According to a recent analysis by Mark Kantrowitz, Senior Vice President at Edvisors Network and author of "Filing the FAFSA," roughly 2 million students who could have qualified for need-based Federal Pell Grants in the 2011-12 academic year never filed.
While it may seem preposterous that all applicants would need financial aid, when you don't take into account their financial need, colleges run that risk. And college admissions officers don't like to take risks.
The financial aid conundrum is certainly a societal problem. While it will require more creative solutions on the part of schools, government and the private sector, some of the responsibility must be borne by the parents and students.
If you're born poor and don't go to college you're likely to remain poor, but if you finish college you're as likely to become rich as to remain poor. At its core, inequality is about education. If there's hope, it must lie with the schools.
It may seem like some of the schools are offering to cover all of your costs, but the devil may be in the details. As you and your child make the decision about where to send that deposit check by the May 1 deadline, here are some tips for determining what your choice will cost you.
Over the next month or so, letters of acceptance will be in the mailboxes and inboxes of millions of anxious college-bound seniors and returning adults across the country, which means decision making is in full swing from now until May 1st.
It's that time of year again when families that have a child starting college this coming fall need to complete their Free Application for Federal Student Aid. Don't make the mistake of assuming you earn too much or won't be eligible for anything.
While you are making your holiday list and checking it twice, don't forget to add a reminder to apply for financial aid. What better gift than knowing you'll have enough money to send your child to college?
If the alternatives are spending a little time to receive the financial aid to which you are entitled or putting yourself into debt to avoid paperwork, it seems that applying for financial aid makes much more sense.
The president's call for change is a welcome start, but some of the more ambitious aspects of the plan will ultimately require congressional approval -- not an easy hurdle these days -- during the coming reauthorization of the Higher Education Act.