The year of living financial aid
January 11, 2023
Not saying you should forget everything you know about financial aid, but some big changes are coming.
FAFSA simplification, student loan forgiveness, and the repayment pause are a few of the changes we can expect, and I am sure there will be some changes we don't expect.
Adding to those changes (or maybe because of them), the Department of Education announced today the 2023-34 Federal Student Aid (FSA) Handbook will be restructured.
According to the announcement, the 2023-24 FSA Handbook will have three new volumes, each of which will combine guidance relevant to specific FSA programs. The Department said with this redesign, they "hope to make the FSA Handbook easier for schools to use."
The announcement includes a summary of how the 2022-23 FSA Handbook will be structured for 2023-24. The changes will be implemented as each volume of the 2023-24 FSA Handbook is released.
While 2023 will likely be a transformative year for financial aid, there have been other major changes in the past (think Direct Loan program).
So, if you remember anything about financial aid, you know this year's changes won't likely be the last.