Nearly 1 in 3 Parents Have Never Talked to Their Child About the FAFSA
22 Settembre 2021 - 12:00PM
Business Wire
Among those who aren’t planning to complete the
FAFSA, the belief is they won’t qualify for federal aid
An annual survey from Discover Student Loans found 29% of
parents have never talked to their child about the Free Application
for Federal Student Aid® (FAFSA)i and another 22% have discussed it
just once or twice. The FAFSA, which becomes available October 1st,
is a free annual application offering families access to the
largest source of financial aid to help pay for collegeii. For
many, it’s the best way to access federal aid.
Given the lack of discussions families are having about the
FAFSA, it’s no surprise that only 37% of families responded saying
they are very familiar with the FAFSA and plan to complete it this
year. The survey also found that 31% of parents who planned to
complete the FAFSA still had not yet completed it in May 2021 – a
month before its deadline in June.
“It’s understandable that families may feel anxious when it
comes to paying for college. In fact, 30% of parents said applying
for scholarships, grants, loans and other forms of financial aid is
causing their child anxiety. When it comes to financing a college
education, the earlier families can start saving and having those
discussions, the better,” said Manny Chagas, vice president of
Discover Student Loans. “The same goes for the FAFSA. Applying
early can give families opportunities for federal, state and
institutional aid like grants and scholarships as some schools
award financial aid on a first-come, first-serve basis.”
Beyond a lack of discussion about the FAFSA among family
members, Discover’s survey revealed myths and misconceptions that
may be creating barriers to families filling out the FAFSA
application, including:
- Just 20% of parents know the FAFSA becomes available in October
while slightly more than half (51%), think the FAFSA is available
year-round. Both stats remain fairly unchanged over the last three
years.
- More than a third (36%) of parents, believe it takes 1 to 3
hours to complete the FAFSA. However, most families complete the
FAFSA in less than an hour. iii
- More than 4 in 10 (42%) families who do not plan to complete
the FAFSA, say it’s because they don’t believe they’ll qualify for
federal aid. In reality, 86% of first-time, full-time students at
public 4-year colleges were granted aid. iv
To navigate the process of FAFSA filing, half of parents (50%)
say they’ve taken advantage of online FAFSA guides and resources,
while 29% report using materials sent from a child’s school and 28%
cited high school guidance counselors as a resource.
For families looking for more resources, Discover Student Loans
provides free tools and information to help plan and navigate their
college financing journey. To start, the FAFSA assistant tool from
Discover Student Loans is an interactive resource designed to help
families prepare to fill out their FAFSA application. After
answering a few questions, the tool provides personalized tips and
considerations to help families get organized for the process.
Families can also refer to the FAFSA Do’s and Don’ts as an
additional resource – all found on the Discover Student Loans
website that provides helpful content to students, parents and
counselors. For families looking for a way to compare college
costs, check out potential careers and earnings of college majors
to help determine college Return on Investment, they can visit the
award winning My College Plan tool.
For more information about Discover Student Loans, please visit
www.discover.com/student-loans.
Methodology
All figures, unless otherwise stated, are from a Dynata
(formerly Research Now/SSI) survey conducted on behalf of Discover
Financial Services. The survey was conducted online from May 10 –
15, 2021, with a total sample size of 1,000 U.S. parents of college
bound students (ages 16 – 18). The margin of sampling error is
±2.53 percentage points with a 95 percent level of confidence.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
loans, checking and savings accounts and certificates of deposit
through its banking business. It operates the Discover Global
Network comprised of Discover Network, with millions of merchant
and cash access locations; PULSE, one of the nation's leading
ATM/debit networks; and Diners Club International, a global
payments network with acceptance around the world. For more
information, visit www.discover.com/company.
i FAFSA is a registered trademark of the U.S. Dept. of Education
and is not affiliated with Discover Student Loans. ii
https://studentaid.gov/about iii
https://studentaid.gov/help/how-long iv
https://nces.ed.gov/programs/coe/indicator/cuc
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version on businesswire.com: https://www.businesswire.com/news/home/20210922005196/en/
Sheetal Shah Discover sheetalshah@discover.com 224-405-0297
@discover_news
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