1. National Student Aid Profile: Overview of 2023 Federal Programs
- Author
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National Association of Student Financial Aid Administrators (NASFAA)
- Abstract
National Association of Student Financial Aid Administrators' (NASFAA's) National Student Aid Profile is an annual publication designed to give a high-level overview of the federal student financial aid programs that provide funding to millions of students each year. This profile includes an overview of: (1) The Federal Pell Grant Program; (2) The Federal Supplemental Educational Opportunity Grant (FSEOG) Program; (3) The Federal Work-Study Program; (4) The Federal Direct Subsidized and Unsubsidized Loan Programs; and (5) The Federal Direct PLUS Loan Program. For each program, in addition to a basic description, the most up-to-date data and information can be found on the: (1) number of recipients; (2) total volume of awards; (3) federal funding levels; and (4) distribution by family income. In addition, the profile provides an appropriations update on Title IV program funding for the 2023-24 award year. Due to the impacts of the coronavirus pandemic, the U.S. Department of Education (ED) took action to mitigate the negative economic effects on federal student loan borrowers by providing a number of flexibilities. These temporary flexibilities include a suspension of loan payments and interest accrual, and a halt to collections on defaulted loans. There are several tables and figures in this report that are impacted as a result of these changes. Under each affected table/figure, there is a "COVID-19 note" with a brief explanation of the changes reflected. At the time of this profile's release, student loan borrowers are scheduled to resume making monthly payments in October 2023, and interest will begin to accrue on September 1, 2023. There will also, per ED's guidance, be a 12-month on-ramp back into repayment, during which time interest will accrue, but the adverse consequences associated with delinquency will be suspended. The overall impacts of COVID-19 on student loan borrowing, repayment, and other aspects of federal student aid may not be known for several years.
- Published
- 2024