Study: Hoosiers underestimate state aid for college
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Cost is a barrier for many Hoosiers to go to college but state financial aid is going significantly underused, according to a new study from Carmel-based INvestEd. Indiana students leave about $70 million in federal aid on the table each year.
The study found that 88% of Hoosiers do value an education after high school, but largely believe there needs to be more resources to make it more financially attainable.
“Our survey found that the top reason given for not pursuing education beyond high school was cost,” Joe Wood, president and CEO of INvestEd, said in a new release. “We want residents to know that Indiana ranks among the most generous states in the nation for need-based aid, with nearly $350 million available in state financial aid annually to help students and adult learners pursue their desired career path.”
A new state law requires high school seniors to apply to the Free Application for Federal Student Aid, or FAFSA, to encourage more students to recognize the financial aid available and go to college. The study found three in five people were unaware of the new requirement. State aid is often made available through the FAFSA.
The number of Hoosiers who know about the state’s 21st Century Scholars program is 56%, the study said. However, 63% don’t know about EARN Indiana, 60% about the Frank O’Bannon Grant or 59% about Next Level Jobs.
The study surveyed 1,715 Indiana residents this fall. INvestEd is an Indiana-based not-for-profit that assists students with financial aid and student loans.
The state’s deadline to fill out the FAFSA form is April 15, while the federal deadline is June 30.