Student Lending Analytics posted the following analysis of data released yesterday by the Department of Education that summarizes the number of FAFSAs filed in the first quarter of 2009.

More than a million more aid applications were filed during the first quarter of 2009 compared to the first quarter of 2008 - a 20.8 percent increase. Student Lending Analytics notes that:

• The sharp increase in the number of original FAFSAs by independent students, 31.0% vs. 14.0% for dependent students, may reflect more adults returning to school to hone or enhance their job skills. 
  
  • Note also that the ratio of FAFSA filings made by dependent to independent students stands at 57%/43% in 1Q09 vs. 59%/41% in 1Q08.
• Several other trends could also explain recent FAFSA trends:
  • More students may be heeding the advice of financial aid professionals to apply early for financial aid
  • 2008 and 2009 high school graduating classes are among the largest on record (the "Echo Boomers") so more students are applying to post-secondary education
  • Given the economy's ills, more families than normal are applying for financial aid

The Numbers

	1Q 2008		1Q 2009	Change
Dependent Students
Original	1,584,420		1,806,812	14.0%
Renewal	1,611,887		1,912,395	18.6%
Other	4,999		3,879	-22.4%
TOTAL Dep. Students	3,201,306		3,723,086	16.3%
Independent Students
Original	821,741		1,076,171	31.0%
Renewal	1,402,405		1,770,006	26.2%
Other	24,322		16,744	-31.2%
TOTAL Indep. Students	2,248,468		2,862,921	27.3%
All Students
Original	2,406,161		2,882,983	19.8%
Renewal	3,014,292		3,682,401	22.2%
Other	29,321		20,623	-29.7%
TOTAL All Students	5,449,774		6,586,007	20.8%

Note: 1Q08 data reflects period from 1/1/08 to 3/30/08 while 1Q09 data reflects data from 1/1/09 to 3/29/09. 
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