Covid-19 and Impacts on Financial Aid

In addition to the obvious health implications of this virus, COVID-19 has created unique issues and impacts to colleges and universities, especially in the administration of financial aid. The Federal Department of Education and other Federal and State agencies are working diligently to provide guidance, direction, and regulatory updates, in what is a fluid and evolving situation. New information is coming in daily and we understand it can be overwhelming.

In response, MASFAA’s Government Relations Committee has created a Covid-19 resource page to act as a repository for MASFAA members, our partners, and colleagues in higher education. This site will provide current and accurate information issued by the Department of Education, State of Massachusetts, and NASFAA on the virus’ impact on Higher Education especially all ongoing financial aid guidance or regulatory changes. MASFAA’s Government Relations Committee, with support from your Executive Council will work together to ensure information is identified and shared on the new site as it is released.

That said, we also stress and reiterate the message released by NASFAA in this morning’s Today’s News:

“During this time of uncertainty, it is easy to misinterpret guidance and take actions that may not be reversible. The Title IV implications of COVID-19 are not yet fully known… We urge members to take pause before making changes to student financial aid packages and/or components of the cost of attendance that could inadvertently cause harm unless you are certain the action is required.”
NEWS FROM NASFAA.” Today’s News, 13 Mar. 2020, www.nasfaa.org/todays-news.

Lastly, as this situation continues to unfold, our actions must be governed by calm and rational thought that protects the integrity of our field, our institutions, and most importantly our students.

Be well, stay informed, and stay safe

Kevin DeRuosi
MASFAA President