College-bound: “Show me the money!” By Erica Cardenas
It’s no surprise that post-secondary education
has become increasingly important over time and that businesses are requiring a more highly-skilled workforce to meet the demands of today’s competitive global economy. But, while this is the case, there still continue to be growing concerns about the affordability, and accessibility, of higher education. According to a recent report released by the U.S. Department of Education, students and their families are bearing a greater share of college costs than a generation ago. In fact, the report notes that, at public four-year colleges and universities, tuition and fees has doubled since 1987, while the proportion funded by state and local governments has fallen by about one-third. Meanwhile, in-state tuition at public four-year colleges and universities has grown by two-thirds since 2000, after adjusting for inflation. In an effort to help offset these trends, several new policies have been implemented to provide relief for students and their families, including the introduction of the American Opportunity Tax Credit, keeping Stafford loan interest rates low, expanding “income-based repayment,” and increasing Pell grants.
Top reasons to complete the FAFSA With more than $150 billion available in federal student aid, every college-bound student is absolutely encouraged to complete the Free Application for Federal Student Aid (FAFSA). Here are a few convincing reasons for students and parents alike to consider completing the FAFSA. The FAFSA is free to complete, and there is help provided throughout the application process. The application can be accessed on the official FAFSA website at fafsa.gov and should take no more than 30 minutes to complete. In fact, there have been various measures taken over the past few years to simplify the FAFSA application
process, which includes the most recent enhancement set to launch this month – the IRS Data Retrieval Tool. This tool allows students and parents to access the IRS tax return information needed to complete their application, and enables the transfer of data directly into their FAFSA from the IRS website. Many students are hesitant to complete the FAFSA because of misconceptions such as “parents making too much money” or “only students with good grades are awarded aid.” Reality check: eligibility is determined by a mathematical formula, not by parents’ income alone. latinopm.com
¡ February 2013!
Latino Perspectives Magazine
35