The ongoing issues with the Free Application for Federal Student Aid (FAFSA) have caused a significant decline in the number of high school seniors applying for financial aid. As of June 14, only 45% of the high school class of 2024 has completed the FAFSA, which is a 12% decrease compared to the previous year. This decline in FAFSA applications has left over 300,000 students without the financial aid they desperately need.
With the rising cost of college tuition, fees, room and board, books, and other expenses, attending a four-year college or university can cost nearly $100,000 per year. However, most students and their families do not pay the full amount due to various financial aid opportunities available, including federal aid, state aid, and college-specific aid.
The Princeton Review has ranked colleges based on the amount of financial aid awarded and student satisfaction with their aid packages. Colleges that offer substantial financial aid packages tend to attract more students and families. The top five schools on The Princeton Review’s list awarded an average scholarship grant of over $68,000 to students with financial need in the 2023-24 school year.
Among the top five schools on The Princeton Review’s list, Yale University, Vassar College, Williams College, Pomona College, and the California Institute of Technology are known for their generous financial aid offerings. These schools awarded an average need-based scholarship of over $20,000 to students in the 2023-24 academic year.
The decline in FAFSA applications may lead to a drop in college enrollment, according to experts. It is crucial for colleges to address financial aid and the rising cost of college education to attract more students. Some colleges have already taken steps to increase financial aid offerings and make their institutions more attractive to prospective students.
The University of Virginia, University of North Carolina at Chapel Hill, New College of Florida, University of Michigan – Ann Arbor, and the University of California, Berkeley are among the top schools offering generous financial aid to students with need. These institutions provide substantial need-based scholarships to help students afford the cost of attendance.
The ongoing issues with the FAFSA application process have had a significant impact on the disbursement of financial aid to high school seniors. It is essential for colleges and universities to address these challenges and provide adequate financial support to ensure that all students have access to higher education.
Leave a Reply