Completion charges for the Free Utility for Federal Scholar Help have elevated barely after a four-year decline, reaching 70 p.c in tutorial yr 2021–22, a 2 p.c enhance from the yr prior. Nonetheless, a report discovered that misconceptions and confusion in regards to the FAFSA prevented many households from making use of.
The report by Sallie Mae, a mortgage servicer, and Ipsos, a world market analysis firm, discovered that solely 53 p.c of households know that each one college students are eligible to ship within the FAFSA, and 75 p.c of households didn’t know that the FAFSA was out there in October.
Wealthier households have been extra more likely to cite misconceptions in regards to the FAFSA for his or her motive for not making use of. The research discovered that 36 p.c of households didn’t apply as a result of they believed their revenue was too excessive. Of this group, 75 p.c had annual incomes over $150,000.
Decrease-income households, these making beneath $50,000 yearly, have been extra more likely to cite confusion as their motive for not making use of. This included 28 p.c of households who didn’t know in regards to the FAFSA, 25 p.c who stated they’d points with the applying and 23 p.c who missed the deadline.