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Department prepares Federal Methodology for 2022-23
July 21, 2021
You may be busy getting ready for the 2021-22 academic year, but there was a reminder from the Department of Education this week that it's not too early to prepare for the 2022-23 academic year.
In the July 19 Federal Register notice, the Department announced the Federal Need Analysis Methodology that determines a student's expected family contribution (EFC) for the academic year 2022-23.
In the notice, the Secretary of Education announced the annual updates to the tables used in the statutory Federal Need Analysis Methodology. The Higher Education Act (HEA) requires the Secretary to annually update four tables for price inflation:
- The Income Protection Allowance (IPA)
- The Adjusted Net Worth (NW) of a business or farm
- The Education Savings and Asset Protection Allowance
- The Assessment Schedules and Rates
According to the notice, the updates are based, in general, upon increases in the Consumer Price Index.
For more information, see the information in the notice or contact Kerri Moseley-Hobbs at the U.S. Department of Education at 202-377-3291.