New FAFSA Will Now Be Adjusted for Inflation, Education Department Says

"The U.S. Department of Education confirmed Wednesday that it plans to adjust key metrics for determining how much aid students qualify for when they fill out the new Free Application for Federal Student Aid," Higher Ed Dive reports.

... "'Adjusting the tables is the “right thing to do,' Justin Draeger, the president of the National Association of Student Financial Aid Administrators said in a statement Tuesday. But it should have been done from the beginning, he said."

"'Unfortunately, because the Department is making these updates so late in the financial aid processing cycle, students will now pay the price in the form of additional delays in financial aid offers and compressed decision-making timelines,' Draeger said."

"'Schools were promised FAFSA applicant data by the end of January,' Draeger said. 'With less than a week to go, the Department has announced a significant operational change that clearly throws that date into question.'"

"Draeger urged the Education Department to provide colleges with guidance on when the adjustments will be made, when it will transmit FAFSA data to institutions and whether applications will need to be reprocessed due to the changes."

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Publication Date: 1/24/2024

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