OHIO — Another challenge within the FAFSA filing process has surfaced, leaving in question if families are losing out on some much-needed dollars for college.
What You Need To Know
- Experts say inflation was not included in the algorithm which calculates financial aid
- Families would not know if they should get more money
- If the adjustment is made this year, families would have to wait longer to know about aid offers
- University officials believe the adjustment would not boost aid significantly for students in low or middle-income families
This comes after families already faced a delayed launch for the updated application, long wait times while trying to complete it and getting kicked out of forms, leaving them unable to finish the process.
Jefferson Blackburn-Smith, VP of Enrollment Management at Otterbein University, said now they’ve learned the algorithm — which calculates aid — does not consider inflation, something that is required as a part of the methodology.
“Initially, the feedback that we got was, well, they would fix it for next year, but there’s been a lot of public outcry,” Blackburn-Smith said. “So we are waiting to find out whether or not that particular multiplier will be added to the formula.”
To make the change now would mean that families would have to wait even longer to know just how much aid they’d get and what school would be most feasible to attend. That’s aside from the fact that many families who didn’t get aid before would be getting aid now as a result of the updated process.
Even so, because there are some unknowns, Blackburn-Smith believes if the change is made now, low-income families who receive more aid would only see a few extra dollars while middle-income families who didn’t qualify before may see some Pell Grant dollars.
Any additional aid would probably come in the form of private loan dollars, which may not be seen as real aid since it has to be paid back.
In the meantime, Blackburn-Smith indicated families need to understand that colleges don’t calculate need with a pen and paper anymore.
“We have pretty expensive computer systems that do that work for us,” he said. “We have to have the right algorithms and plug them into the system.”
He said until the federal government fixes their end, which allows for companies that create the algorithms to make changes, colleges cannot do their part. His advice is to be patient and not give up.
He also offered these FAFSA tips for choosing a school:
Think about your emotional relationship with money
Separate your emotions from what you can actually afford to spend
Remember, where your child goes to school does not reflect on you as a parent
When you receive information from a school and something doesn’t make sense, pick up the phone and call to get understanding
If a school hasn’t replied about aid offers, request an extension on the May 1st deadline until you get the answers