Details Trickle Out About $50 Million FAFSA Support Fund

"The U.S. Education Department wants to spend up to $50 million to help underresourced colleges adjust to the new Free Application for Federal Student Aid, but more than a week after publicly announcing that plan, there are more questions than answers about who will get the money, what they can use it for and what kind of impact it will have," Inside Higher Ed reports.

... "At this point, two nonprofits have been selected to receive a portion of the funding—the National Association of Student Financial Aid Administrators and the Partnership for Education Advancement—and other organizations likely will join the effort. NASFAA and Ed Advancement, a nonprofit focused on strengthening historically Black colleges and universities, are both in the initial stages of planning for how they can help."

... "While institutions await more specifics, NASFAA and Ed Advancement are planning their next steps and determining exactly how they can help."

"NASFAA last week started recruiting a team of financial aid professionals who can work remotely for at least 10 hours a week. The support initiative will be run by its consulting arm, Blue Icon Advisors. So far, 255 people have expressed interest in helping, according to NASFAA. The team at NASFAA is evaluating and sorting through submissions to determine how to best deploy the individuals."

"'When the Department of Education asked us to help them provide assistance to the neediest of institutions—those who may not be able to implement the Better FAFSA at all—we said yes,' NASFAA president and CEO Justin Draeger said in a statement. 'While we know that these are incredibly challenging times for all schools, we encourage our members who are able to lend a hand to do so, for the benefit of all of our 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: 2/15/2024

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