CHARLOTTE, N.C. — Lots of kids across the country are hearing back from colleges and universities as schools release their decisions over who will be accepted into their upcoming freshman classes, but delays with financial aid has many families asking, "Where's the money?"
Problems with a new financial aid system have both colleges and families waiting for answers. Let's connect the dots.
Before families can make a decision on college, finances are often a huge factor. However, colleges are in limbo as they still wait to receive new information about applicants' finances.
The roof of the problem comes from the FAFSA website. FAFSA stands for the Free Application for Federal Student Aid, and the Department of Education has been trying to overhaul the form for years.
The changes use a new calculation called the "student aid index" to determine how much federal aid a family should get. It's meant to benefit low-income students. But the process hasn't been a smooth transition.
Some families say they aren't getting as much aid as they should and now experts say you may want to consider appealing your case to try and get more money. Hopefully, those families will be able to secure enough financial aid by college decision day on May 1.
Schools won't get the information they need to award financial aid until sometime in March, forcing them to adapt. Some have moved away from the popular May 1 deadline for students to accept their offers of admission.
“We are not going to make a decision without knowing what we’re committing to financially; it would be irresponsible to do that,” said Jenny Nicholas of Keene, New Hampshire. She wants to make sure that her son, a high school senior, goes to a college that is most affordable for their family.
More than 17 million students use the FAFSA every year to receive financial aid for their college education. As of mid-February, more than 4 million forms have been successfully submitted, the department said.
The Associated Press contributed to this report.
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