The hope is the new app will make it easier for students in completing the FAFSA and also help them in managing their student loan debt.
Right now, only 60% of HS seniors fill out the FAFSA form. Completion rates are the lowest among low income students which means billions of dollars of financial aid are being left on the table.
The launch of the new app is scheduled for April. I assume most in Higher Education sees this announcement as a good thing for students/families but this new app is just one step in making the the financial aid process smoother for students.
Simplifying the actual FAFSA form itself would be a huge help as well. In fact, Congress is having hearings about this very topic this week.
While almost everyone agrees that the FAFSA needs to be simplified, Congress has to be careful not to OVER simplify it or you could actually add more "paperwork" for students. Over simplifying the FAFSA questions would probably lead to more institutional financial aid forms needing to be filled out by families/students. Those are unintended consequences that need to be avoided.
As more details come out, we at ICAN will do our best to keep students/families informed. I can't wait to see how the Mobile App will look and see how user friendly it is.
Erick - ICAN Ankeny and Des Moines Centers
