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Looking back at 2022, some of the biggest news surrounded President Joe Biden’s student loan cancellation plan, which would cancel between $10,000 and $20,000 in student loan debt for eligible borrowers. While the plan is currently stalled and faces several legal challenges, many are waiting to see what happens. Also front and center in 2022 was FAFSA simplification, with Federal Student Aid (FSA) releasing more guidance, updates in negotiated rulemaking for borrower defense, the 90/10 rule, Prison Education Programs, Public Service Loan Forgiveness (PSLF), and more. The Department of Education (ED) also released more guidance on its Fresh Start initiative. Here is a look back at some of the biggest financial aid news from 2022.
President Joe Biden formally signed the year-end omnibus package into law, staving off a government shutdown and completing the budget cycle for fiscal year 2023. The law, signed on December 29, allocates $79.6 billion to the Department of Education (ED) and its programs, a $3.2 billion boost from the fiscal year (FY) 2022 enacted level. Specifically, the spending package contains $24.6 billion for federal student aid programs, including a $500 increase to the maximum Pell Grant award, bringing the total to $7,395 for the 2023-24 award year.
In the April 4, 2022, Federal Register, ED published a Notice extending the performance period on all open HEERF grants with a balance greater than $1,000 in unspent funds. The deadline is June 30, 2023. View the full answer to this question to learn more.
Next week, from January 10-13, join NASFAA (powered by Slack) for a series of Leadership & Legislative Conference & Expo Ask Me Anything (AMA) sessions with experts in the field of financial aid discussing compliance, succession planning, and strategic enrollment management pathways. Don't miss this opportunity to connect with industry professionals and get your questions answered in real time. For more details, fill out the NASFAA Communities interest form. No RSVP required.
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