Magazine article University Business

Missed Opportunities: Report Says Financial Aid Money Not Used

Magazine article University Business

Missed Opportunities: Report Says Financial Aid Money Not Used

Article excerpt

We keep hearing that financial aid is plentiful and is available for those who want it. But a new study suggests that much of the money is going unused. According to the American Council on Education, half of all undergrads in 1999-2000 (the most recent data) who attended an IHE that participated in federal student aid programs failed to apply for financial aid. That's about 8 million students who missed out on getting available funds.

The report, titled "Missed Opportunities: Students Who Do Not Apply for Financial Aid," examined the rate at which under grads failed to complete a Free Application for Federal Student Aid (FAFSA). Interestingly, the problem appears to be greatest in community colleges, which are currently being inundated with new students across the country. According to the report: "Two-thirds (67 percent) of the students attending community colleges did not complete a FAFSA in 1999-2000, while 42 percent of those attending four-year public institutions, and 33 percent of those at private not-for profit corteges and universities failed to fill out a FAFSA. By comparison, only 13 percent of students at private for-profit institutions failed to apply for financial aid. …

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