Janice R. Andrews
With the release of the updated FAFSA (Free Application for Federal Student Aid), professionals advise all students to think about submitting an application for more financial aid. The considerable modifications made to the FAFSA in an attempt to streamline the application process may have an effect on the financial aid packages provided to families and students.
The “Student Aid Index,” a new formula, attempts to approximate a family’s capacity to pay for higher education. Richer families may no longer be eligible for federal funds, even if it may give low- and moderate-income students more access to them. In addition, several families are worried about the new system’s removal of the “sibling discount”.
Financial aid specialist Bethany Hubert said, “Every student should anticipate doing an appeal this year,” underscoring the significance of students taking the initiative to seek out further aid.
Experts emphasized that while universities may not publicly promote this option, they are frequently responsive to requests for additional funding. Menaka Hampole, an assistant professor of finance at Yale School of Management, pointed out that appealing could be advantageous, especially for families impacted by the removal of the sibling discount, among other changes.
The president of Greenberg Educational Group, Eric Greenberg, emphasized the need of showing interest in a school when requesting financial assistance because it may affect the selection process.
Experts advise students to get in touch with their financial aid offices and investigate the appeals process in order to make sure they obtain the support they require to pursue higher education, given the rising prices of college and the recent modifications made to the FAFSA.
