Are We Required To Use the New Terms For the Cost Of Attendance Components Under the FAFSA Simplification Act?
KA-36448 Helpfulness Rating 1,151 page viewsThis guidance is not award-year-specific and applies across award years.
According to guidance in Dear Colleague Letter GEN-22-15:
"Not immediately. We understand that it may take some time for institutions to fully update their documentation, publications, policies, and practices with any new terms and phrasing outlined in the Act, such as “housing and food” versus “room and board.” However, we do expect institutions to begin planning for any revisions and to formally make changes as soon as it is feasible within their normal consumer information update process."
That said, NASFAA encourages schools to incorporate the new nomenclature as soon as possible. The point of the changes is to make the components clearer and more transparent to students and families.
Reference GEN-22-15 for the name changes.
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