Congress May Not Increase Funding for FSA. Here’s Why That Matters.
"The Office of Federal Student Aid (FSA) has a lot on its plate in 2023, but it may have to make do without a funding increase," Best Colleges reports.
... "Karen McCarthy, vice president of public policy at the National Association of Student Financial Aid Administrators (NASFAA), told BestColleges that there is an overarching worry that FSA won't have adequate resources to tackle its long list of priorities."
"'We don't really have a lot of insight into how FSA is spending its money,' McCarthy said. 'But we do know that they have a lot on its plate for the upcoming year.'"
"Congress approved the FAFSA Simplification Act in 2020, McCarthy said. It was originally slated to go into effect for the 2023-24 academic year, but Congress granted a one-year extension upon FSA's request. Another extension is unlikely, she said. Still, FSA has been slow to release details about the simplified FAFSA. McCarthy said FSA didn't release the new formula for federal financial aid until late 2022. Many in the financial aid community are still looking for answers to lingering questions about the new formula."
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Publication Date: 12/23/2022
