Families lack knowledge of education costs, financial aid process
A recent study by the College Board has found that most U.S. families lack sufficient knowledge about the costs of a college education and financial aid options available to them.
“Today’s confusing financial aid process is a roadblock to college access and completion for far too many students,” said College Board President Gaston Caperton. “Improving performance in higher education is critical to our country’s future. We can’t do that work without a simpler federal student aid system that is more effective for students.”
The Cracking the Student Aid Code report included data from a survey of more than 2,250 students and parents from across the country. The study's authors found that just 46 percent of parents knew how much a public college education would cost in their state. The misinformation was also seen along racial lines with just 44 percent of Latino parents knowing what the Pell Grant program is, compared to 82 percent of African Americans and 81 percent of whites.
"There is a lot of misinformation and lack of information from students and parents when they think about college in their future," Kathy Little, Senior Advisor for Student Aid Policy, told Education Week. "We need to start much earlier in getting out information to students and parents about the cost of college, federal and state aid, and academic preparation."
The College Board teamed up with MTV to get students in on the push to improve access to and understanding of the financial aid process by way of a contest that called for the submission of interactive, digital tools that would streamline the college funding process for university bound learners.
“A college degree is increasingly imperative, yet far too many young people are struggling to navigate the financial aid maze,” said Jason Rzepka, Vice President of Public Affairs, MTV. “We were blown away by our audience’s creative ideas to address this challenge, and are proud to unveil the three finalists—one of which will go on to help young people nationwide connect with money they need to attain a college diploma.”
The three finalists of the Get Schooled College Affordability Challenge, and their corresponding projects, are: Devin Valencia, a recent University of Las Vegas Nevada grad who submitted an interactive Facebook® application that walks users through financial aid paperwork and procedures; Dekunle Somade from the University of Maryland College Park, who presented an online tool that organizes a student's financial aid and admissions information and streamlines communication between the prospect and the schools they are applying to; and New York University graduate student Larissa Simpson who created an interactive game that educates users on the financial aid process. Each finalist will work with an innovation company to shore up their entries and a final winner will be announced this spring.
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