"With changes not coming to the Free Application for Federal Student Aid (FAFSA) and Federal Methodology until the 2024-25 award year, it is not surprising that only half of all institutions have started prepping for it. Nor is it a shock that administrators expect there to be bumps in dealing with the Department of Education," University Business reports.
However, it is noteworthy that 75% of those leaders surveyed by the National Association of Student Financial Aid Administrators (NASFAA) and Oracle say they expect to be challenged by the shift from the Estimated Family Contribution to the Student Aid Index. Nearly two-thirds believe Pell grant factors may present obstacles.
Despite the passage of the Consolidated Appropriations Act last year, Pell Grant award amount maximums are still being kicked around by Congress as political leaders look to cement the final details of the $1.7 trillion social spending plan.
'Financial aid offices across the country are gearing up for significant federal methodology and FAFSA changes that will require adjustments to longstanding practices and processes,' said Justin Draeger, NASFAA President and CEO. 'There is both optimism and trepidation about our collective ability to make these changes in a way that facilitates a smooth transition for schools and students.'”
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 12/1/2021