Dive Temporary:
- Roughly 1.1 million highschool seniors submitted a Free Software for Federal Scholar Assist via late February, down 38% in comparison with the identical time final 12 months, in keeping with a current evaluation from the Nationwide Faculty Attainment Community.
- About 26.4% of the category of 2024 submitted the FAFSA via Feb. 23. However an even decrease share of scholars attending low-income public excessive faculties, 22.5%, despatched within the kind by that date. About 47.1% fewer seniors at these excessive faculties submitted the shape by late February in comparison with the final cycle.
- The dropping submissions charges come after the U.S. Division of Schooling made the FAFSA out there about three months later than common with a purpose to streamline the shape.
Dive Perception:
The most recent evaluation marks a slight enchancment in comparison with earlier figures within the monetary support cycle. A earlier evaluation from NCAN discovered roughly 676,000 highschool seniors had despatched in FAFSA by Jan. 26, a 56.6% decline from the identical time final 12 months.
The rollout of the brand new FAFSA — which reduces the variety of questions college students and their households should reply — has been marred by technical glitches and delays.
In January, the Schooling Division mentioned it wouldn’t ship FAFSA applicant knowledge to schools till the primary half of March, sharply compressing the time schools should put collectively monetary support packages. Often, the shape opens in October and schools obtain knowledge shortly thereafter.
Earlier this week, the Schooling Division mentioned it was nonetheless on observe to start transmitting the information within the first half of March. The division mentioned it reached out to roughly 450 schools to assist them put together support affords, and that 150 establishments have requested technical help.
The FAFSA hangups this cycle might hurt the underside strains of schools that enroll excessive shares of low-income and minority college students, in keeping with a brand new report from Fitch Rankings. That’s as a result of the delayed FAFSA transmission is forcing establishments to postpone their affords till a minimum of late March or April.
“This places schools liable to shedding admitted college students to opponents with decrease sticker costs or to schools that may afford to commit monetary support or benefit funds to college students earlier than understanding FAFSA outcomes,” analysts wrote.
Some schools are seeing decrease deposit charges because of college students holding off on sending in these funds till they will evaluate support affords. Others might forgo school altogether as a result of delays.
“For schools which might be nearly solely depending on student-generated revenues, this enrollment uncertainty is wreaking havoc on their already tight finances planning for the upcoming fiscal 12 months,” analysts wrote.
Final month, analysts at S&P World Rankings predicted comparable challenges for schools with excessive numbers of low-income college students.
