“All of these different works raise concerns about placement and affordability,” said Eric Greenberg, president of Greenberg Education Group, a New York-based consulting firm. “People are feeling anxious.”
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This year could be a great year to lobby for more financial aid for universities.
The cost of higher education is already beyond what most families can afford, and the cost of college continues to rise. The average cost of tuition and fees plus room and board at a four-year private college was $56,190 for the 2023-2024 academic year. Meanwhile, the average tuition at a four-year public university in the state was $24,030, according to the College Board.
For most students and their families, the amount of financial aid offered and the breakdown of grants, scholarships, work-study opportunities, and student loans are key to covering these costs.
Despite this, no students apply for financial aid at all. But for families worried about next year's college costs, it's not too late to file the FAFSA or contact your college's financial aid office to ask for extra money. These three strategies will help him.
In a typical year, high school graduates miss out on billions of dollars in federal aid because they don't apply for financial aid.
But the new FAFSA questions mean even fewer students are applying overall. As of the last count, nearly 4 million students had filed the 2024-25 FAFSA form so far.
That's just a fraction of the 17 million students who used the FAFSA form in the previous year, according to the U.S. Department of Education.
As of February, only 22% of the high school class of 2024 had completed the FAFSA, according to the National College Attainment Network, down about 45% from a year ago.
According to the National College Admission Network, filing the FAFSA is also one of the best predictors of whether a high school senior will attend college. Seniors who complete the FAFSA are 84% more likely to enroll in college right away.
“If you're a student and haven't completed the FAFSA, there's still time to do so and you absolutely should,” said Rick Castellano, a spokesman for education finance company Sallie Mae.
“Ultimately, you want to make the most informed decision possible when it comes to paying for college, so completing the FAFSA should still be a priority. “It's very important if you qualify for need-based aid, such as state-based aid,” he said, “and scholarships.”
For families who have already applied for the FAFSA but are still concerned about making ends meet, Greenberg says they can amend the FAFSA form or contact their college's financial aid office for assistance. he said.
This year's awards are likely to be very different from previous years, which could lead to families seeking even more college aid.
For example, as part of the FAFSA simplification, families with multiple children attending college at the same time will no longer be able to take leave, effectively eliminating the “sibling discount.”
Menaka Hampol, an assistant professor of public finance at Yale University's School of Business, says that in that case, the student may be able to appeal to the university's financial aid office. “The question is whether people know they can do it.”
If you have needs-based issues other than those listed on your financial aid document, such as a sibling in college or a change in financial circumstances such as unemployment, you should explain and document to the school if possible.
Alternatively, if you received a better financial aid package from another comparable school, it may be worth appealing to the school to let them know.
“It's really important for students and families to know that financial aid offices tend to be very friendly,” Greenberg said.
Castellano advised that it also makes sense to consider other funding sources for merit-based aid. “Of course, please continue to apply for scholarships,” he said.
In fact, according to higher education expert Mark Kantrowitz, there are more than 1.7 million private scholarships and fellowships, many of which are funded by foundations, corporations, and other independent organizations. The total amount is over $7.4 billion.
“Many don't require a completed FAFSA,” Castellano says, and there are free resources where you can find available scholarships based on your skills and interests.
Contact your college or ask your high school counselor about opportunities. You can also search websites like Scholarships.com and College Board.
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