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.
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.