A school has leftover Federal Work-Study (FWS) funds from the 2020-21 award year. Can the school carry these funds forward to be used during the 2021-22 award year? Is there a dollar amount or percentage limit on that carry forward?
Yes, a school may carry forward up to 10% of its total (initial and supplemental) FWS current award year allocation to be spent in the next award year. Funds carried forward must be spent before spending current award year funds. The school must match FWS funds carried forward in the award year the funds are spent.
Reminder: the allowance to transfer up to 100 percent of a school’s unexpended FWS allocation into its FSEOG funds continues for the 2021-22 award year through the end of the payment period in which the COVID-19 qualifying emergency ends, which may be before the end of the award year. When the qualifying emergency ends, it will be updated in NASFAA’s Today’s News.
Publication Date: 7/19/2021