Potential Decline in College Enrollment Due to FAFSA Issues, Experts Warn – CNBC

Last Updated on April 5, 2024 by Robert C. Hoopes

FAFSA completion rate among high school seniors drops significantly, raising concerns for college access

The completion rate of the Free Application for Federal Student Aid (FAFSA) among the high school class of 2024 has seen a sharp decline of 33% compared to the previous year. This drop has prompted concerns among school counselors, who fear that students are giving up on the application process due to frustration and lack of confidence in receiving financial aid.

One school counselor, who wished to remain anonymous, expressed their concerns, stating “Students are not completing the FAFSA because they are discouraged by the complexity of the application and fear they will not receive any financial aid.” This lack of confidence has led many students to opt out of completing the FAFSA altogether, potentially impacting their ability to access college opportunities.

However, there is hope on the horizon for students in need of financial aid. A new aid formula is expected to make more students eligible for the maximum Pell Grant, providing much-needed support for those from low-income families. Despite this positive development, the slower pace of FAFSA applications may result in fewer Pell Grant recipients compared to last year.

The decline in FAFSA completion rates has raised concerns about the impact on lower-income students’ ability to access college opportunities. With fewer students applying for financial aid, there is a risk that those who need it most will miss out on vital resources to support their education.

It is crucial for students to overcome their doubts and complete the FAFSA in order to secure the financial aid they need to pursue their higher education aspirations. School counselors and educators are working diligently to support students through the application process and ensure that no student is left behind due to financial barriers.