National Student Aid Profile: Overview of 2024 Federal Programs
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| Title: | National Student Aid Profile: Overview of 2024 Federal Programs |
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| Language: | English |
| Authors: | National Association of Student Financial Aid Administrators (NASFAA) |
| Source: | National Association of Student Financial Aid Administrators. 2024. |
| Availability: | National Association of Student Financial Aid Administrators. 1101 Connecticut Avenue NW Suite 1100, Washington, DC 20036. Tel: 202-785-0453; Fax: 202-785-1487; e-mail: membership@NASFAA.org; Web site: http://www.nasfaa.org |
| Peer Reviewed: | N |
| Page Count: | 42 |
| Publication Date: | 2024 |
| Document Type: | Numerical/Quantitative Data Reports - Descriptive |
| Education Level: | Higher Education Postsecondary Education |
| Descriptors: | Federal Programs, Student Financial Aid, Federal Aid, Grants, Student Loan Programs, Federal Legislation, Need Analysis (Student Financial Aid), Income, Undergraduate Students, Graduate Students, Family Income, Higher Education, Educational Legislation, Budgets, Loan Repayment, Loan Default, National Surveys, COVID-19, Pandemics |
| Laws, Policies and Program Identifiers: | Pell Grant Program, Family Education Loan Program, Federal Direct Student Loan Program, Stafford Student Loan Program, Federal Direct PLUS Loan Program, Higher Education Act Title IV |
| 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 2024-25 award year. Due to the impacts of the coronavirus pandemic (COVID-19), 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 included a suspension of loan payments and interest accrual, and a halt to collections on defaulted loans. Interest on federal student loans began to accrue on Sept. 1, 2023, and student loan borrowers resumed making monthly payments in October 2023. In order to promote borrower success, ED has provided a 12-month on-ramp back into repayment through Sept. 30, 2024. During this period, interest continues to accrue but borrowers are not reported as delinquent if they miss a payment, and their loans will not go into default. The overall impacts of the COVID-19 pandemic on student loan borrowing, repayment, and other aspects of federal student aid may not be known for several years. |
| Abstractor: | ERIC |
| Entry Date: | 2024 |
| Accession Number: | ED661443 |
| Database: | ERIC |
| 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 2024-25 award year. Due to the impacts of the coronavirus pandemic (COVID-19), 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 included a suspension of loan payments and interest accrual, and a halt to collections on defaulted loans. Interest on federal student loans began to accrue on Sept. 1, 2023, and student loan borrowers resumed making monthly payments in October 2023. In order to promote borrower success, ED has provided a 12-month on-ramp back into repayment through Sept. 30, 2024. During this period, interest continues to accrue but borrowers are not reported as delinquent if they miss a payment, and their loans will not go into default. The overall impacts of the COVID-19 pandemic on student loan borrowing, repayment, and other aspects of federal student aid may not be known for several years. |
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