Top 5 Takeaways from Recent Financial Aid Regulation Announcements

Over the last few months there have been a few key announcements worth mentioning to ensure you  remain compliant. Here are a few of the top takeaways from recent Department of Education  updates. 

1. 2024–25 FAFSA Updates: Institutional Student Information Records (ISIRs) are  slowly being released to schools. More than 4.3 million FAFSA forms have been  processed. The Department anticipates processing 6 million by the end of March.  You can read the latest updates on 2024-2025 FAFSA Processing at 2024–25 FAFSA Updates | Knowledge Center 
2. 2024–25 FAFSA Issue Alerts: The Department of Education continues to work on  Open Issues related to the 2024-2025 FAFSA. Open Issues can be viewed at 2024–25 FAFSA Issue Alerts | Knowledge Center you can also review the Departments  technical reference guide at TechnicalFAQandKnownIssues.pdf (ed.gov) 
3. 2024-25 Student Aid Index (SAI) and Pell Grant Eligibility Guide: Don’t forget  the 2024-2025 Award year brings with it many changes including EFC goes away and  is replaced by the SAI (student aid index) and Pell calculations now include a multiple  step process using Maximum, Minimum and Calculated Pell figures. 2024-25 Student Aid Index (SAI) and Pell Grant Eligibility Guide (Updated March 21, 2024) | Knowledge Center 
4. 2024 Federal Student Aid Training Conference – To Be Held Virtually Dec. 3–6, 2024: The 2024 Federal Student Aid Training Conference for Financial Aid  Professionals is scheduled for Dec. 3–6, 2024, and will be held virtually to reach a  broad audience, following the success of the 2023 conference with over 22,400  registrants. The decision supports inclusivity and accessibility, promising an engaging  and informative program. Further details and registration will be announced this  summer, with registration opening in the fall. Follow @FSAConf and #FSATC2024  for updates. 
5. Update on 2024-25 FAFSA Processing: The U.S. Department of Education has  processed over 4.3 million FAFSA forms for the 2024-25 cycle, aiming for 6 million  by March end. Updates include a new FAFSA Status tracker, revised timelines for  institutions to prepare aid packages, and system enhancements for summer term  planning. Additionally, a recent vendor issue affecting the Student Aid Index  calculation has been resolved, with no Pell Grant adjustments needed following recent  legislation. Institutions are urged to expedite aid processing and ensure equitable  student access. 

Of course, these are just a few highlights of information over the last few months. Let our  financial aid and compliance experts help your department boost its efforts. Contact us today  to explore options. Get FA Solutions and ECM today! 

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