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Make the Most of Aid Opportunities: Billions of Dollars Stay on the Table
More than 3.2 million students graduated from high school last spring, and those students left almost $3.6 billion in Pell grants on the table, as well as millions of dollars in SNAP benefits, private scholarships, and other forms of college financial aid.
It’s a grand paradox: paying for college isn’t easy, but millions of students are missing out on billions of dollars in free cash (and could ruin their college dreams as a result). Here’s how to make sure you don’t lose.
FAFSA: Free App, Free Money
We’ve said this before, but it’s worth repeating: Completing the Free Application for Federal Student Aid (FAFSA) annually is the best way to get free college money.
Despite this, nearly half of high school graduates never complete this vital application. According to the National College Learning Network (NCAN), 44% of high school students failed the FAFSA in 2022, leaving them unable to receive a single dollar of federal student aid. Worse, most states and many colleges Also base their financial aid packages on FAFSA student calculations, so failure to submit a form has a cascading effect that hits students from low-income families the hardest.
NCAN estimates that “Approximately 767,000 2022 high school students who may be eligible for Pell grants have not passed the FAFSA.” With a maximum Pell grant of $6,895 (and an average grant of $4,686), each of these students could cover the average tuition for a semester or more at a state public college.
Just by submitting a form.
Of course, filling out the FAFSA is not always easy.
If your family has never gone to college, you may assume that you can’t afford college and therefore seeking help is out of the question. Or maybe the burden of studying combined with work, childcare, or other responsibilities makes it difficult to find time. Even if you do If you’re planning to go to college and can find the time to apply, delays and difficult questions can undermine even the best efforts, especially if the school department is underfunded and overwhelmed.
However, despite these issues, filling out the FAFSA is the single most important thing you can do to make sure you don’t miss out on free money. Thankfully, there is good news on the horizon: a radically simplified form is due to be rolled out over the next two years, and a number of states are requiring FAFSA completion for high school graduation (meaning schools are devoting more time and resources to help). ) Here are three additional steps we recommend to improve your chances:
- Set aside one weekend to dedicate it to FAFSA and nothing else. In recent years, applications have opened on 1 October. It is not clear if this will be in 2023, but last Possible opening date is January 1st. Consider highlighting the first weekend of 2024!
- Check out and share the FAFSA Shape Your Future Guide, which has resources for students, families, and those who are helping you along the way.
- Bookmark the FAFSA Help Center with chat and phone experts who are always ready to help.
Beyond financial help: help make ends meet
Pell grants, public assistance, and financial assistance from your college can help keep your tuition bills within reach, but these are only a fraction of the cost of college education, and as with FAFSA, many essentials go unclaimed.
As NCAN reports, “Despite the expansion of Supplemental Food Assistance Program (SNAP or Food Stamp) benefits for college students during the COVID-19 pandemic, a staggering number of eligible students have not enrolled in the program…Thomas Hilliard and Bryce report. McKibben called Closing Gaps at SNAP College an estimated 69% of SNAP eligible students are not enrolled, [thus] leaving billions of dollars on the table every year.”
This report from Temple University’s Hope Center for Colleges, Society and Justice describes the problem: the vast majority of eligible students are either unaware of the program or assume they are not eligible for assistance, and eligibility requirements are a Byzantine maze (often with outdated information). ). ). from pre-COVID documents). And while we can’t snap our fingers and fix all of these issues, we can advise that if you’re a Pell Grant recipient, a community college full-time student, or a student from a low-income family, there’s a good chance you qualify for a Pell Grant. . SNAP program while in school.
To find out, contact your student life or financial aid department – in addition to programs like SNAP, they can recommend state and local programs, emergency grant providers, and student-led self-help networks that can help with food and nutrition. insecurity. home security, transportation or broadband costs, and more.
More Free Money: Private Scholarships
When it comes to paying for college, every dollar counts. And even if you wrecked your FAFSA, increased school aid, and claimed all living wage benefits, there’s another option not to be missed: approximately $7 billion in private scholarships every year.
When it comes to finding and applying for these private scholarships, there are as many different options and requirements as there are scholarships, but there are a few things to consider for all of them: get organized, start early, and maximize your time. . by looking for the best options for you, which may not always be the largest names or the highest values. Applying for a $5,000 scholarship dedicated to your favorite activity is much more likely to pay off than a $25,000 scholarship available to every student in America.
Here are a few more of our tried-and-true do’s and don’ts, including one that should sound familiar: if the scholarship caters for your financial needs, the app will almost always ask for – you guessed it – your FAFSA information. !
[Wondering Where To Start? Browse Our Scholarships]
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