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Tuesday, April 23, 2024

Education Department launches new support to speed up FAFSA processing

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Recent delays in distributing Free Application for Federal Student Aid (FAFSA) details have led several colleges, including the State University of New York (SUNY), to delay their admission decision dates. In response, the Department of Education has unveiled a new solution.

The plan aims to simplify and expedite the process for colleges to handle FAFSA information.

First, the Department of Education will revise the methodology colleges use to calculate students’ financial aid amounts. This update will enable colleges to offer final financial aid packages to students shortly after receiving FAFSA data from the Department of Education in March.

The Department of Education will collaborate with colleges and student loan servicers to implement this update promptly.

Second, the Department will also begin providing FSA and nonprofit support to lower-resourced colleges over the next week, targeting those with a significant number of Pell Grant recipients.

The department states, “We have received inquiries from over 100 institutions through our Concierge Service and have already followed up with these colleges to identify the specific needs of each institution.”

Lastly, the department will distribute a test version of the ISIR (Institutional Student Information Record) to colleges and universities this week, planning a nationwide rollout in March.

BY JIHYE YOON, JUNHAN PARK    [yoon.jihye@koreadailyny.com]