Do Shocking College Tuition Prices Reflect What Students Actually Pay?
"It’s no secret that high school students are looking at the prospect of college more skeptically, and a large part of their hesitation comes from worry about taking on thousands of dollars in student loans," EdSurge reports.
... "Before dismissing a college or university based on sticker price, students should use an institution’s net price calculator to see what they might be paying after financial aid, says Jill Desjean, director of policy analysis at the National Association of Student Financial Aid Administrators."
"'Like with all things in postsecondary education, there's no one size fits all. Some schools would have lots of students that don't pay full price, and some schools would have most that do,' she explains. But the full cost of attendance is 'not what most students pay. So don't be turned off by the sticker price. Odds are good that what you'll pay will be discounted to some degree.'"
... "Given all of the variables that go into calculating how much need-based financial aid a student will get — not just how much parents earn, but factors like family size and the cost of the university — Desjean says price can be a barrier to students of any income level. However, lower-income families are typically looking at tougher choices when it comes to covering college expenses."
"'I think low-income students are maybe disproportionately impacted, even with financial aid, just with having less discretionary income,' Desjean says. 'A higher-income family might say, ‘We can't take a vacation this year.’ Whereas a low-income family may never take a vacation, so the things they’d be looking at giving up would be cutting their already tight grocery budget.'"
"First-generation or low-income students may also be less aware of financial aid that’s available to them, she says, while other students may have people in their lives who can give advice on and encourage them to explore all the aid options available."
"Even families with similar incomes can have widely different expenses making demands on their budgets, Desjean adds, or have different mindsets about whether they can cut back to pay for college."
... "The U.S. Department of Education did itself no favors when its chaotic rollout of the new FAFSA system during the 2023-2024 school year hit technical snags that caused some students to miss out on money."
"That’s a shame, Desjean says, because the new system did deliver on its promise to make applying for federal aid faster and easier — if students could use it."
"'This year should have been the year we could really celebrate those changes and say, ‘Look, everyone, it's easy to apply for financial aid. Go ahead and do it,’ she says. 'Unfortunately it kept with the old narrative, or it may have even amplified the old narrative. So I think the work we all need to be doing in the college access space is trying to remind students, ‘This year was not great, but there have been improvements to the FAFSA. Next year is going to be even better. Don't be intimidated.'"
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 7/16/2024
