>
+  % endif
 
-    ## Translators: This string will not be used in Open edX installations.
-    <p>${_("EdX is committed to making it possible for you to take high quality courses from leading institutions regardless of your financial situation, earn a Verified Certificate, and share your success with others.")}</p>
-    ## Translators: This string will not be used in Open edX installations. Do not translate the name "Anant".
-    <p class="signature">${_("Sincerely, Anant")}</p>
-  </div>
 
   <div class="financial-assistance-footer">
-    <%
-      faq_link = marketing_link('FAQ')
-    %>
-    % if faq_link != '#':
-      <a class="faq-link" href="${faq_link}">${_("Back to Student FAQs")}</a>
-    % endif
-    <a class="action-link" href="${reverse('financial_assistance_form')}">${_("Apply for Financial Assistance")}</a>
+  <%
+    faq_link = marketing_link('FAQ')
+  %>
+  % if faq_link != '#':
+    <a class="faq-link" href="${faq_link}">${_("Back to Student FAQs")}</a>
+  % endif
+  % if not reason:
+    <a class="action-link" href="${apply_url}">${_("Apply for Financial Assistance")}</a>
+  % endif
   </div>
 </div>
diff --git a/lms/templates/student_account/form_field.underscore b/lms/templates/student_account/form_field.underscore
index 67c945e5f0..e64f9af4e4 100644
--- a/lms/templates/student_account/form_field.underscore
+++ b/lms/templates/student_account/form_field.underscore
@@ -33,6 +33,8 @@
             <%  });
             } %>
             <% if ( required ) { %> aria-required="true" required<% } %>
+            <% if ( typeof disabled !== 'undefined' && disabled ) { %> disabled<% } %>
+
         >
             <% _.each(options, function(el) { %>
                 <option value="<%- el.value%>"<% if ( el.default ) { %> data-isdefault="true" selected<% } %>><%- el.name %></option>
diff --git a/lms/urls.py b/lms/urls.py
index 80f77a6440..f710cffde0 100644
--- a/lms/urls.py
+++ b/lms/urls.py
@@ -4,18 +4,18 @@ URLs for LMS
 
 from config_models.views import ConfigurationModelCurrentAPIView
 from django.conf import settings
-from django.urls import include, re_path
 from django.conf.urls.static import static
+from django.contrib import admin
 from django.contrib.admin import autodiscover as django_autodiscover
-from django.urls import path
+from django.urls import include, path, re_path
 from django.utils.translation import gettext_lazy as _
 from django.views.generic.base import RedirectView
 from edx_api_doc_tools import make_docs_urls
 from edx_django_utils.plugins import get_plugin_url_patterns
-from django.contrib import admin
 
+from common.djangoapps.student import views as student_views
+from common.djangoapps.util import views as util_views
 from lms.djangoapps.branding import views as branding_views
-from lms.djangoapps.debug import views as debug_views
 from lms.djangoapps.courseware.masquerade import MasqueradeView
 from lms.djangoapps.courseware.module_render import (
     handle_xblock_callback,
@@ -26,13 +26,14 @@ from lms.djangoapps.courseware.module_render import (
 from lms.djangoapps.courseware.views import views as courseware_views
 from lms.djangoapps.courseware.views.index import CoursewareIndex
 from lms.djangoapps.courseware.views.views import CourseTabView, EnrollStaffView, StaticCourseTabView
+from lms.djangoapps.debug import views as debug_views
 from lms.djangoapps.discussion import views as discussion_views
 from lms.djangoapps.discussion.config.settings import is_forum_daily_digest_enabled
 from lms.djangoapps.discussion.notification_prefs import views as notification_prefs_views
 from lms.djangoapps.instructor.views import instructor_dashboard as instructor_dashboard_views
 from lms.djangoapps.instructor_task import views as instructor_task_views
-from lms.djangoapps.staticbook import views as staticbook_views
 from lms.djangoapps.static_template_view import views as static_template_view_views
+from lms.djangoapps.staticbook import views as staticbook_views
 from openedx.core.apidocs import api_info
 from openedx.core.djangoapps.auth_exchange.views import LoginWithAccessTokenView
 from openedx.core.djangoapps.catalog.models import CatalogIntegration
@@ -51,8 +52,6 @@ from openedx.core.djangoapps.site_configuration import helpers as configuration_
 from openedx.core.djangoapps.user_authn.views.login import redirect_to_lms_login
 from openedx.core.djangoapps.verified_track_content import views as verified_track_content_views
 from openedx.features.enterprise_support.api import enterprise_enabled
-from common.djangoapps.student import views as student_views
-from common.djangoapps.util import views as util_views
 
 RESET_COURSE_DEADLINES_NAME = 'reset_course_deadlines'
 RENDER_XBLOCK_NAME = 'render_xblock'
@@ -240,9 +239,10 @@ urlpatterns += [
 # Multicourse wiki (Note: wiki urls must be above the courseware ones because of
 # the custom tab catch-all)
 if settings.WIKI_ENABLED:
-    from wiki.urls import get_pattern as wiki_pattern
-    from lms.djangoapps.course_wiki import views as course_wiki_views
     from django_notify.urls import get_pattern as notify_pattern
+    from wiki.urls import get_pattern as wiki_pattern
+
+    from lms.djangoapps.course_wiki import views as course_wiki_views
 
     wiki_url_patterns, wiki_app_name = wiki_pattern()
     notify_url_patterns, notify_app_name = notify_pattern()
@@ -948,6 +948,16 @@ if settings.FEATURES.get('ENABLE_FINANCIAL_ASSISTANCE_FORM'):
             'financial-assistance_v2/submit/',
             courseware_views.financial_assistance_request_v2,
             name='submit_financial_assistance_request_v2'
+        ),
+        re_path(
+            fr'financial-assistance/{settings.COURSE_ID_PATTERN}/apply/',
+            courseware_views.financial_assistance_form,
+            name='financial_assistance_form_v2'
+        ),
+        re_path(
+            fr'financial-assistance/{settings.COURSE_ID_PATTERN}',
+            courseware_views.financial_assistance,
+            name='financial_assistance_v2'
         )
     ]