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May 26, 2020 12:47 pm

College-Bound Students To Miss Out on Billions in Financial Aid Due To Pandemic

This year, students may need extra help to make college a reality. From a report: Amid the coronavirus crisis and sky-high unemployment rates, less than half of families feel confident in their ability to meet the costs of higher education, according to education lender Sallie Mae. About 69% of parents and 55% of students entering college in the fall said Covid-19 has impacted their ability to pay for school, according to a separate poll of 6,500-plus high school seniors and their families by NitroCollege.com, a site that helps students and parents navigate college admissions and financial aid. Already, nearly 40% of parents have tapped their child's college fund to help cover expenses due to economic fallout from the pandemic, according to another report by LendingTree. Yet fewer families have applied for financial aid. Only a few more weeks remain until the June 30 deadline for submitting the Free Application for Federal Student Aid for the upcoming fall semester. The FAFSA form serves as the gateway to all federal money, including loans, work-study and grants, which are the most desirable kind of assistance. With just about a month to go, the number of applications is down 2.8% from last year, with roughly 55,000 fewer high school seniors applying, according to the National College Attainment Network.

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