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College Leaders Beg Minnesotans to Submit FAFSA for Financial Aid for School
State officials are teaming up with college access advocates and school leaders to address low FAFSA completion rates after months of technical challenges with the form.
The FAFSA, or Free Application for Financial Aid, is how current and prospective students qualify for federal and state grants, as well as many scholarships and other types of financial support, to cover the cost of attending an institution of higher education.
Notoriously long and complicated, the FAFSA changed this year with the goal of making the process simpler for applicants. But the launch was fraught with problems – delayed launch, glitches, forgotten inflation adjustment.
Only 33 percent of high school seniors in Minnesota had completed financial aid applications by May 3, the most recent date for which data from the National College Attainment Network was available. This represents a 16% reduction compared to last year. Completion rates are lower than average in school districts with more low-income students and students of color.
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“The main reason for the drop in FAFSA completion this year is due to technical issues with a new FAFSA form. Many Minnesotans were unable to start the form, let alone complete it,” Lt. Gov. Peggy Flanagan said at a news conference Monday.
“These issues have been addressed and we are here to encourage all Minnesotans to try again.”
Flanagan stood before a podium in the Governor’s Reception Room at the State Capitol with a crowd of nearly two dozen college access advocates, including student leaders and representatives from different colleges.
They announced a coordinated campaign to address FAFSA completion rates, with the state investing $30,000 in the effort and directing students and families to a variety of resources across Minnesota.
“If this obstacle, if this process is becoming a challenge for you, and you are even in doubt about going to college, there is still time. Please reach out to any of us in higher education,” said Omar Correa, vice president of strategic enrollment management at the University of St. university career.”
FAFSA Challenges
Karina Villeda, 28, is a first-generation college student studying at the University of Minnesota Twin Cities. She said she didn’t even know the FAFSA — or financial aid — existed until just before her first semester of college.
“I would have paid out of pocket without knowing… I never had anyone to guide me through the process and I think that has a lot to do with the fact that I am a non-traditional student.”
“I wish I had heard that when I was in school almost 10 years ago. Because if that was the case, I would have gone to college right after high school, but unfortunately that wasn’t the case,” she added.
Villeda said the FAFSA was relatively quick and easy to complete this year compared to previous years — it took less than 15 minutes. Another problem? Still not sure what your financial aid package will look like for next year.
Some colleges sent out financial aid packages later than usual due to delayed FAFSA reporting. This will determine which classes she can take and, in turn, how many hours she can work and how long her daughter will have to be enrolled in daycare.
“I would love to see my financial aid package, just to see what my schedule will look like,” Villeda said.
Macalester student Anahi Sanchez explained that the FAFSA changes have had a critical impact on families with mixed citizenship status like hers. For months, parents without social security numbers were unable to create accounts or sign forms.
“I remember one day my dad took a morning off from work to make a verification call at 8 a.m., the time they opened,” Sanchez said.
“He was on the line for hours before finally hanging up. And so this didn’t just happen once, it happened on multiple occasions. Three.”
In a letter to Gov. Tim Walz in mid-April, a coalition of organizations said the implementation of the FAFSA “has created a crisis that has endangered Minnesota’s students, institutions, and skilled workforce.”
“We know that if students don’t complete the FAFSA, they will be less likely to go to college because they simply can’t afford it,” said Mike Dean, executive director of North Star Prosperity, one of eight organizations that signed the letter.
“We’re not here to blame whoever is responsible for this, but how can we find ways to actually help Minnesota students complete the FAFSA to take advantage of all this financial aid that will help make college affordable?” Dean told MPR News.
This comes at a time when state and school officials had hoped to increase college enrollment with investments in higher education such as the North Star Promise Program, which covers tuition and fees at public colleges and universities for Minnesota residents with household adjusted gross incomes of less than $80,000. To qualify, students must complete the FAFSA (or the Minnesota Dream Act application if undocumented).
On Monday, leaders at the University of St. Thomas (speaking on behalf of all of the state’s private universities) and the Minnesota State Colleges and Universities system said they are seeing an increase in college applications next fall, despite of FAFSA complications.
“This is also why we want to focus so much on encouraging students to complete the FAFSA so they can get on with those applications,” said Paul Shepherd, interim associate vice chancellor for student affairs and enrollment management at the Minnesota State System. .
He said Minnesota state schools do not have decision deadlines, so students can still submit the FAFSA and register for classes. Many other colleges and universities have postponed their priority deadlines to accommodate late notice of how much students should pay for college.
Student support
On Monday, the Minnesota Office of Higher Education announced $15,000 grants to two organizations that already offer individualized help with the FAFSA: College Possible and Achieve Twin Cities.
Organizations will offer individual support to students and families who want to complete the FAFSA. The state grants will allow them to expand beyond their existing student base to offer more interpretation for multilingual families, in addition to hotlines, webinars and summer staff. They are also available to partner with school districts and community centers.
Dennis Olson is commissioner of the Minnesota Office of Higher Education. At Monday’s press conference, he said the goal is to get students to complete the FAFSA as quickly as possible.
“There is still time to apply for financial assistance,” Olson said. “But honestly, that time is now.”
Achieve Twin Cities will support Minneapolis public school students and St. College Possible is available to support students across the state.
Last week, the U.S. Department of Education announced a similar grant program that offers up to $50 million to scholarship recipients nationwide to increase FAFSA completion rates.
Olson said the state agency will apply for federal grants, but also encourages partner schools to apply directly.
“It’s an incredibly important effort,” Olson said.
The Minnesota Office of Higher Education has a list of resources to help complete the Free Financial Aid Application on its website: FAFSA Completion Resources (state.mn.us)
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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