It has recently been announced that the US Department of Education will waive verification requirements for federal aid applicants during the 2021-22 enrollment cycle. So what does this mean? Well first and foremost, it means that fewer low-income students will have to provide additional proof that their financial information is accurate. This is a huge step because the verification procedure has been a barrier that disproportionately hinders low-income and underrepresented applicants (www.chronicle.com).
This one year change will not only benefit students but will also benefit colleges. The verification process typically costs colleges $500 million annually. To put this in perspective, community colleges spend about a quarter of their operating budget on this process. In the end, the verification process hasn’t led to many changes in financial aid awards. By waiving this requirement means that schools can move straight to putting together a financial aid package for students without any added delays.
It is still unknown whether this change will be permanent or if it is just for one year, this process will continually be evaluated to see what improvements can be made.
If you or somebody you know needs help navigating the FAFSA process reach out to me at info@atozeducationalconsulting.com or 612-735-1261.
Comments