The number of people receiving financial aid has increased by 4.6% year-over-year thanks to more widespread and earlier protections against Covid-19. Financial aid professionals studied this trend by taking information from previous years and comparing it to the covid benefits from this year. Roughly 92,000 additional applicants completed their applications in 2022, 52.1% compared to 49.8% in 2021.
The increase of applicants is based on gains from low-income public schools where more than half of the students are eligible for free or reduced lunch. High-minority schools also contributed to the increase; more than 40% of students are Black or Hispanic. Both groups experienced declines in FASFA applications in the last few years.
What do Higher Financial Aid Completion Rates Mean for Schools?
The study conducted by National College Attainment Network gives schools valuable information that more students want to apply because of the benefits. The study defined financial aid completion rates as the percentage of students who complete all steps in the process of financial assistance, including submitting a FAFSA form, being accepted for financial aid, and receiving disbursement of funds.
The findings of this study have important implications for schools and universities. First, they suggest that personal support from financial aid counselors can make a significant difference in whether or not students complete the financial assistance process based on the benefits and awards information.
Second, they highlight the importance of financial aid completion rates in predicting graduation rates; This is likely because students who receive financial aid are more likely to be able to afford tuition and other costs associated with attending college thanks to the increased funds. Finally, with the cost of college rising and more students taking on student debt, schools need to ensure that their students are getting the best benefits possible.
Student Hires Programs
Student Hires is a community organization that creates after school and expanding learning programs led by college students for disadvantaged youth in our community. Our programs increase the career readiness of K-12 students by providing them with the opportunity to explore different careers, build workplace skills, and develop a network of professional mentors. We also offer students mentorship programs to ensure they get to their career path faster.
We currently offer programs in robotics, computer science, and engineering. We are always looking to help schools create creative programs for their students. To become a partner, check out our partner page for more information.
The national financial aid completion rate has increased in the past year, thanks partly to high school seniors who are better educated about the process. So are you filling out your FASFA this year? Let us know in the comments! We’re happy to help you through every step of the process and ensure you get the most money possible to pay for college.