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FAFSA Financial Aid Launch Leaves College Dreams in Limbo
WASHINGTON (AP) — The last thing standing between Ashnaelle Bijoux and her college dream is her FAFSA Form — a financial aid app that is supposed to help students go to college, but is blocking it instead. She tried to send it repeatedly. Every time, he fails to pass.
“I feel overwhelmed and stressed,” said Bijoux, 19. She almost cried the last time she tried on the form. “I feel like I’m being held back.”
Normally a time of celebration for high school seniors, this spring was marred by the federal government’s failed implementation of the new FAFSA app. By May 1, students generally know where they will go to college in the fall. This year, most have not yet received offers of financial aid. Three months before fall classes begin, many don’t know where they will study or how they will pay for it.
“We’re asking them to make probably one of the biggest financial decisions — and decisions that will have the biggest implications on their lives going forward — without all the information,” said Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators. .
The FAFSA, or Free Application for Federal Student Aid, has undergone a major redesign that is supposed to make it simpler and shorter. But a series of mistakes by the Department of Education made it more difficult than ever, delaying college decisions by months and raising fears that hundreds of thousands of students would drop out of college altogether.
In the United States, the number of students successfully submitting the FAFSA is down 29% from the same time last year, and is even worse at schools with more low-income students, according to the National College Attainment Network.
The group’s CEO, Kim Cook, warned members of Congress this month about a potentially “catastrophic” drop in college enrollment that would make the pandemic decreases they seem light.
For Bijoux, of Norwich, Connecticut, the FAFSA’s problems threaten to undermine the promise of higher education.
For her, college is an opportunity to take advantage of opportunities that weren’t available to her mother, who immigrated to the U.S. from Haiti as an adult. Bijoux hopes to become a therapist and set a positive example for her three younger siblings.
If her FAFSA is approved, she should be eligible for enough financial aid to help with tuition of $13,000 per year at Southern Connecticut State University. Otherwise, she could go to a local community college, but even that would require loans if she can’t complete the FAFSA.
“That’s why it hurts, because it’s like you work so hard to go somewhere and do something and make something of yourself,” Bijoux said. “I thought I would start with four years (of college) and then work hard continuously, like I have been doing basically my entire life. But that is not the case.”
The updated FAFSA form has a section filled out by students and another by parents. But when Bijoux finishes her part, nothing appears on her mother’s online account. She keeps trying, but nothing seems to change.
Similar issues have been reported across the country, along with several other bugs that the Department of Education has scrambled to fix. Families who call customer service face long wait times or say the call center hangs up on them.
This “drains all the momentum” from families working to send their children to college, especially those who are navigating the process for the first time, said Anne Zinn, a counselor at Norwich Free Academy, where Bijoux attends.
“I can only say so many times, ‘Just be patient, just be patient,’ before they throw up their hands and say, ‘Why am I doing this? I’ll just go go get a job,'” she said.
The implementation has drawn bipartisan criticism in Congress and is being investigated at the request of Republicans. Last week, Richard Cordray, the head of federal student loans who oversaw the FAFSA update, announced that he would leave his position at the end of June.
For colleges, delays also represent a great threat.
Enrollment reductions like those being projected now could put many small colleges out of business or require deep staff cuts. Some colleges are pushing for emergency aid just to stay afloat, said Angel Pérez, CEO of the National Association for College Admission Counseling.
“If they don’t get checks from the federal government to basically survive next year, they won’t survive,” Pérez said.
The FAFSA has been the linchpin of student financial aid for decades. It is used to determine eligibility for the federal Pell grant, a grant for low-income students, and is required to receive federal student loans. Colleges and states also use the FAFSA to distribute their own scholarships.
The FAFSA has long been criticized for being tedious, difficult, and intimidating for families without college experience. Congress passed legislation in 2020 aimed at simplifying the form. The Education Department was ordered to reduce the number of questions from more than 100 to about 40 and change the formula to expand help to more students.
Problems began to accumulate as soon as the new form was launched in December, already months late.
Early orders were incorrectly processed using an outdated inflation calculation. Later, a federal contractor miscalculated a different formula in more than 200,000 applications. Each error increased delays, making students wait longer to hear anything about financial aid.
Even more troubling is a misstep that prevented students from filling out the form if they had a parent without a Social Security number. Advocates say the system has locked out hundreds of thousands of students who are U.S. citizens or permanent residents but whose parents are not.
The Department of Education said Tuesday it is offering these parents a new way to enter their tax information manually. But as recently as this week, some students said they were still unable to submit the form.
Federal education officials say they are solving persistent problems but making progress. More than 8 million student applications have already been processed and sent to colleges, the agency said, and new applications will be processed within three days.
Still, the wait is far from over. It often takes weeks for schools to prepare financial aid offers. Some colleges have extended decision deadlines to give students more time to evaluate their options. But some adhered to May 1, forcing students to choose a college – and make a non-refundable payment to keep their spot – without knowing all their scholarship options.
In West Virginia, Gov. Jim Justice on Tuesday declared a state of emergency that allows students to receive state scholarships without their FAFSA being processed by the federal government. West Virginia has the lowest number of college graduates in the country, and FAFSA high school graduation rates in the state are currently down nearly 40%, said Justice, a Republican.
“Really, a lot of kids are left on the sidelines… wondering, ‘Will I be able to go to college?’ “, he said during a press conference.
In Baltimore, Camryn Carter is waiting to find out if she’ll get a full ride to the University of Maryland or face tens of thousands of dollars in student loans.
An excellent student and captain of his baseball and wrestling teams, Carter sees college as a step forward in life. He remembers the times in line at the grocery store when he had to put items back on the shelf because his mother didn’t have the money to pay the bill. A college degree would give him the stability he didn’t always have, the 18-year-old said.
But when he looks at the monthly fee, It’s intimidating. Along with Maryland, he is also considering McDaniel College, a private school in Maryland. If he enrolls there, he expects to borrow nearly $30,000 a year.
“I try to make the best decisions now so I can have a good future,” he said. “I’m a little nervous because things aren’t going to work out. But I am faithful.”
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Leah Willingham contributed reporting from Charleston, West Virginia.
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Associated Press education coverage receives financial support from several private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and areas of coverage funded in AP.org.
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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