What to Expect When Paying for College in 2022

COVID-19’s Effect on Financial Aid

Students should file the Free Application for Federal Student Aid, known as the FAFSA, each year to be considered for federal, state and institutional financial aid.

Federal Pell Grants

President Joe Biden recently signed Congress’ 2022 fiscal year spending bill, which includes a $400 increase to the maximum federal Pell Grant award, bringing it up to $6,895 for the 2022–2023 award year.

Tuition Costs

When adjusted for inflation, tuition and fees declined on average from the year prior for the 2021–2022 school year, according to the College Board’s Trends in College Pricing and Student Aid 2021 report. But some experts predict a potential rise in tuition costs for 2022–2023 in reaction to current high inflation rates.

Student Loan Payment Pause

The CARES Act provided relief to student loan borrowers in March 2020 by temporarily pausing payments and collections on most federal student loans through September 2020. That suspension has been extended several times, including most recently in December 2021, when the U.S. Department of Education announced plans to halt payments until May 1, 2022.

Looking Ahead: FAFSA Simplification Act

Changes to the FAFSA are coming, but won’t take full effect for a few years.



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