Students will benefit from new financial aid law
Students seeking financial aid to pay for college are winners under a new Wisconsin law, the Financial Aid Modernization Act, signed into law by Governor Tony Evers on Wednesday.
The bipartisan bill, which was passed unanimously in both Senate and Assembly Committees and in both houses of the legislature, makes several improvements to Wisconsin鈥檚 financial aid programs to support economically disadvantaged students who enroll in college and pursue higher education. These changes will make Wisconsin鈥檚 financial aid programs more user-friendly and align with recent changes in federal law.
鈥淲e are excited to have a new state student aid process that will allow for a more transparent and understandable process for students and families,鈥� said Patty Taylor, 糖心vlog传媒鈥檚 senior director of financial aid and educational funding, who attended the signing ceremony this week. 鈥淭his new law better aligns with the FAFSA and federal requirements and removes barriers for students.鈥�
Taylor and Susan Teerink, associate vice provost for Financial Aid & Enrollment Services of Marquette University鈥攂oth with more than 30 years in the financial aid profession鈥攚ere critical contributors to this process serving on the collaborative work group.
The legislation is more than three years in the making. The Wisconsin Association of Independent Colleges and Universities (WAICU) has been working collaboratively with partners from the Universities of Wisconsin, the Wisconsin Technical College System, and the Tribal Colleges to prepare for the implementation of the FAFSA (Free Application for Federal Student Aid) Simplification Act that will take effect for the 2024-2025 academic year.
The federal changes impact the state鈥檚 student financial aid program, known as the Wisconsin Grant, and necessitated changes to align Wisconsin statutes with the new federal law. In addition to alignment with federal law, the legislature modernized student financial aid programs for Wisconsin students.
In a joint statement, Taylor and Teerink shared, 鈥淔or students attending private, nonprofit colleges and universities in particular, the legislation eliminates the outdated formula that has been in Wisconsin statutes since the early 1970s. These important changes provide for a more transparent formula, better recognizing the needs of today鈥檚 students.鈥�
WAICU is now working with various stakeholder groups to help students and families navigate the changes to the state and federal student aid application process to support their career aspirations.
鈥淢any thanks to our legislative champions for their work on this important legislation and to Governor Tony Evers for his support and for signing the legislation into law,鈥� said Eric Fulcomer, WAICU president and CEO. 鈥淭his bill will support students in accessing and pursuing a degree, enabling them to contribute to Wisconsin鈥檚 future workforce and economic prosperity.鈥�
