The ongoing problems with the new Free Application for Federal Student Aid (FAFSA) have caused a significant delay in financial aid award letters for college students. This delay has even prevented many high school seniors and their families from applying for aid altogether. According to the National College Attainment Network, as of June 14, only 45% of high school graduates have completed the FAFSA, compared to 52% the previous year. This means over 300,000 students did not apply for financial aid, leaving many with the highest need without assistance.
The rising cost of college tuition, fees, room and board, and other expenses has made higher education increasingly expensive for students and their families. Some four-year colleges and universities now have a price tag nearing $100,000 per year. However, it is essential to note that students and their parents rarely pay the full amount, as federal aid, state aid, and college scholarships can help offset these costs. Despite the financial challenges, attending college remains a viable option for many students seeking to further their education.
Financial Aid Opportunities
The Princeton Review recently released a report ranking colleges based on the amount of financial aid awarded and student satisfaction with their aid packages. The report is compiled from surveys of administrators and students at over 650 colleges in the 2023-24 school year. Financial aid is a crucial factor for many students when choosing a college, and schools that offer generous aid packages are often more attractive to prospective students and their families.
Among the top five schools on The Princeton Review’s list are Yale University, Vassar College, Williams College, Pomona College, and the California Institute of Technology. These schools have been recognized for their substantial need-based scholarships, with average grants exceeding $20,000 for students in the 2023-24 academic year. Additionally, grants are considered the most desirable form of financial aid as they do not need to be repaid, providing students with much-needed assistance to cover their college expenses.
1. Yale University
Location: New Haven, Connecticut
Sticker price: $87,150
Average need-based scholarship: $71,577
Average total out-of-pocket cost: $15,573
2. Vassar College
Location: Poughkeepsie, New York
Sticker price: $85,220
Average need-based scholarship: $61,252
Average total out-of-pocket cost: $23,968
3. Williams College
Location: Williamstown, Massachusetts
Sticker price: $85,820
Average need-based scholarship: $70,764
Average total out-of-pocket cost: $15,056
4. Pomona College
Location: Claremont, California
Sticker price: $86,814
Average need-based scholarship: $65,925
Average total out-of-pocket cost: $20,889
5. California Institute of Technology
Location: Pasadena, California
Sticker price: $82,758
Average need-based scholarship: $74,013
Average total out-of-pocket cost: $8,745
Impact of FAFSA Issues
The difficulties with the FAFSA have created challenges for colleges and students alike. Some colleges have taken proactive measures to address financial aid and the overall cost of college to attract more students. Nancy Goodman, founder of College Money Matters, believes that colleges known for their generous financial aid packages will become more desirable to students. As a result, current FAFSA issues could potentially lead to a drop in college enrollment unless these issues are resolved promptly.
The ongoing problems with the FAFSA have significant implications for college students and their families. It is crucial for policymakers, educators, and financial aid administrators to address these issues promptly to ensure that all students have access to the financial assistance they need to pursue higher education.