Federal Need Analysis Methodology for the 2024-25 Award Year-Federal Pell Grant, Federal Work-Study, Federal Supplemental Educational Opportunity Grant, William D. Ford Federal Direct Loan, and TEACH Grant Programs, 38875-38878 [2024-09966]
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[FR Doc. 2024–10057 Filed 5–7–24; 8:45 am]
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lotter on DSK11XQN23PROD with NOTICES1
TIME AND DATE:
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DEPARTMENT OF EDUCATION
Federal Need Analysis Methodology
for the 2024–25 Award Year—Federal
Pell Grant, Federal Work-Study,
Federal Supplemental Educational
Opportunity Grant, William D. Ford
Federal Direct Loan, and TEACH Grant
Programs
Federal Student Aid,
Department of Education.
ACTION: Notice.
AGENCY:
The Secretary announces the
annual updates to the tables used in the
statutory Federal Need Analysis
Methodology that determines a
student’s Student Aid Index (SAI) for
award year (AY) 2024–25 for student
SUMMARY:
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38875
financial aid programs, Assistance
Listing Numbers (ALN) 84.063, 84.033,
84.007, 84.268, and 84.379. The intent
of this notice is to alert the financial aid
community and the broader public to
these required annual updates used in
the determination of student aid
eligibility.
FOR FURTHER INFORMATION CONTACT:
Heather Hall Lewis. Telephone: (202)
417–1981. Email: heather.halllewis@
ed.gov.
If you are deaf, hard of hearing, or
have a speech disability and wish to
access telecommunications relay
services, please dial 7–1–1.
SUPPLEMENTARY INFORMATION: Part F of
title IV of the Higher Education Act of
1965, as amended (HEA), specifies the
criteria, data elements, calculations, and
tables the Department of Education
(Department) uses in the Federal Need
Analysis Methodology to determine the
SAI.
Enacted into law as part of the
Consolidated Appropriations Act, 2021,
Division FF, Title VII (116 Pub. L. 260),
the FAFSA Simplification Act makes
many significant changes to the Higher
Education Act of 1965, as amended
(HEA), regarding Federal Need Analysis
Methodology, including how the
Secretary must update the tables used in
the formula. Due to the magnitude of
these (and other) changes and to ensure
that both the Department and the higher
education community were prepared to
fully implement the FAFSA
Simplification Act, in June 2021,
Federal Student Aid (FSA) announced a
phased approach to implementation. As
part of this approach, in the FAFSA
Simplification Act Technical
Corrections Act, Division R (Pub. L.
117–103) of the Consolidated
Appropriations Act, 2022 (CAA 2022),
Congress extended the full
implementation of the FAFSA
Simplification Act until the 2024–25
award year.
Section 478 of the HEA, as amended
by the FAFSA Simplification Act,
requires the Secretary to annually
update the following five tables for
inflation—the Income Protection
Allowance (IPA), the Adjusted Net
Worth (NW) of a Business or Farm, the
Asset Protection Allowance, the
Assessment Schedules and Rates, and
the Employment Expense Allowance.
The updates are based, in general, upon
increases in items such as, but not
limited to, the Consumer Price Index
(CPI).
The Secretary is charged with
updating the IPA, adjusted NW of a
business or farm, the asset protection
allowance, the assessment schedules
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38876
Federal Register / Vol. 89, No. 90 / Wednesday, May 8, 2024 / Notices
and rates, and the employment expense
allowance to account for inflation that
took place between April 2020 and
April in the year prior to the beginning
of each award year. The increases in the
tables must be based on a percentage
equal to the percentage increase in the
Consumer Price Index for All Urban
Consumers (CPI–U) for April of the
applicable year.
This notice includes the new 2024–25
AY values for the five tables listed
above, which reflect the FAFSA
Simplification Act amendments. The
updated tables are in sections 1 (Income
Protection Allowance), 2 (Adjusted Net
Worth of a Business or Farm), 3 (Asset
Protection Allowance), 4 (Assessment
Schedules and Rates), and 5
(Employment Expense Allowance) of
this notice.
The HEA requires the following
annual updates:
1. Income Protection Allowance. This
allowance is the amount of living
expenses associated with the
maintenance of an individual or family
that may be offset against the family’s
income. The allowance varies by family
size and marital status. The IPA for
dependent students is $11,130. The
IPAs for parents of dependent students
and independent students are listed in
the tables below.
formula protects a portion of the value
MARRIED INDEPENDENT STUDENTS
WITH DEPENDENTS OTHER THAN A of the assets.
SPOUSE
The portion of these assets included
Family size
3
4
5
6
................................................
................................................
................................................
................................................
For each additional family member add
$10,510.
SINGLE INDEPENDENT STUDENTS WITH
DEPENDENTS OTHER THAN A SPOUSE
2
3
4
5
6
................................................
................................................
................................................
................................................
................................................
Income
protection
allowance
$27,600
34,350
42,430
50,060
58,560
For each additional family member add
$6,610.
Income
protection
allowance
Family size
2
3
4
5
6
................................................
................................................
................................................
................................................
................................................
$51,960
64,700
79,880
94,260
110,230
For each additional family member add
$12,460.
INDEPENDENT STUDENTS WITHOUT
DEPENDENTS OTHER THAN A SPOUSE
Income
protection
allowance
Marital status
PARENTS OF DEPENDENT STUDENTS
Family size
in the contribution calculation is
computed according to the following
schedule. This schedule is used for
parents of dependent students,
$54,580 independent students without
67,400 dependents other than a spouse, and
79,530 independent students with dependents
93,010
other than a spouse.
Income
protection
allowance
Single ........................................
Married ......................................
$17,310
27,750
ADJUSTED NET WORTH OF A BUSINESS
OR FARM
If the NW of a business or farm is
Then the
adjusted NW is
Less than $1 .............
$1 to $165,000 ..........
$165,001 to $490,000
$0.
$0 + 40% of NW.
$66,000 + 50% of
NW over $165,000.
$228,500 + 60% of
NW over $490,000.
$426,500 + 100% of
NW over $820,000.
$490,001 to $820,000
$820,001 or more .....
3. Asset Protection Allowance. This
allowance protects a portion of NW
(assets less debts) from being considered
available for postsecondary educational
expenses. There is one asset protection
allowance table for parents of
dependent students, independent
students without dependents other than
a spouse, and independent students
with dependents other than a spouse.
2. Adjusted Net Worth of a Business
or Farm. A portion of the full NW
(assets less debts) of a business or farm
is excluded from the calculation of a
SAI because (1) the income produced
from these assets is already assessed in
another part of the formula; and (2) the
PARENTS OF DEPENDENT STUDENTS, INDEPENDENT STUDENTS WITH DEPENDENTS OTHER THAN A SPOUSE, AND
INDEPENDENT STUDENTS WITHOUT DEPENDENTS OTHER THAN A SPOUSE
And the older parent or the
independent student is
If the age of the older parent or the independent student is
Married
Single
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Then the allowance is
25
26
27
28
29
30
31
32
33
34
35
or less .....................................................................................................................................................
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Federal Register / Vol. 89, No. 90 / Wednesday, May 8, 2024 / Notices
PARENTS OF DEPENDENT STUDENTS, INDEPENDENT STUDENTS WITH DEPENDENTS OTHER THAN A SPOUSE, AND
INDEPENDENT STUDENTS WITHOUT DEPENDENTS OTHER THAN A SPOUSE—Continued
And the older parent or the
independent student is
If the age of the older parent or the independent student is
Married
Single
Then the allowance is
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or older ...................................................................................................................................................
4. Assessment Schedules and Rates.
Two schedules that are subject to
updates—one for parents of dependent
students and one for independent
students with dependents other than a
spouse—are used to determine the SAI
from family financial resources toward
educational expenses. For dependent
students, the SAI is derived from an
assessment of the parents’ adjusted
available income (AAI). For
independent students with dependents
other than a spouse, the SAI is derived
from an assessment of the family’s AAI.
The AAI represents a measure of a
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0
0
0
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0
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0
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0
family’s financial strength, which
considers both income and assets.
The contribution of parents of
dependent students, and independent
students with dependents other than a
spouse, is computed according to the
following schedule:
lotter on DSK11XQN23PROD with NOTICES1
ASSESSMENT OF AVAILABLE INCOME
If AAI is
Then the contribution is
Less than ¥$6,820 ..................................................................................
¥$6,820 to $20,600 .................................................................................
$20,601 to $25,800 ..................................................................................
$25,801 to $31,000 ..................................................................................
$31,001 to $36,300 ..................................................................................
$36,301 to $41,500 ..................................................................................
$41,501 or more .......................................................................................
¥$1,500,
22% of AAI.
$4,532 + 25% of AAI over $20,600.
$5,832 + 29% of AAI over $25,800.
$7,340 + 34% of AAI over $31,000.
$9,142 + 40% of AAI over $36,300.
$11,222 + 47% of AAI over $41,500.
5. Employment Expense Allowance.
This allowance for employment-related
expenses recognizes additional
expenses incurred by working
individuals. For parents of dependent
students, the employment expense
allowance is the lesser of $4,730 or 35%
of the total earned income of the
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17:03 May 07, 2024
Jkt 262001
student’s parent and parent’s spouse, if
applicable. The employment expense
allowance for independent students is
zero if the student is not married (single,
separated or divorced/widowed) or the
lesser of $4,730 or 35% of the combined
earned income for the student and
student spouse if the student is married.
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program contact person listed under FOR
FURTHER INFORMATION CONTACT,
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Program Authority: 20 U.S.C. 1087 et
seq.
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2024–09966 Filed 5–7–24; 8:45 am]
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Office of Science, Department
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announced in the Federal Register.
DATES: Wednesday, May 29, 2024; 10
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ADDRESSES: The Pitch at the Wharf, the
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meeting will be possible via Zoom.
Instructions will be posted on the
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the meeting and can also be obtained by
contacting Christine Chalk by email at
christine.chalk@science.doe.gov or by
telephone at (301) 903–7486. Advanced
registration is required.
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Christine Chalk, Office of Advanced
Scientific Computing Research; SC–
ASCR/Germantown Building; U.S.
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
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Department of Energy; 1000
Independence Avenue SW, Washington,
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Tentative Agenda:
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[FR Doc. 2024–10047 Filed 5–7–24; 8:45 am]
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]]>Agencies
[Federal Register Volume 89, Number 90 (Wednesday, May 8, 2024)]
[Notices]
[Pages 38875-38878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-09966]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Federal Need Analysis Methodology for the 2024-25 Award Year--
Federal Pell Grant, Federal Work-Study, Federal Supplemental
Educational Opportunity Grant, William D. Ford Federal Direct Loan, and
TEACH Grant Programs
AGENCY: Federal Student Aid, Department of Education.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Secretary announces the annual updates to the tables used
in the statutory Federal Need Analysis Methodology that determines a
student's Student Aid Index (SAI) for award year (AY) 2024-25 for
student financial aid programs, Assistance Listing Numbers (ALN)
84.063, 84.033, 84.007, 84.268, and 84.379. The intent of this notice
is to alert the financial aid community and the broader public to these
required annual updates used in the determination of student aid
eligibility.
FOR FURTHER INFORMATION CONTACT: Heather Hall Lewis. Telephone: (202)
417-1981. Email: [email protected].
If you are deaf, hard of hearing, or have a speech disability and
wish to access telecommunications relay services, please dial 7-1-1.
SUPPLEMENTARY INFORMATION: Part F of title IV of the Higher Education
Act of 1965, as amended (HEA), specifies the criteria, data elements,
calculations, and tables the Department of Education (Department) uses
in the Federal Need Analysis Methodology to determine the SAI.
Enacted into law as part of the Consolidated Appropriations Act,
2021, Division FF, Title VII (116 Pub. L. 260), the FAFSA
Simplification Act makes many significant changes to the Higher
Education Act of 1965, as amended (HEA), regarding Federal Need
Analysis Methodology, including how the Secretary must update the
tables used in the formula. Due to the magnitude of these (and other)
changes and to ensure that both the Department and the higher education
community were prepared to fully implement the FAFSA Simplification
Act, in June 2021, Federal Student Aid (FSA) announced a phased
approach to implementation. As part of this approach, in the FAFSA
Simplification Act Technical Corrections Act, Division R (Pub. L. 117-
103) of the Consolidated Appropriations Act, 2022 (CAA 2022), Congress
extended the full implementation of the FAFSA Simplification Act until
the 2024-25 award year.
Section 478 of the HEA, as amended by the FAFSA Simplification Act,
requires the Secretary to annually update the following five tables for
inflation--the Income Protection Allowance (IPA), the Adjusted Net
Worth (NW) of a Business or Farm, the Asset Protection Allowance, the
Assessment Schedules and Rates, and the Employment Expense Allowance.
The updates are based, in general, upon increases in items such as, but
not limited to, the Consumer Price Index (CPI).
The Secretary is charged with updating the IPA, adjusted NW of a
business or farm, the asset protection allowance, the assessment
schedules
[[Page 38876]]
and rates, and the employment expense allowance to account for
inflation that took place between April 2020 and April in the year
prior to the beginning of each award year. The increases in the tables
must be based on a percentage equal to the percentage increase in the
Consumer Price Index for All Urban Consumers (CPI-U) for April of the
applicable year.
This notice includes the new 2024-25 AY values for the five tables
listed above, which reflect the FAFSA Simplification Act amendments.
The updated tables are in sections 1 (Income Protection Allowance), 2
(Adjusted Net Worth of a Business or Farm), 3 (Asset Protection
Allowance), 4 (Assessment Schedules and Rates), and 5 (Employment
Expense Allowance) of this notice.
The HEA requires the following annual updates:
1. Income Protection Allowance. This allowance is the amount of
living expenses associated with the maintenance of an individual or
family that may be offset against the family's income. The allowance
varies by family size and marital status. The IPA for dependent
students is $11,130. The IPAs for parents of dependent students and
independent students are listed in the tables below.
Parents of Dependent Students
------------------------------------------------------------------------
Income
Family size protection
allowance
------------------------------------------------------------------------
2.......................................................... $27,600
3.......................................................... 34,350
4.......................................................... 42,430
5.......................................................... 50,060
6.......................................................... 58,560
------------------------------------------------------------------------
For each additional family member add $6,610.
------------------------------------------------------------------------
------------------------------------------------------------------------
Married Independent Students With Dependents Other Than a Spouse
------------------------------------------------------------------------
Income
Family size protection
allowance
------------------------------------------------------------------------
3.......................................................... $54,580
4.......................................................... 67,400
5.......................................................... 79,530
6.......................................................... 93,010
------------------------------------------------------------------------
For each additional family member add $10,510.
------------------------------------------------------------------------
------------------------------------------------------------------------
Single Independent Students With Dependents Other Than a Spouse
------------------------------------------------------------------------
Income
Family size protection
allowance
------------------------------------------------------------------------
2.......................................................... $51,960
3.......................................................... 64,700
4.......................................................... 79,880
5.......................................................... 94,260
6.......................................................... 110,230
------------------------------------------------------------------------
For each additional family member add $12,460.
------------------------------------------------------------------------
------------------------------------------------------------------------
Independent Students Without Dependents Other Than a Spouse
------------------------------------------------------------------------
Income
Marital status protection
allowance
------------------------------------------------------------------------
Single..................................................... $17,310
Married.................................................... 27,750
------------------------------------------------------------------------
2. Adjusted Net Worth of a Business or Farm. A portion of the full
NW (assets less debts) of a business or farm is excluded from the
calculation of a SAI because (1) the income produced from these assets
is already assessed in another part of the formula; and (2) the formula
protects a portion of the value of the assets.
The portion of these assets included in the contribution
calculation is computed according to the following schedule. This
schedule is used for parents of dependent students, independent
students without dependents other than a spouse, and independent
students with dependents other than a spouse.
Adjusted Net Worth of a Business or Farm
------------------------------------------------------------------------
If the NW of a business or farm is Then the adjusted NW is
------------------------------------------------------------------------
Less than $1.............................. $0.
$1 to $165,000............................ $0 + 40% of NW.
$165,001 to $490,000...................... $66,000 + 50% of NW over
$165,000.
$490,001 to $820,000...................... $228,500 + 60% of NW over
$490,000.
$820,001 or more.......................... $426,500 + 100% of NW over
$820,000.
------------------------------------------------------------------------
3. Asset Protection Allowance. This allowance protects a portion of
NW (assets less debts) from being considered available for
postsecondary educational expenses. There is one asset protection
allowance table for parents of dependent students, independent students
without dependents other than a spouse, and independent students with
dependents other than a spouse.
Parents of Dependent Students, Independent Students With Dependents
Other Than a Spouse, and Independent Students Without Dependents Other
Than a Spouse
------------------------------------------------------------------------
And the older parent or the
If the age of the older parent or independent student is
the independent student is -------------------------------------
Married Single
------------------------------------------------------------------------
Then the allowance is
-------------------------------------
25 or less........................ 0 0
26................................ 0 0
27................................ 0 0
28................................ 0 0
29................................ 0 0
30................................ 0 0
31................................ 0 0
32................................ 0 0
33................................ 0 0
34................................ 0 0
35................................ 0 0
[[Page 38877]]
36................................ 0 0
37................................ 0 0
38................................ 0 0
39................................ 0 0
40................................ 0 0
41................................ 0 0
42................................ 0 0
43................................ 0 0
44................................ 0 0
45................................ 0 0
46................................ 0 0
47................................ 0 0
48................................ 0 0
49................................ 0 0
50................................ 0 0
51................................ 0 0
52................................ 0 0
53................................ 0 0
54................................ 0 0
55................................ 0 0
56................................ 0 0
57................................ 0 0
58................................ 0 0
59................................ 0 0
60................................ 0 0
61................................ 0 0
62................................ 0 0
63................................ 0 0
64................................ 0 0
65 or older....................... 0 0
------------------------------------------------------------------------
4. Assessment Schedules and Rates. Two schedules that are subject
to updates--one for parents of dependent students and one for
independent students with dependents other than a spouse--are used to
determine the SAI from family financial resources toward educational
expenses. For dependent students, the SAI is derived from an assessment
of the parents' adjusted available income (AAI). For independent
students with dependents other than a spouse, the SAI is derived from
an assessment of the family's AAI. The AAI represents a measure of a
family's financial strength, which considers both income and assets.
The contribution of parents of dependent students, and independent
students with dependents other than a spouse, is computed according to
the following schedule:
Assessment of Available Income
------------------------------------------------------------------------
If AAI is Then the contribution is
------------------------------------------------------------------------
Less than -$6,820...................... -$1,500,
-$6,820 to $20,600..................... 22% of AAI.
$20,601 to $25,800..................... $4,532 + 25% of AAI over
$20,600.
$25,801 to $31,000..................... $5,832 + 29% of AAI over
$25,800.
$31,001 to $36,300..................... $7,340 + 34% of AAI over
$31,000.
$36,301 to $41,500..................... $9,142 + 40% of AAI over
$36,300.
$41,501 or more........................ $11,222 + 47% of AAI over
$41,500.
------------------------------------------------------------------------
5. Employment Expense Allowance. This allowance for employment-
related expenses recognizes additional expenses incurred by working
individuals. For parents of dependent students, the employment expense
allowance is the lesser of $4,730 or 35% of the total earned income of
the student's parent and parent's spouse, if applicable. The employment
expense allowance for independent students is zero if the student is
not married (single, separated or divorced/widowed) or the lesser of
$4,730 or 35% of the combined earned income for the student and student
spouse if the student is married.
Accessible Format: On request to the program contact person listed
under FOR FURTHER INFORMATION CONTACT, individuals with disabilities
can obtain this document in an accessible format. The Department will
provide the requestor with an accessible format that may include Rich
Text Format (RTF) or
[[Page 38878]]
text format (txt), a thumb drive, an MP3 file, braille, large print,
audiotape, or compact disc, or other accessible format.
Electronic Access to This Document: The official version of this
document is the document published in the Federal Register. You may
access the official edition of the Federal Register and the Code of
Federal Regulations at www.govinfo.gov. At this site, you can view this
document, as well as all other documents of this Department published
in the Federal Register, in text or Portable Document Format (PDF). To
use PDF, you must have Adobe Acrobat Reader, which is available free at
this site.
You may also access documents of the Department published in the
Federal Register by using the article search feature at
www.federalregister.gov. Specifically, through the advanced search
feature at this site, you can limit your search to documents published
by the Department.
Program Authority: 20 U.S.C. 1087 et seq.
Richard Cordray,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2024-09966 Filed 5-7-24; 8:45 am]
BILLING CODE 4000-01-P
