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Last month, Federal Student Aid (FSA) announced its new FAFSA Specifications Guide for the 2024-25 aid year and published a draft introduction along with its first draft volume of the guide.
With the December 7, 2022, publication of the 2023-24 Application and Verification Guide, the Department of Education (ED) “clarified” how untaxed IRA, pension, and annuity distributions/withdrawals should be calculated during verification. It is NASFAA’s understanding that the revised calculation is more accurate than how it appears on the FAFSA itself (which will not be updated). The 2023-24 Tax Transcript Decoder and the 2021 Verification Data and Federal Tax Forms Comparison tools have been updated to reflect the change.
Haven't yet registered for NASFAA's 2023 Leadership & Legislative Conference & Expo in Washington, D.C. next month? You still have time! Join your colleagues from across the country to network and learn new skills to take the next step in your career. There's still space in the Succession Planning pathway, which will focus on cultivating leadership, building mentorships, employee retention, and more. Register today to secure your seat.