Did You Know improving FAFSA completion rates could bring Alaska students millions more in Federal Aid?
January 23, 2024
Alaskans could receive up to $6.8M in Pell Grants if more students completed the Free Application for Federal Student Aid or FAFSA. As many as 65% of the Class of 2022 skipped filing a FAFSA, leaving vital financial aid untapped.
What is FAFSA:
The FAFSA is an invaluable source of help for thousands of students seeking to enter
college. It is the form you need to fill out to get any financial aid from the federal
government to help pay for college. Each year, over 13 million students who file the
FAFSA get more than $120 billion in grants, work-study, and low-interest loans from
the U.S. Department of Education.
By the Numbers:
Alaska holds the lowest nationwide FAFSA completion rate, with a mere 28.23% of high
school seniors navigating the process successfully as of January 19, 2024.
Why It Matters:
Research links FAFSA completion to positive academic outcomes, revealing that an extra
$1,000 in grant aid per student boosts postsecondary persistence rates by 4%. Most
scholarships and grants require that a student complete a FAFSA to be eligible.
The Big Change:
The 2024-25 FAFSA brings big changes, with significant updates, including a shift
from Expected Family Contribution (EFC) to the Student Aid Index (SAI). SAI considers
the student's financial situation more comprehensively.
Key Deadlines:
Financial aid packages, including Pell Grants, Alaska Education Grants, and Alaska
Performance Scholarship, all hinge on the FAFSA. The priority deadline for critical
scholarships is June 30. Many ÁùºÏ²Ê»ã Foundation scholarships have a deadline of February
15.
Community Response:
To address the challenges faced by Alaskan students, the Alaska Commission on Postsecondary
Education (ACPE) and the University of Alaska, organized the 2023 Alaska FAFSA Summit
in October 2023. The summit aimed to unite education and workforce development stakeholders
to strategize statewide initiatives and policies to boost FAFSA completion rates.
Communication Shift:
The 2024-25 FAFSA introduces communication improvements, with students receiving their
SAI and submission summary via email after processing, offering clarity on potential
eligibility.
Mark Your Calendar:
The priority deadline to file the FAFSA for the Alaska Performance Scholarship (APS)
and the Alaska Education Grant (AEG) is now June 30.
Go Deeper: