1.5 Million Students Missing Out on Financial Aid

The American Council on Education reports that as many as 1.5 million students who might have qualified for Pell Grants in 2003-2004 were not even considered for that assistance because they failed to complete a Free Application for Federal Student Aid (FAFSA).

Failure to complete a FAFSA effectively locks these students out of many educational aid programs, since most colleges and government agencies use the FAFSA as the first step in determining a student's eligibility for aid.

In an earlier study, the ACE concluded that approximately one-half of the 1.7 million undergraduates who did not file FAFSAs in 1999-2000 would have received Pell Grants if they had completed the form.

The ACE is particularly concerned that students from low-income families and disadvantaged backgrounds – the people who can benefit most from programs like the Pell Grants – are more likely than others to overlook completing a FAFSA. It is calling for a greater effort to reach out to low- and middle-income students with information about financial aid and the FAFSA process.

Views

Don't let yourself become one of the many undergrads who are missing out on Pell Grants and other aid! Fill out your FAFSA early in the year. It is, arguably, a somewhat tedious process – but, especially with college costs and interest rates going up, any grant assistance you gain through the FAFSA process should be well worth your time and effort.