Over a decade ago, the Great Recession dealt a seismic blow to colleges and universities in the U.S. State funding for higher education was drastically cut, and it never fully recovered. Institutions increased reliance on tuition revenue, and converging research shows they also continued to devise strategies to leverage their financial aid offerings and attract wealthier students. Since then, the average cost of college has steadily increased, student loan debt has skyrocketed, and recent college graduates have been met with stagnant wages upon entering the job market. The fallout from the coronavirus pandemic could be much worse," Teen Vogue reports.
..."Megan Coval, vice president of policy and federal relations at the National Association of Student Financial Aid Administrators: Due to the impact the pandemic is having on the economy, we are expecting that many more students may qualify for greater amounts of financial aid. In the short term, that may mean more appeals to financial aid offices to have aid offers adjusted through the use of professional judgment. In the long term, it may mean more students become eligible to receive the federal Pell Grant. Although the Pell Grant program currently has a reserve fund – specifically intended to ensure the viability of the program through times of economic downturn – if Congress does not make further investments in the program, it may face a shortfall in the years to come."
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 5/22/2020