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Enhancement in College Financial Aid and Educational Tax Benefits

6/10/2021

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​Congress enacted the Consolidated Appropriations Act, 2021, another assistance package in response to the pandemic, in late December 2020. $22.7 billion for colleges and universities is one of the many provisions included.

Effective as of the 2023-2024 school year, the law achieves a long-held bipartisan priority of streamlining the FAFSA process.

For example, the measure reduces the overall number of questions, improves the income protection allowance for parents and students, allowing more hidden income from the calculation, and raises the income threshold to qualify for the simplified needs test, a FAFSA calculation that doesn't count family assets. It increases the number of students who are eligible for Pell Grants.


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    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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