Over $3B In Financial Aid Unclaimed in 2021, Researchers Find

"Cash-strapped college students are not known for turning down free money, but new research suggests they are doing just that. The study from the National College Attainment Network found that the 2021 freshman class left an estimated $3.75 billion in Pell Grant money unclaimed by not completing the Free Application for Federal Student Aid," The Lantern reports. 

..."Karen McCarthy, vice president of policy and federal relations at the National Association of Student Financial Aid Administrators, said incoming freshmen often do not apply for financial aid because they incorrectly assume they will not qualify.

'One common misconception is that the FAFSA is only used for federal student aid, but state governments and some colleges and universities use information from the FAFSA to determine what state and institutional aid students qualify for,' McCarthy said."

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Publication Date: 2/17/2022

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