Survey on Financial Aid Changes in Higher Education

This report presents the findings of a survey conducted by Ellucian and University Business in July 2023, focusing on the impact of recent changes to financial aid, particularly the 2020 FAFSA Simplification Act. The survey included 288 respondents from various higher education institutions, who provided insights into the financial aid process and its challenges. A significant number of participants indicated that financial obstacles hinder student enrollment and retention, with 40% noting a high impact on many students. The report highlights that the FAFSA application period has been delayed to December 2023 due to the new legislation. While 53% of respondents described their financial aid processes as modernized and digital, many acknowledged that their offices struggle to meet student needs due to resource limitations. The findings underscore the necessity for improved communication regarding financial aid changes to ensure students and families are informed and prepared.