"The Department of Education will adjust its aid calculations based on the Free Application for Federal Aid, or FAFSA, to account for the sharp rise in inflation. That move will free up an estimated $1.8 billion in financial aid for college students and their families," Forbes reports.

..."The Department of Education says it will provide a timeline for the update soon, but financial aid professionals fear it won’t be soon enough.

'Adjusting these inflationary numbers is the right thing to do, and should have been done from the beginning,' said NASFAA president Justin Draeger in a statement.

'Unfortunately, because the department is making these updates so late in the financial aid processing cycle, students will now pay the price in the form of additional delays in financial aid offers and compressed decision-making timelines,' Draeger added."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 1/26/2024