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The Department of Education (ED) on Tuesday announced that it will update the tables used to protect a portion of a family’s income and assets from being considered in the Student Aid Index (SAI) by inflation-adjusted amounts. However, the department failed to give a timeline of when or how the new tables will be implemented, causing concerns among the higher education community around delays in financial aid offers to students.
According to a media report in NPR on Tuesday, the Department of Education (ED) has confirmed that it will now update, in accordance with the law, the thresholds used to protect a portion of a family’s income from being considered available for college expenses by inflation-adjusted amounts. In response to this news, NASFAA President Justin Draeger issued the following statement and called on ED to provide institutions, as soon as possible, with operational guidance on how and when these inflationary adjustments will be made, how and when they will impact FAFSA applicant data being delivered to schools, and whether these updates will result in any FAFSA reprocessing.
The newly redesigned 2024-25 Free Application for Federal Student Aid (FAFSA) changes the way students apply for Title IV assistance, and in many cases, institutional and state aid. Join Lissa Powell and Tiffany Gibbs with NASFAA’s Training and Regulatory Assistance team, today at 2 p.m. ET, as they walk through the changes and enhancements to the application process.
More financial aid professionals recently joined hundreds of financial aid professionals across the country who now hold the FAAC® designation. Check the Registry to see if any of your colleagues have been certified and congratulate them for this achievement! Certified by the Certified Financial Aid Administrator® Commission, these individuals now qualify to receive a multitude of benefits. Would you like to become certified, too? The next testing window opens on the 1st – or take advantage of any of the upcoming testing windows. Start by exploring your eligibility today using our free interactive eligibility tool.