Many High School Graduates Leave Money on the Table, so Fill Out Your FAFSA
Students need all the financial help they can get, but many of them leave money on the table. A recent study by NerdWallet found that many high school graduates miss out on Pell grants because they never fill out Free Federal Student Aid (FAFSA) forms.
With input from the Department of Education, the Western Interstate Higher Education Commission, and other sources, NerdWallet specifically looked into Pell’s grants. They concluded:
The average amount of money left on the desk for one eligible high school graduate who did not apply was $ 1,861. The two places with the most unclaimed funds are Mississippi ($ 2,639 per graduate) and Washington, DC ($ 2,513). High school graduates also left an average of $ 2,000 or more on their desk in Pell Grant money per graduate in Alabama, Arizona, Arkansas, California, Florida, Idaho, Kentucky, New Mexico, New York, North Carolina, Tennessee and Texas.
To determine their numbers, they compared the number of high school graduates who completed the FAFSA with the total number of alumni and then estimated the number of alumni who might be eligible for the grant if they applied. You can read more about their methodology here . The numbers are a little skewed because they include all high school graduates, and of course, not all high school graduates go to college, and those who do are likely to be more likely to complete the FAFSA. However, NerdWallet explains:
Our analysis shows that in 2014, 1,445,732 high school graduates did not complete the FAFSA . Of these, we believe that 747,579 would be eligible for the Pell program: a FAFSA submission could have earned them federal Pell Grant money. This figure includes all high school graduates, although some choose not to attend college right away or at all. Our calculations included graduates who do not go to college to show the pool of students who would be eligible for federal assistance if they applied.
This shows how many students are eligible to participate and may not be aware of it. Bottom line: It’s worth completing your FAFSA. You can see the total unclaimed money by state at the link below.
How Students Wasted Out $ 2.7 Billion in Free FAFSA College Aid | NerdWallet