Photo Courtesy: Forbes
If you ask the average college student, pursuing a degree is not only a journey of academic growth but also a test of financial resilience. Financial aid serves as a lifeline for countless individuals, enabling them to pursue their dreams of education.
What was intended to aid students in their academic progression by providing financial support has transformed into a source of hardship due to delays and inconsistency in timely disbursement.
The Free Application for Federal Student Aid (FAFSA) is a central element in the financial aid process. It serves as the gateway for students to access federal grants, loans, and work-study programs. The information provided on the FAFSA form helps determine the Expected Family Contribution (EFC), which is a crucial factor in calculating eligibility for several types of financial aid. FAFSA considers factors such as family income, assets, and the number of family members attending college to assess a student’s financial need.
Financial aid refers to any monetary assistance provided to students to help them cover the costs of education. This support can come from federal or state governments, institutions, private organizations, or a combination of these sources. The primary goal of financial aid is to ensure that students, regardless of their economic background, receive an education.
However, some students are left dismayed over the issues that arise over the prolonged duration it takes to receive their financial aid.
Mark Herbert, a pre-pharmacy student at Florida A&M University shared his concerns with receiving his financial aid.
“The lack of communication is what makes all of this more difficult,” Herbert said. “Most of the time no one is answering the questions we ask, or by the time they do it is at the end of the semester.”
Herbert also shared his concerns about filling about the FASFA application.
“You think that you are getting ahead of the game by doing your FASFA early for the semester, but then you hit a wall like this, and get behind. I do not think that is fair.”
Vanessa Jackson, a student at FAMU, shared that administrative support plays a crucial role in functioning financial aid systems in facilitating access on campus.
“I really think financial aid administrator’s communication, or lack thereof, is what makes the process so dreadful,” Jackson said.
Marny Marsh, MBA, the Executive Assistant to the Vice President for Student Affairs at FAMU, believes that students should also hold themselves more accountable and responsible for receiving their aid on time.
“I strongly suggest that students take more accountability and responsibility in checking their student emails amongst other duties; it would make the process go much smoother,” Marsh said.
It is worth noting that the timing of FAFSA plays a role in these challenges. The delayed release of FAFSA in early January can contribute to a compressed timeline for processing applications, potentially leading to delays in aid disbursement.
As such, both educational institutions and students should be aware of this aspect and proactively navigate the financial aid process to ensure a smoother experience for everyone involved.
To ensure you stay informed about your financial aid disbursements, please regularly monitor your financial portal. For guidance on financial literacy, you can reach out to Mrs. Adrienne D. Kendrick, M.Ed., Financial Literacy Debt Advisor/Counselor at the Office of Financial Literacy within the Division of Student Affairs.