Unfortunately, too many students fail to access all the free college aid they're eligible for. A January 2023 report from the National College Attainment Network (NCAN) showed that billions of dollars in Pell Grants were left unclaimed by the high school class of 2023. What makes this particularly surprising is that filling out one form is all it takes to determine eligibility for Pell Grants, a type of student aid that typically doesn't need to be repaid.

Scholarships and other financial aid are also available each academic year. If you're heading to college or wondering how you'll pay for higher education for a 澳洲幸运5官方开奖结果体彩网:dependent, read on to learn which types of aid go unclaimed and what you can do to accesꦅs them.

Over $4 Billion in Pell Grants Lost

According to a January 2024 report from the National College Attainment Network (NCAN), $4.01 billion in 澳洲幸运5官方开奖结果体彩网:Pell Grants went unclaimed by students who graduated high school in 2023. This type of financial aid is awarded only to undergraduate students who "display exceptional financial need and have not earned a bachelor's, graduate, or professional degree," per Federal Student Aid.

Pell Grants are an especially important type of financial aid because this funding usually doesn't require repayment, except in special circumstances.

The NCAN report also revealed that more than 1.6 million high school graduates failed to fill out the 澳洲幸运5官方开奖结果体彩网:Free Applicati🎶on for Federal Student Aid (FAFSA) for the 2022 to 2023 academic year. Just under half of those graduates were likely eligible for Pell Grants, and the average amount of aid left on the table was $4,974 per student nationally.

$100 Million in Scholarship Money Unclaimed?

A commonly reported statistic is that in addition to the billions in Pell Grants that students are missing out on, an estimated $100 million in scholarship funds are also left unclaimed every academic year. This is usually cited as "a lack of applicants." However, according to Saving for College, this is most likely a myth.

While the exact source of this story is unclear, scammers are suspected to have helped propagate it. After all, if there are supposedly "millions in unclaimed awards" somewhere out there, bad actors can turn a profit by offering to track them down. Granted, some scholarship funders do have specific criteria for certain awards, and if they can't find a qualified applicant, they may save the funds for another year. These cases are rare, representing scholarship money that went unclaimed because it couldn't be claimed.

College-bound students can get their share of funding by dedicating some of their time to 澳洲幸运5官方开奖结果体彩网:finding college scholarships and taking steps to apply. Some of the best places to find college scholarships includ🅠e school counselors, college financial aid offices, civic groups, and ethnic organizations you may bel🅺ong to. An array of online scholarship search engines can also help match you with scholarships you could be eligible for.

The Bottom Line

College students are easily 澳洲幸运5官方开奖结果体彩网ꦯ:leaving bill🌱ions of dollars on the table when they head off to school. However, the bulk of this issue can be solved by having all faꦿmilies fill out the FAFSA form each year, even if they don't think they qualify for financial assist♌ance.

College students should also do their best to apply for 澳洲幸运5官方开奖结果体彩网:college scholarships they may be eligible for, even if each application takes some time and effort. By putting the work into paying and borrowing less fo𝔍r a higher education, the next generation of college graduates could be better off.