Report Highlights Top Financial Literacy Barriers for Low-Income, First-Gen Students
By Allie Bidwell, NASFAA Senior Reporter
Low-income and first-generation college students face several obstacles when it comes to navigating how to access and pay for a higher education. A new report from the National Association for College Admission Counseling (NACAC) and PwC US found that several of those barriers stem from access to counseling, as well as financial aid knowledge among school counselors and college admission professionals.
Overall, NACAC and PwC found that low-income and first-generation college students lack information about college costs and financial aid opportunities, noting that 82 percent of high school juniors overestimated tuition and fees at public four-year colleges in state, and 44 percent were unaware of the FAFSA. The report also highlighted the lack of access to college counseling professionals, the second largest barrier in the report, for students who may need the most help.
NACAC and PwC also found that high school counselors and college admission professionals may not be adequately trained in college financing, with fewer than one-third of counselors working at high schools that offer financial aid training. NACAC and PwC’s research also found that nearly one-third of high school counselors (32 percent) and about two-thirds of college admission professionals (66 percent) do not feel well-versed in the FAFSA application process. Nearly half of high school counselors (49 percent) and nearly two-thirds of college admission professionals (62 percent) feel comfortable interpreting award letters. Additionally, the majority of counselors and admission professionals (72 percent and 62 percent, respectively) do not feel well-versed in explaining net price.
Publication Date: 9/26/2018
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