New FAFSA Form Missing Inflation Calculation
The college application and financial aid process is perhaps one of the most stressful periods for young people and their parents. It was troubling to learn in an NPR story this week that delays and mistakes with the rollout of the new FAFSA form are forcing college hopefuls to wait longer than normal for their financial aid offers.
Students and families have been forced to delay their financial aid applications for the 2024-2025 school year because the new FAFSA form was not ready until December 30, 2023. This is three months later than the previous October 1 application opening date. Over 1 million forms have been successfully submitted through the redesigned system, but it is incredibly frustrating that this process started significantly later than normal.
Perhaps most concerning for families and their budgets, is the fact that the new form has not been adjusted for inflation. The FAFSA Simplification Act was a bipartisan effort to simplify the college financial aid application process and update the formula for determining eligibility to include, among other factors, inflation. Because the Department has not made this adjustment as required by law, students and families will now receive less financial aid than they are eligible for.
Americans are paying higher prices every day for gas, groceries, energy bills, and other necessities. Family budgets need financial aid now, perhaps more than ever, to help their students pay for college amidst this economic uncertainty.
I will be sending a letter to U.S. Secretary of Education Cardona to ask him to prioritize getting this error fixed so families can get the full amount of aid they should qualify for.
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