Top 5 Takeaways from the recent Federal Updates
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2024-25 FAFSA Student Aid Index Update and Timeline: The 2024-25 FAFSA process update includes aid eligibility enhancements and improved post-processing for students and institutions. Over 3.1 million forms submitted since Dec. 30, with efforts to increase aid by $1.8 billion through updated SAI tables.
Additional 2024–25 FAFSA Partner Preparation Support: The Department of Education will update the SAI formula, aligning with the FAFSA Simplification Act to increase aid for the 2024-25 award year. Technical support for institutions and upcoming ISIR transmissions will ensure timely aid delivery.
FY 2021 Draft Cohort Default Rates Distributed Feb. 26, 2024: The Department of Education issued FY 2021 draft cohort default rate (CDR) packages to eligible schools, detailing distribution and appeal processes. Schools receive packages via SAIG, with various reports available for analysis and appeal opportunities starting March 5, 2024.
Volume 1: Student Eligibility and Volume 7: The Federal Pell Grant Program Now Available: The 2024-2025 Federal Student Aid Handbook has been published, featuring Volume 1 on Student Eligibility and Volume 7 on The Federal Pell Grant Program, aiding in eligibility verification and grant calculation. The digital handbook, available on the Federal Student Aid’s Knowledge Center, includes guides, volumes, and appendices, with updates announced electronically.
2024-25 Student Aid Index (SAI) and Pell Grant Eligibility Guide: The Department of Education updated the Student Aid Index (SAI) formula for alignment with the FAFSA Simplification Act, removing the income floor for dependent students. This and other adjustments, including inflationary updates and corrections to Pell Grant calculations, are detailed in the latest SAI and Pell Grant Eligibility Guide.