"In November 2020, colleges and their millions of students were smarting from the economic sting of the coronavirus pandemic. Colleges trimmed costs after campus shutdowns prompted many to refund auxiliary fees for services like residence halls and dining, which underpin their budgets. They paid for costly COVID-19 testing and protective measures and funneled more financial aid to students," Higher Ed Dive reports. 

... "It can also help attract applicants and ease barriers for families who find it difficult to traverse an onerous financial aid process, said Jill Desjean, senior policy analyst with the National Association of Student Financial Aid Administrators. Often, many types of funding comprise financial aid packages — state and federal loans, scholarships, merit aid and need-based aid, Desjean said."

“'For some students, it’s their first experience with debt,' she said. 'Terms that you get used to as an adult — interest, repayment schedules, things like that — might be hard to understand, so not having loans greatly simplifies things.'"

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: 11/22/2022