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2022-23 FAFSA filers with unemployment income may see impact to financial aid eligibility
September 30, 2021
Some students and parents who received unemployment income in 2020 could see an incorrect reduction in their eligibility for need-based aid for the 2022-23 academic year.
Specifically, the issue impacts those students and/or parents who received unemployment benefits in 2020 and then filed their tax return prior to the passage of legislation that made some of those benefits non-taxable. If a student and parent file the 2022-23 FAFSA and use the IRS Data Retrieval Tool, it could result in a higher Adjusted Gross Income (AGI).
Students and parents who filed taxes or amended their tax returns after the passage of the legislation will not be impacted by the issue.
2022-23 FAFSA filers who think they may have been impacted by this issue should check with the financial aid office of the school or college they plan to attend.