New Research Examines Parent and Student Experiences with the Federal Financial Aid Process

A new research study commissioned by the College Board, Cracking the Student Aid Code, has found that early awareness and a simplified student aid process are key to navigating the federal financial aid system, especially at a time when U.S. students and their families face rising college prices and stagnant incomes. Based on extensive focus-group and survey research with parents and students, the study found that nearly half of the parent respondents did not know the cost of attending a public college in their home state, and only 44 percent of Latino parent respondents were aware of the Pell Grant program.

To address these and other challenges, the College Board Advocacy & Policy Center and MTV today convened a briefing on Capitol Hill with educators, state and federal policymakers, and business leaders. The discussion highlighted the financial barriers that students and parents faceand how to reduce these barriers through a more student-centered, predictable and simpler federal financial aid system. 

At the Capitol Hill briefing, the College Board Advocacy & Policy Center presented:

• The three student finalists of the Get Schooled College Affordability Challenge. The Challenge, sponsored by the College Board and MTV, encouraged current and aspiring college students to create innovative digital tools to re-imagine and simplify the financial aid process.  The finalists were selected from hundreds of submissions from students in 48 states.
• Cracking the Student Aid Code, a comprehensive study based on research with 1,000 parents and 1,250 students of low- and moderate-income backgrounds. The report underscoresfamilies’ urgent need for earlier information about the cost of college and the resources available to help them afford it.
• College affordability and financial aid video (below) that captures the parents and students from the Cracking the Student Aid Code focus groups talking about their experiences in navigating the financial aid system, the difficulty in paying for college, and the importance of higher education to their futures.