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| Autor/in | Collins, Benjamin |
|---|---|
| Institution | Library of Congress, Congressional Research Service (CRS) |
| Titel | Federal Student Aid: Need Analysis Formulas and Expected Family Contribution. CRS Report R44503, Version 10. Updated |
| Quelle | (2021), (40 Seiten)
PDF als Volltext kostenfreie Datei |
| Sprache | englisch |
| Dokumenttyp | gedruckt; online; Monographie |
| Schlagwörter | Federal Aid; Student Financial Aid; Need Analysis (Student Financial Aid); Parent Financial Contribution; Paying for College; Financial Aid Applicants; Funding Formulas; Eligibility; Computation; Educational Legislation; Federal Legislation; Higher Education; Dependents |
| Abstract | This report describes the need analysis formulas used to calculate the Expected Family Contribution (EFC) for federal student aid applicants. The formulas are codified in Title IV of the Higher Education Act (HEA), as amended. The Free Application for Federal Student Aid (FAFSA) is the data collection instrument through which students submit the information that is used to calculate the EFC. The FAFSA Simplification Act of 2021 (FSA; part of P.L. 116-260) makes significant changes to the formulas used to determine need for the purposes of student aid and is scheduled to take effect July 1, 2023, coinciding with the beginning of the 2023-2024 award year. This report describes the EFC formulas prior to the FSA taking effect. The first section of the report will discuss how Department of Education (ED) collects and processes information from prospective students using the Free Application for Federal Student Aid (FAFSA). The following section discusses how the information from the FAFSA is used to determine the student's dependency status and applicable EFC formula. The subsequent sections describe how each of these formulas translates the financial characteristics of a student's family into an EFC. (ERIC). |
| Anmerkungen | Congressional Research Service. Web site: https://crsreports.congress.gov/ |
| Erfasst von | ERIC (Education Resources Information Center), Washington, DC |
| Update | 2024/1/01 |
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