With the constant coverage of the skyrocketing cost of college tuition, (an average of over 20% across all post-secondary schools in the last ten years), it makes sense why nearly three quarters of university students receive some form of financial aid.
But what isn’t as widely reported is the $24 billion in tuition assistance that goes unclaimed each year. It would be nice to say that this was simply a case of supply exceeding demand, however research points to a friction-filled system filled with misinformation, technical barriers, and cultural implications.
The pesky Free Application for Federal Student Aid, or FAFSA, has seen a historic decline in applications this year. Congress mandated that FAFSA be simplified by 2024 to increase access for students most in need. The overhaul was intended to make the whole process of applying for financial aid simpler. But the rollout has been plagued by delays, numerous technical glitches and administrative mistakes.
But it is not just technical issues standing between students and financial aid. At the recent 2024 A Dream Deferred conference, Dr. J Sharee Eggleson presented her findings entitled Why Students Don’t Apply for Financial Aid: Research on Students’ Perspectives. Dr. Eggleson points to a host of issues from lack of awareness of financial aid packages, to families not being open to discussing finances or fear of exposure to the IRS.
In addition to the issues Dr. Eggleson describes, vocational work in this country suffers from a dated stigma of being low-paying or unattractive as a career. As a result, there is a shortage of skilled workers in industries that require specialized training, such as construction, manufacturing, healthcare, and technology. This imbalance between demand and supply has led to a skills gap, where employers struggle to find qualified workers to fill crucial and lucrative roles.
Colorado is on the forefront of making world-class education accessible for all. Recently passed by the state legislature, House Bill 24-1340, also known as the Colorado Promise Act, would give students from families earning $90,000 or less annually a tax credit covering tuition and fees after grants and scholarships are used.
So why would we offer yet another scholarship in an ocean of unclaimed money? Philanthropy is about more than just writing checks; it's about actively engaging with different stakeholders across the lifecycle of a student to a professional. By offering financial support to students and partners, we can engage directly with school districts, counselors, community colleges, businesses, and nonprofits. These conversations allow us to better understand the challenges and barriers students face in accessing education and enable us to work collaboratively to overcome these obstacles. Removing friction from the system is our goal. For a student, applying for our scholarship is a simple and streamlined process that can be completed using their phone in under thirty minutes.
For a business or nonprofit partner, grant requests are straightforward and based on supporting the students with wraparound services. This means that our funding not only provides financial assistance but also aims to address the holistic needs of students, ensuring they have the necessary support to thrive academically and personally.
Our scholarship is open until June 6th and we are hopeful that a few clicks will open another doorway to success. However, we understand there are many challenges that need solutions, and we are happy to discuss how BPI and our Partners can help eliminate the obstacles to success. We firmly believe that collaboration and innovative thinking can lead to brighter futures for all.
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