IECA Urges Colleges to Adjust Deadlines Due to FAFSA Delays

The US Department of Education’s Federal Student Aid office released an update this week announcing that the earliest the Department will begin transmitting FAFSA applicant information to schools and state agencies is the first half of March.

We are deeply concerned by the impact this further delay will have on students and families who are depending on financial aid offers in order to pursue their higher education goals. This disruption to the typical enrollment timeline is certain to create increased anxiety for all students depending on some sort of financial aid, especially low-income students navigating this already stressful and complex process.

We appreciate that some colleges and universities are already delaying their May 1 decision deadlines and urge that all follow suit in order to allow adequate time for students to weigh their offers.

IECA will continue to bring our members the latest information on changes to the FAFSA rollout, and how students and families will be impacted. Members can access our recorded webinar on the new FAFSA, join and follow discussions on the Member Network, and bring their questions to upcoming monthly member roundtables. We encourage you to continue to stay informed and patient during this challenging process, and to advise your client-families to do the same.

In early March, IECA leadership will meet with legislators on Capitol Hill for our second annual advocacy event. We will advocate for greater clarity in the financial aid award process through the standardization of college financial aid offers proposed in the Understanding the True Cost of College Act. We will also urge legislators to consider the challenges faced by students and families imposed by the new FAFSA rollout.

We will continue to advocate for the independent educational consulting profession and the best interests of our members, students, and families.

IECA Advocates for Standardizing College Financial Aid Offers

IECA supports standardizing college financial aid offers. The Understanding the True Cost of College Act introduced by Young Kim (R-CA) and Raja Krishnamoorthi (D-IL) and by Senator Chuck Grassley (R-IA) requires standard terminology and offer formats to assist colleges and universities, students and their families, secondary school and postsecondary counselors, and nonprofit consumer groups. IECA believes that financial aid transparency is a step toward greater access and opportunity for all students. We back legislation that provides financial aid clarity.

The call to standardize financial aid offers is not new. Mark Kantrowitz wrote about this topic in a 2007 article in Inside Higher Ed. In 2012 and 2013, a group of bipartisan senators introduced legislation to standardize student aid offers. Those senators included Tom Harkin, Marco Rubio, and Charles Grassley. Senator Grassley introduced Understanding the True Cost of College Act in 2019 with Tina Smith (D-MN) and Joni Ernst (R-IA).

There are other bills and a recently created task force to study the issue. IECA would like to see all higher education institutions use the same template so that students can easily compare offers. The Government Accountability Office (GAO) reported in early December 2022, after studying a sample of offers from 176 colleges and universities, that most were not using the recommended template from the Department of Education. The GAO recommends that Congress pass legislation that would include best practices for colleges regarding financial aid offers. Young Kim’s office has said that her legislation will be reintroduced this spring.

IECA believes it is time to require standardization. To join this effort, contact your representatives and let them know that financial aid transparency is an important issue to our college-going community and it is time to move forward by reintroducing and approving the True Cost of College Act.