Rising tuition costs and rapid growth in student loan debt continues to be a worrisome trend in higher education. Coupled with complex regulations and opaque processes surrounding financial aid, the next generation of students is questioning whether college is financially within reach.
The cost of tuition at both public and private universities continues to climb. Over the past decade, tuition prices have grown by 68%—driving student debt held by Americans to an all-time high of more than $1.4 trillion.
Most of this debt has been incurred by millennials. A study conducted by the Federal Reserve Board says the average debt held by the millennial generation is more than double the average held by the previous generation. Now, the next class of students graduating high school and entering the ranks of college are facing their own uncertainties and doubts about higher education.
Combine these statistics with the fact that many students feel the financial aid process is complex and overly confusing, and a lot of free college aid goes unawarded because students are not bothering to apply. One study found that the high school class of 2017 missed out on $2.3 billion worth of free college aid.
In order for universities to help students take advantage of the financial support available to them, they must make the aid process simpler, more student-centric, and help students be better informed about their financial options so they can make the best decisions.
In a webcast with Vicki Tambellini of The Tambellini Group, attendees will hear how student financial aid challenges can be addressed to improve outcomes and graduation rates. Michele Thibodeau of Butler University will also discuss how technology can empower institutions to deliver a better student experience with financial aid. Plus, get a preview of Oracle Student Financial Planning from John Refila, vice president of product management at Oracle.