Gaps in financial aid fuel unequal college outcomes
For several years now, tuition and related costs have been increasing at an overwhelming rate. At the same time, financial assistance has been on the decline. UAspire released their report No Way to Pay - Financial Aid Is Not Enough for Massachusetts Students. The report offers policy recommendations for critically needed resources and systems-level solutions to build a more equitable higher education system and create viable pathways to economic opportunity.
Key takeaways from the Executive Summary:
"This study found that even for students with the greatest financial need, grants only covered a small portion of the cost and therefore they would need to pay thousands of dollars to enroll. Most financial aid offers for students with EFCs of zero left them with bills of more than $10,000 to cover direct costs for their first year and expected them to finance their education with debt. Specifically, we found that:
After grants, 53% of financial aid offers from four-year public institutions, and 79% of offers from less selective private institutions, included an estimated bill before loans of $10,000 or more.
Eighty-three percent of offers from public institutions, and 95% of offers from less selective institutions, included at least $5,500 in federal student loans”
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