Establishments are reporting a rise within the variety of monetary assist enchantment requests they’ve obtained since final March, pointing to the monetary affect that the COVID-19 pandemic is continuous to have on college students’ potential to pay for school, based on a new survey from the Nationwide Affiliation of Scholar Monetary Assist Directors.
Of the 224 group schools, private and non-private nonprofit establishments, and for-profit schools surveyed, 56 % stated that they had obtained a rise in skilled judgment requests from the earlier 12 months. One in 5 schools reported their variety of requests had elevated by 50 % or extra.
Skilled judgment requests enable monetary assist directors to overview college students’ monetary wants for federal assist on a case-by-case foundation and determine whether or not to override a pupil’s dependency standing, alter knowledge parts for calculating the coed’s anticipated household contribution or revise the coed’s price of attendance.
The most recent survey, performed final month, had virtually similar responses to a survey on the identical subject performed in September 2020, said NASFAA, exhibiting that the financial results of the pandemic are nonetheless ongoing.
“The worst of the pandemic could also be behind us, however college students and households will proceed to really feel the monetary affect for months and presumably years to return,” Justin Draeger, president of NASFAA, stated in a press release.
Almost two-thirds of the respondents stated they count on the development to proceed and anticipate skilled judgment requests will improve for the upcoming award 12 months.