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High school seniors in the class of 2024 and their parents have been delayed by the financial aid application process according to articles summarized in The Week.
Justin Draeger and Ted Mitchell of the New York Times explained that the application process is a nightmare this year because of changes made by the US Department of Education in the Free Application for Federal Student Aid (FAFSA).
The old application for Federal Student Aid included 100 questions, but the US Department of Education decided to reduce the number to 36 questions. This change should make application easier next year; however, last fall the new federal student aid application was not available until December 30.
When the original free application was available in October, seniors had time to decide what colleges they could afford and where to send their applications before Christmas.
This glitch means that students who needed financial aid could not get an idea of the amount of federal aid they were qualified to receive until two to three months later in the fall. The Wall Street Journal reported that college applications have been cut in half in January from 1.5 million to 700,000.
Colleges are trying to be flexible by pushing back the required dates for students to commit and make a deposit on next year's tuition. However, many admissions officers realize that students who are uncertain about their plans to go to college may decide not to apply in the spring.
This may be a time when students who are disadvantaged could be accepted to college more easily.
According to The Week, The New York Times calls this situation "a financial free-for-all." Some colleges are seeking to analyze the students' financial situation without the help of the federal application.
Admissions and financial aid officers are doing what they can to move things along, and they may need to welcome nontraditional students.
I can see many financial reasons for changes in the future for higher education. The demographic changes in the number of college age students and the pandemic impact on student performance in schools are two factors that will change the demand for traditional college programs.
Inflation and other economic issues will change the ways young people will need to earn a living. Finally, nobody really knows how paying university ball players may impact the cost of higher education.
For many students and their parents this FAFSA debacle could become an opportunity to apply late and be accepted to their college of choice at a more reasonable price.
This may be one spring when the early bird is not the only one who gets the worm.