The Current Student Financial Aid Award Forms Make It Challenging for All, but the Cleverest of Students to Figure Out Their Financial Aid.
Thesis: The current student financial aid award forms make it challenging for all, but the cleverest of students to figure out their financial aid.
Often, the students ask themselves many questions such as what possibly will be my monthly payment? Or how much will I owe soon I graduate? These crucial questions re normally unanswered and hidden due to the fact that students are hardly provided with crystal clear information regarding the financial aid packages they receive or colleges offer them. In fact, many at times the colleges are not truthful about the amount of debt they ask the students to take on, which leave the students in dark and not having any primary knowledge as to how much they will be required to take on hook once they graduate.
The NERA Economic Consulting and the advocacy group Young Invincibles firm recently conducted a comprehensive survey which went by the title Lost Without a Map: A Survey About Students’ Experiences Navigating the Financial Aid Process. This survey involved about 13 000 students and recent graduates who had a mean debt of at least $75 000. The report showed clearly that at least a quarter of the respondent students with loan from the federal government, and about half of the students with private loans had no clue or felt they had not been provided with accurate information from their schools about the loan packages they received. Indeed, recently the Department of Education and the Consumer Financial Protection Bureau (CFPB) produced a sheet that intended to be adopted by colleges as model of financial aid award letter. This form indicated clearly how much money the students and their families will be required to repay when all the scholarship and grant aid has been considered.
There is an effort by a section of the Congress to introduce a bill that seeks to ensure colleges use a standardized award form developed by the Education Department. However, the National