My MBA Career – Experts Warn of Decline in College Attendance Due to FAFSA Fiasco – CNBC

Last Updated on April 14, 2024 by Robert C. Hoopes

FAFSA Completion Rates See Sharp Decline, Causing Concern Among High School Seniors

According to recent data, FAFSA completion rates have taken a significant hit compared to last year, with only 31% of the high school class of 2024 having completed the Free Application for Federal Student Aid as of March 8. This trend has raised alarm bells among school counselors, who are noticing students becoming frustrated and giving up on the FAFSA process.

Students’ lack of confidence in receiving the financial aid they need for college has been cited as a major factor in the decline in completion rates. The FAFSA serves as the gateway to all federal aid money, making it essential for college affordability. Despite new aid formulas aimed at increasing aid accessibility, the number of Pell Grant recipients may remain stagnant due to slower FAFSA application rates.

The simplification of the FAFSA process was intended to encourage more lower-income students to apply for financial aid, making the decline in completion rates particularly concerning. FAFSA completion is crucial for students to access financial aid and pave the way to college.

Experts emphasize the importance of completing the FAFSA early to maximize potential aid opportunities and secure financial assistance for higher education. As the deadline for FAFSA submission approaches, students are urged to seek assistance from school counselors or financial aid advisors to navigate the application process and secure the funding needed to pursue their college ambitions.