As the 2014 expiration of the Higher Education Act nears, conversations are increasingly centered around escalating federal student debt, high default rate levels, and the sustainability of federal funding for student aid.
Washington, DC (PRWEB) June 27, 2013
The National Association of Student Financial Aid Administrators (NASFAA) released an updated edition of its annual federal student aid primer, the National Student Aid Profile, to better inform members of the media, policymakers and other interested parties about the facts surrounding student aid issues and funding.
"As the 2014 expiration of the Higher Education Act nears, conversations are increasingly centered around escalating federal student debt, high default rate levels, increasing costs of attendance for postsecondary education, and the sustainability of federal funding sources for the student aid programs," said NASFAA President Justin Draeger. "Members of Congress have been debating the best ways to reform and strengthen the federal aid programs. It is important that Congress and the general public understand these programs and the students they serve."
U.S. Department of Education data show the number of students applying for federal financial assistance rose from around 19.4 million in the 2007-2008 award year to nearly 31.4 million in the 2011-2012 award year, a 62 percent increase over five years.
From 2001-2002 to 2011-2012, the total amount of federal financial aid awarded to students under Title IV of the Higher Education Act (HEA) jumped from $72.3 billion to an estimated $173.8 billion, a 10-year increase of 140 percent. For 2011-2012, the Title IV programs accounted for 71 percent of the $245 billion in total financial aid received by college students.
NASFAA’s National Student Aid Profile: Overview of 2013 Federal Programs provides the latest detailed information and data about each of the programs authorized under Title IV of the Higher Education Act, including:
-- descriptions of the federal student aid programs, including the:
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant Program
Federal Perkins Loan Program
Federal Family Education Loan Program & William D. Ford Direct Student Loan Program
-- recent trends in federal program appropriations;
-- income levels of students and families who receive aid; and
-- a description of the federal student aid application process.
The National Profile will be presented today to Congressional staffers as part of a policy orientation for those interested in gaining the critical knowledge they need to help shape better, more effective financial aid policy that ultimately increases access and success for students.
NASFAA has experts available to speak to reporters as they write about student financial aid issues. Please contact us at news(at)nasfaa(dot)org for additional information or to schedule an interview.
The National Association of Student Financial Aid Administrators (NASFAA) is a nonprofit membership organization that represents nearly 20,000 financial aid professionals at more than 3,000 colleges, universities, and career schools across the country. Each year, our members help nearly 15 million students receive funding for postsecondary education. In all, NASFAA member institutions served 97 percent of all federal student aid recipients in the US. Based in Washington, DC, NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators. For more information, visit http://www.nasfaa.org.