The Biden administration plans to forgive student debt for some borrowers, while new college students may have to borrow more than $37,000 on average. The FAFSA, which grants access to federal aid, is facing issues, leaving families concerned about paying college expenses. As the cost of college continues to rise, students rely heavily on loans and financial aid, and scholarships remain underutilized.
The new FAFSA is causing problems, resulting in a significant decline in college financial aid applications. As a result, 2.6 million fewer FAFSAs have been submitted this year, causing delays and preventing many students from applying for aid. This situation has led to concerns about reduced college enrollment and the availability of grants for students.
Due to technical issues, financial aid awards for college students are delayed, causing uncertainty about next year's decisions. Students may consider applying for private scholarships to reduce college expenses. This delay provides an opportunity to carefully consider college options beyond financial aid. Exploring major choices and potential earnings can help make informed decisions. Utilizing resources like the college scorecard and net price calculators can aid in assessing affordability. By researching and applying for scholarships, students can potentially cover a significant portion of college costs.
Soaring college tuition costs are leading to a surprising shift: parents are increasingly employed by universities to gain access to discounted or free tuition for their children. In some cases, parents can qualify after a few years of employment.
This trend is important because it highlights the rising cost of higher education and the creative ways parents are seeking to finance their children's education.
