Introducing the Way: How Financial Aid Awareness Affects University Access and Success Books Review
March 2008 In a time of ever-rising college costs, financial aid is important to increase school access and success. National, state, and institutional help programs assistance to ensure that learners can afford degree regardless of financial background. School funding is most effective when college students and families learn about that early enough to make the right choices and plans regarding high school schoolwork, family savings, work and earnings, and college alternatives. This books review explores the inquiries of how and when students and families discover college costs and financing, and how the timing and substance of these information may possibly impact college-going behavior. Your research for this assessment was carried out in 2007 by graduate student intern Deland Chan, whom wrote that with Deborah Frankle Cochrane. Shannon Gallegos and Edie Irons helped create the finished merchandise.
1) What do students and parents know about the price of college and financial aid? a) Many parents and college students lack enough knowledge to accurately calculate college costs. i) Low-income and community parents are likely to overestimate the expenses of participating college and they are more likely to have inaccurate familiarity with actual college or university costs (Grodsky and Williams 2004; Car horn, Chen, and Chapman 2003). ii) Generally, parents' capability to estimate college costs accurately is favorably correlated with income and in a negative way correlated with Latino and African-American ethnicities (Horn, Chen, and Chapman 2003). iii) Students also overestimate college costs, and to the extent to get two-year schools than 4 year colleges. Pupils typically estimate three times the mean educational costs for two-year colleges and twice the tuition for four-year colleges (Long 2005; Horn, Chen, and Chapman 2003). iv) Students and parents with more information about college are much more likely to accurately predict university costs. Well-informed 11th graders overestimate genuine two-year costs by 5 percent. Parents with out basic college or university knowledge overestimate costs simply by 228 percent (Grodsky and Jones 2004; Goldrick-Rab 2006; Zarate and Pachon 2006).
Paving how: How School funding Awareness Affects College Get and Achievement
b) Those who find themselves eligible for financing are least likely to find out about it, though awareness levels are low among pupils and parents at all income levels. i) Various parents have limited information about financial aid. Sixty-two percent coming from all parents with children who also are planning to show up at college usually do not name grants or loans as a supply of financial aid, 49 percent will not name scholarships, and sixty four percent do not name financial loans (Sallie Mae Fund and Harris Fun 2003). ii) Low-income mom and dad are more likely to absence sufficient information about financial aid. (1) Of parents with incomes beneath $25, 1000, three out of four cannot identify scholarships, grants, or loans while sources of school funding (Sallie Mae Fund and Harris Active 2003). (2) Sixty percent of parents with twelve-monthly incomes underneath $50, 500 say they want more information about how to pay for university, compared to just 37 percent of parents with annual earnings of $75, 000 or more (Sallie Mae Fund and Harris Fun 2003). iii) Many students have limited knowledge of educational funding: 65 percent of college students who are preparing to attend college do not term grants like a source of school funding, 72 percent do not identity scholarships, and 71 percent do not brand loans (Sallie Mae Finance and Harris Interactive 2003). iv) Pell Grant receivers are often first-generation college students, plus they lack important information about educational funding and tickets information (McSwain 2008). v) Students whose parents received at least a bachelor's degree are more inclined to report the fact that family is aware about and willing to pay college costs (Lippman et al. 2008). c) Knowledge of school funding varies by simply race and ethnicity. i) Regardless of...