Formula could limit financial aid
By Anthony LaMesa | September 3, 2003Many students will have to dig much deeper into their pockets to pay for college next year because of a little-publicized change in formulas used for federal financial aid eligibility. The United States Department of Education updated the formula the federal government uses to calculate estimated financial need for student aid in May. According to Larry Zaglaniczny, director of congressional relations for the National Association of Student Financial Aid Administrators, the update allows students and their parents to count less of the money they pay in state taxes against the cost of their education. "They calculated for the year 2000 and that was at the height of a good economy and as a consequence, a number of states reduced their tax burden," Zaglaniczny said.


