Federal Student Aid Formula: Cost-of-Living Adjustment Could Increase Aid to a Small Percentage of Students in High-Cost Areas But Could Also Complicate Aid Process
DIANE Publishing, 2010 - 59 pages
In FY 2008, the Dept. of Educ. dist. approx. $96 billion in fed. student financial aid, incl. $14.6 billion in Pell Grants to low- and middle-income students, to help them pay for higher educ. exp. Much of this aid was dist. based on a formula that is used to identify students who need financial assistance. How much a family can afford to contribute to college costs depends on a variety of factors, incl. the cost of living where a family resides. This report addresses these questions: (1) How does the current fed. financial aid formula affect students in different geo. areas? (2) What options exist for modifying this formula to reflect geo. cost-of-living differences? (3) How would adding a cost-of-living adjustment to the formula affect the fed. financial aid system?
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50th Percentile Rent Adding a COLA American Community Survey analysis of federal Appendix applied Bureau of Economic Change in Pell Cheyenne COLA Impact COLA Options College Board data Consumer Expenditure Survey Consumer Price Index cost of living Counties Where Students Current Formula Economic Analysis data eligible expected family contribution Family income San family’s federal aid formula federal financial aid federal formula federal needs analysis federal student aid Financial Aid Applicants formula affect GAO analysis geographic cost-of-living differences high-cost areas high-cost counties hold harmless Home Rental Cost housing costs Housing Expenditure COLA HUD 50th Percentile Implementing a COLA income and assets income protection allowance income San Francisco Increase Aid independent students institutional aid low-cost areas Metropolitan Statistical Areas needs analysis formula Pell Recipients Pell Spending percent Percentile Rent data Price Parities COLA Regional Price Parities Rental Cost COLA reviewed relevant Stafford Loans student’s permanent address U.S. counties ZIP codes