2024-07-20
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Study Abroad
Mythbusting Financial Aid: Simplifying the Application Process
Top Mistakes to Avoid When Applying for Financial Aid
Mythbusting Financial Aid: Simplifying the Application Process
High school students are increasingly skeptical about attending college, fearing the high cost of student loans. However, federal data from the College Scorecard shows that students generally don't pay the full cost of attendance at public universities. The average full-price cost of attendance is about $17,300 per year, but factoring in grants and scholarships, it falls to a net average cost of $10,200.
To avoid being turned off by the sticker price, students should use an institution's net price calculator to see what they might be paying after financial aid. Family income affects tuition prices, with some colleges reporting that students get money back on average thanks to receiving financial aid, while others show little difference between pre-and post-financial aid price tags.
The net cost of higher education has gone up for students at all income levels, and lower-income families are typically looking at tougher choices when it comes to covering college expenses. First-generation or low-income students may also be less aware of financial aid available to them, while other students may have people in their lives who can give advice and encourage them to explore all the aid options available.
Organizations like the National Association of Student Financial Aid Administrators are trying to dispel myths about financial aid, such as its difficulty to apply for or that students shouldn't apply if they assume they're ineligible. The U.S. Department of Education did not deliver on its promise of making applying for federal aid faster and easier if students could use it.
To avoid being turned off by the sticker price, students should use an institution's net price calculator to see what they might be paying after financial aid. Family income affects tuition prices, with some colleges reporting that students get money back on average thanks to receiving financial aid, while others show little difference between pre-and post-financial aid price tags.
The net cost of higher education has gone up for students at all income levels, and lower-income families are typically looking at tougher choices when it comes to covering college expenses. First-generation or low-income students may also be less aware of financial aid available to them, while other students may have people in their lives who can give advice and encourage them to explore all the aid options available.
Organizations like the National Association of Student Financial Aid Administrators are trying to dispel myths about financial aid, such as its difficulty to apply for or that students shouldn't apply if they assume they're ineligible. The U.S. Department of Education did not deliver on its promise of making applying for federal aid faster and easier if students could use it.
