Extension of Continuing Appropriations and Other Matters Act, 2024
Mar 1, 2024
Mar 1, 2024
Summary
Keeps the government running with temporary funding and fixes a problem with the student financial aid formula to help more students get assistance.
What problem does this solve?
The government was about to run out of money, which would have caused many services to stop. A recent change to the student aid form also made it harder for some students to get help paying for college. This law provides temporary money to keep the government open and fixes the student aid calculation.
What does this law do?
Extends government funding to March 22, 2024
Continues funding for certain federal agencies and programs by changing their expiration date from the previous deadline to March 22, 2024.
Extends government funding to March 8, 2024
Continues funding for a different set of federal agencies and programs by changing their expiration date to March 8, 2024.
Changes student income calculation for financial aid
Amends the FAFSA formula to allow a student's available income to be as low as -$1,500 for the 2024-2025 school year. This can increase the amount of aid a student receives.
Appropriates funds for student aid
Provides over a billion dollars in funding for student aid programs for fiscal year 2024, with additional amounts specified for future years.
Who does this affect?
- Federal government agencies and employees
- College students and their families
- American taxpayers
What is the real world impact?
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Prevents a government shutdown
Provides temporary funding for federal agencies, avoiding the disruption of government services and the furlough of federal employees that would occur during a shutdown.
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Fixes a mistake in student aid calculations
Corrects a technical error in the new Free Application for Federal Student Aid (FAFSA) formula. This change helps ensure students receive the correct amount of financial aid they are eligible for.
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Buys more time for budget negotiations
Acts as a short-term solution, or 'stopgap,' giving lawmakers more time to agree on a full-year budget. This avoids making difficult decisions immediately but pushes them to a later date.
When does this start?
This law provides temporary government funding until two different dates in March 2024.
First funding deadline
Funding for some government operations will expire on March 8, 2024.
Second funding deadline
Funding for the remaining parts of the government will expire on March 22, 2024.
FAFSA income change for 2024-2025
The new student income calculation, which can be as low as -$1,500, applies to the 2024-2025 school year.
FAFSA income change for 2025-2026 and beyond
For the 2025-2026 school year and all future years, the lowest a student's available income can be is zero.