Washington CNN —The Department of Education said this week that it is making an additional adjustment to this year’s Free Application for Federal Student Aid, known as the FAFSA, that will make $1.8 billion more available in financial aid.
The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well.
But initially, the Department of Education did not tie the new FAFSA calculation to the latest inflation data, as required by law.
It remains to be seen whether colleges can announce financial aid awards on their usual timeline.
FAFSA overhaul will make more students eligible for financial aidSeparate from the inflation adjustment, the overhaul of the FAFSA makes the form easier to fill out and increases the number of families eligible for financial aid.
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” Justin Draeger, ”, Pell
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