Many of today’s students are frustrated and even dissuaded by the hoops they have to jump through to secure financial aid, but accessible and transparent information can change that.
“There are so many financing potholes in the financial aid process. It’s a wonder anybody gets through it unscathed,” said Dr. Carlo Salerno, author of a new report, “Leveling Up for Student Financial Success: Student Sentiment Regarding Financial Decisions in Higher Education.” An education economist, Salerno is vice president of research at CampusLogic, a software company that provides solutions to colleges and universities to help manage the financial aid process and make it less burdensome.
The report says that from the day a student fills in their Free Application for Federal Student Aid (FAFSA) forms to the day they complete paying off a student loan, they encounter stresses.
“[We wanted to examine] where in the process stresses people out,” said Salerno.
CampusLogic partnered with Gallup to examine why today’s students find the financial aid process so frustrating and how changes can be made to create a smoother experience.
The data for the report came from two surveys. A custom survey posed questions to U.S. adults with some college exposure but no degree (1,146 people, referred to as non-completers), and 19,925 alumni answered questions from the Gallup Alumni Survey. The goal of the report was to use data to examine the barriers to accessing financial aid and then to present solutions to optimize student financial success.
Among non-completers, 72.3% reported that the stress of the process of funding their education hurt their academic performance. The report noted that clarifying costs to students through effective communication and the presentation of a broad range of funding opportunities will help students be more successful.
