Education Department’s FAFSA Inflation Fix Will Free Up $1.8 Billion More in Aid for Students

"The U.S. Department of Education says it plans to update a key part of the new Free Application for Federal Student Aid formula, which will result in $1.8 billion more in aid for college-bound students this year," CNBC reports.

... "Making those numbers current will reduce the portion of a family’s income that is considered available for educational expenses, resulting in a lower Student Aid Index and potentially increased financial aid eligibility, according to Justin Draeger, president of the National Association of Student Financial Aid Administrators."

... "The Education Department previously said that once students successfully submit a completed FAFSA form, that information will be sent to schools in late January."

"'With less than a week to go, the Department has announced a significant operational change that clearly throws that date into question,' Draeger said."

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Publication Date: 1/24/2024

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