Lost Without A Map: A Survey About Students’ Experiences Navigating The Financial Aid Process

Article by Healey C. Whitsett and Rory O'Sullivan, JD, MPP, for Young Invincibles

INTRODUCTION

For young Americans coming of age today, the road to economic opportunity runs through the halls of higher education.¹ Unfortunately, that path has grown financially challenging. Tuition at four-year public schools, where most postsecondary students study,² outpaced inflation by nearly six percent over the past decade.³ Prices at community and private nonprofit colleges jumped as well.⁴ At public institutions, falling state and local appropriations continue to drive tuition hikes.⁵

Students increasingly rely on loans to finance their education,⁶ and they are borrowing increasing amounts.⁷ Nearly one in five American households has student loan debt,⁸ amounting to 37 million individual Americans⁹ and more than one trillion dollars in education debt.¹⁰ Although postsecondary degrees remain lucrative investments,¹¹ large monthly payments and high youth unemployment