In Reversal, Education Dept. to Update Income Formula For Latest FAFSA

"The Education Department will update guidelines used to determine how much financial aid a student qualifies for, correcting an error that would have resulted in some receiving less money for college next school year, the department confirmed Tuesday," The Washington Post reports.

... "Justin Draeger, president of the National Association of Student Financial Aid Administrators, said updating the tables is the right thing to do but should have been done from the beginning. He said he is concerned the last-minute decision will further delay the transfer of student data from the FAFSA, which the department promised to send out by the end of January."

"'With less than a week to go, the department has announced a significant operational change that clearly throws that date into question,' Drager said in a statement. 'Institutions haven’t received any operational updates about when they will receive FAFSA applicant information, preventing financial aid practitioners from moving forward with processing and packaging financial aid offers.'"

"Draeger said that even once the information is delivered, distributing financial aid offers to students will take at least several more weeks."

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Publication Date: 1/23/2024

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