Financial Aid Season

Believe it or not, we are done editing and submitting college applications in the Bottom Line Worcester office! Though I feel that this year's "packaging season," as we call it, went by pretty quickly, I'm also content to know that my brain can move on and do something besides scour essays and applications for mistakes. 

January is the beginning of financial aid season. We've been talking with our students all year about what makes schools more or less affordable, and now we will begin the process of applying for the public and private funding they will need to make it to the next step of their lives. 

There are a lot of myths and misinformation floating around about financial aid. This year, a student said that she did not plan to apply for financial aid since her cousin told her that she would "still have to pay anyways." When I explained that just filling out the FAFSA could be the difference between paying $2,000 per year or over $20,000 (and possibly over $50,000), she was dumbfounded. We've heard less extreme, but equally unnerving misinformation coming from our students' parents, and even guidance counselors. 

Now that I have seen two classes of students through this process, I firmly believe that coming up with a college list that has many realistically affordable options is the best service we can provide for our students. However, every year we have students who refuse to take our advice and attempt to attend a school that we know is not going to be affordable for them in the long run.

This spring, a classmate and I used Bottom Line data to find out how many of our students drop out of college due to financial hardship, and determine whether financial aid had any significant impact on our students' college graduation rates. You may be able to guess the answer (hint: just read the link below), but here is the report that Bottom Line put together on the issue, which was picked up by Wheelock College's Aspire Institute:

http://info.wheelock.edu/aspirewire/bid/166650/Financial-barriers-a-severe-hindrance-to-higher-education-access

Do you think it's important for students to have access to accurate financial aid information and resources? Please consider making a donation to my marathon fundraiser to help Bottom Line serve more students in Massachusetts! http://www.crowdrise.com/teambottomline/fundraiser/michelleeaston/