To keep pace with the cost of living, the Department of Education recently updated the numbers used in determining whether a student qualifies for need-based federal financial aid.
In a September 24 Dear Colleague Letter, the Secretary of Education announced the annual updates to the tables used in the Federal Needs Analysis Methodology that determines a student’s Student Aid Index (SAI) when completing the FAFSA.
The updates impact the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Work-Study, Federal Direct Loan, and TEACH Grant programs.
The Federal Register publication includes updates to the following:
- Income Protection Allowance (IPA)
- Adjusted Net Worth (NW)
- Asset Protection Allowance (APA)
- Assessment Schedules and Rates
- Employment Expense Allowance
For more information, contact Heather Hall Lewis with the Department of Education at 202-453-6519 or via email at Heather.HallLewis@ed.gov.
