Are We Required To Use the New Terms For the Cost Of Attendance Components Under the FAFSA Simplification Act?

KA-36448 Helpfulness Rating 1,122 page views

This 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.

AskRegs Q&As represent NASFAA's understanding of regulatory and compliance issues. They are FOR INTERNAL USE ONLY. While NASFAA believes AskRegs Q&As are accurate and factual, they have not been reviewed or approved by the U.S. Department of Education (ED). If you should need written confirmation of AskRegs information for audit or program review purposes, please contact your ED School Participation Division. NASFAA shall not be liable for technical or editorial errors or omissions contained herein; nor for incidental or consequential damages resulting from the furnishing, performance, or use of this material.