13 Dec 4 Financial Aid Challenge Areas for Lower-Income Students
Students of Promise face multiple challenges throughout the lifecycle of their financial loans. From applying for loans to repaying them, financial aid plays a critical role in underserved students’ lives for years.
The difficulties begin when applying for loans using the Free Application for Federal Student Aid (FAFSA) form. FAFSA presents a wide-ranging series of hurdles for would-be students and their families, particularly those from lower-income backgrounds, who often face additional verification challenges.
But these difficulties continue throughout the academic lifecycle. They include not only understanding the financial opportunities upon acceptance and the challenges of successful graduation within the constraints of work/family/life balance, but also appreciating the many factors that go into repaying these loans.
BridgeEdU created an infographic to highlight the many challenges facing students engaged in the financial aid lifecycle at their institution. You can access the infographic below. It covers these four primary areas:
Challenge Area 1) Receiving the Aid
Lower-income students often trigger a verification process, forcing them and their families to prove to the college and the federal government that they are indeed needy of funding.
Challenge 2) Understanding the Aid
After successfully applying for financial aid, students receive award letters that can confuse them about grants, scholarships, and loans.
Challenge Area 3) Appreciating the Investment and its Impact on the Future
Without non-academic support structures, students struggle with many priorities and challenges, often dropping out before they successfully earn their degrees and achieve return on investment.
Challenge Area 4) Paying Back the Loan
Long-term college debt can have serious implications for students, particularly if they drop out or take on more loans than recommended for the institution or degree.
You can see the whole infographic here.
BridgeEdU works to serve students of promise. Our Financial Aid Coaching Tool (FACT) helps institutions and students understand their financial investment and how it relates to their academic momentum. BridgeEdU supports students by removing common barriers to success.