A recent debacle with the Free Application for Federal Student Aid (FAFSA) is leading to fewer students applying for college financial aid, potentially causing a decline in enrollment, experts warn.
According to higher education expert Mark Kantrowitz, the Department of Education may see a significant drop of 2.8 million FAFSA submissions this year, nearly 20% fewer compared to last year. This decline is alarming as studies show that students are more likely to pursue college education when they have financial support.
The FAFSA troubles have discouraged many high school seniors and their families from completing the application, leading to the drastic reduction in submissions. Despite efforts to simplify the process, the rollout of the new FAFSA formula has been deemed a "fiasco" by Kantrowitz, potentially hindering access to financial aid for lower-income students.
Completing the FAFSA is a crucial step for college-bound seniors, as it significantly increases their likelihood of enrolling in college immediately after high school. However, many families have historically avoided applying due to misconceptions about eligibility or the perceived complexity of the application.
This year's FAFSA rollout, intended to improve college access, has instead exacerbated challenges for prospective students. Kantrowitz describes the situation as a "complete mess," highlighting the urgent need for solutions to ensure equitable access to higher education opportunities.
Source: CNBC
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