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The COVID-19 pandemic upended nearly every sector of the economy — including the student loan portfolio, where monthly payments and interest accrual on federal student loans have been paused since March of 2020. In order to prepare for the logistical challenges surrounding the transition back into repayment, NASFAA convened a task force of financial aid practitioners and charged it with developing informed considerations for how schools can assist borrowers in preparing to resume or begin repayment, as well as how schools can prepare for potential operational and accountability impacts that the resumption of repayment will have. The task force today published its final report, as well as a toolkit for financial aid professionals.
The impending wind down of the three-plus year payment pause on federally-held student loans is prompting higher education experts to warn policymakers that more investments are needed in order to stem off a rise in borrowers defaulting on their student loans.
As the Department of Education (ED) continues its efforts to roll out a simplified FAFSA application this December for the 2024-25 application cycle, a new paper draws focus to the barriers that students face when applying for federal financial aid.
Yes, but the extent of documentation it collects is entirely up to the school. The school can choose to simply document the fact that another financial aid administrator (FAA) performed a dependency override, or it can choose to collect the documents used by the other FAA to approve the dependency override at the previous school. The FAFSA Simplification Act expanded the use of another institution's dependency override in the same or prior year. View the full answer to this question to learn more.
Join NASFAA's Jackie Cottom and Tiffany Gibbs as they discuss FAFSA simplification and how to plan for future changes in the 2023-24 and 2024-25 award years on Wednesday, June 7, 2023, at 2:00 p.m. ET. Some of these changes include need analysis and the move from utilizing an expected family contribution (EFC) to a student aid index (SAI), changes to professional judgment, and cost of attendance. Secure your seat today!
Next week, SchoolHouse Connection will convene a group of federal officials to provide an update on the new guidance concerning FAFSA determinations for unaccompanied youth experiencing homelessness, and unaccompanied youth who are self-supporting and at risk of homelessness. During the webinar this Thursday, May 11, at 1:30 p.m. ET, officials from the Department of Education will present an overview of the new guidance and respond to questions, and a financial aid administrator will share strategies for implementing the law and guidance. Register today.
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