Here’s how to make key college decisions amid FAFSA delays
Jessica Dickler @JDICKLER
As seen on CNCB Monday April 8, 2024
KEY POINTS
- Problems with the new FAFSA have delayed financial aid award letters, making it harder for students to make informed decisions about next year ahead of enrollment deadlines.
- In the meantime, applying for more private scholarships may help ease the burden of the cost of college.
- This could also be an opportunity for college hopefuls to weigh their options before factoring in aid, according to Nancy Goodman, founder of College Money Matters.
Problems with the new Free Application for Federal Student Aid have left many students in a bind.
In an early April update, the U.S. Department of Education said the delivery of some FAFSA applications would be further delayed due to ongoing issues with applicants’ tax data. “We are working hard to address these challenges and ensure schools have the information needed to package and make aid offers as quickly as possible,” Rich Cordray, chief operating officer for the Education Department’s Office of Federal Student Aid, said in a statement. However, these latest setbacks may mean it will take colleges even longer to get financial aid award letters to students, shortening the time those college hopefuls have to make informed enrollment decisions about next year. “Continually taking two steps forward and one giant step back is not a sustainable pathway toward getting financial aid offers out to students and families,” said Justin Draeger, president of the National Association of Student Financial Aid Administrators. In ordinary years, financial aid award letters are sent around the same time as admission letters, meaning students have several weeks to compare offers ahead of National College Decision Day on May 1, the deadline to decide on a college for most admitted students. Higher education already costs more than most families can afford, and college costs are still rising. Tuition and fees, plus room and board, for a four-year private college averaged $56,190 in the 2023-2024 school year; at four-year, in-state public colleges, it was $24,030 per year, according to College Board.For most students and their families, the college they choose hinges on the amount of financial aid offered and the breakdown between grants, scholarships, work-study opportunities and student loans.
“For many of our students, it’s less about comparing offers and more about, ‘Can I go at all?’” said Charles Welch, president and CEO of the American Association of State Colleges and Universities. To that end, the AASCU is encouraging colleges and universities to extend their decision deadlines to give students and families more time to assess their financial aid picture. Some schools have already postponed those enrollment deadlines to May 15 or later. “Our number one concern is making sure we give students every opportunity they can to make determinations about financial eligibility,” Welch said.