Can college students correctly answer basic questions about federal student financial aid? Researchers from CALPIRG, the California Public Interest Research Group, sought to find out, asking California community college students three questions about financial aid. The results of the survey were published this week. The majority of students did not do so well, with over half of students answering one or zero questions correctly.

How would you do? Students were asked to say whether the following three statements were true or false (the questions below are paraphrased from the report):

1. I have to go to school full time to be eligible for financial aid.
2. Taking more classes per term could increase my financial aid award.
3. Financial aid can be used to cover expenses beyond tuition and fees, such as living expenses.

The answers:

1. False. You do not have to go to school full time to be eligible for financial aid. Students enrolled at least half-time are able to apply for and receive federal student financial aid, including Pell Grants and Stafford Loans. Only 47 percent of students surveyed answered this correctly.
2. True. If your tuition goes up, your aid award can go up, especially when it comes to federal work-study and low-interest student loans. Additionally, students who move from half-time to three-quarter-time or full-time enrollment can see an increase in Pell Grant awards and also potentially become eligible for more college scholarships and grants. Half of students answered this correctly.
3. True. Financial aid can be used to cover college expenses including food, rent, car maintenance, books, computers, and other essentials. These items are included in the living expenses portion of the cost of attendance figure used by the financial aid office to calculate your aid eligibility. Students surveyed did the best on this question, with 54 percent answering correctly.

Knowing About Aid Can Boost College Success: At this point, it's becoming fairly well-documented that not enough community college students apply for federal student financial aid, despite the fact that many are eligible. While some students don't apply because their schools do not participate in federal aid programs, others don't apply because they don't know they're eligible for aid. The results of the CALPIRG survey suggest that this is a fairly substantial group of students. Namely, 13 percent of students surveyed didn't get a single question right, 44 percent of students answered only one question correctly, and only 2 percent of students who did not apply for aid got all 3 questions, compared to 10 percent of students overall.

Additionally, the survey shows that many students are loan-averse, with almost half of students saying they would drop a class or an entire semester than take out a student loan to cover books or other expenses, and students showing nearly as much willingness to put their books on a credit card than to take out a federal loan for books.  A full 57 percent of surveyed students saying they would only borrow as a last resort or would not borrow for college at all. With additional research suggesting that many community college students are not balancing work and college effectively and that their reluctance or inability to borrow is hurting their chances of graduating, more financial aid education is important.

Community college students are not the only college students who may need help learning about financial aid. If you found that you answered one or more question incorrectly, you may want to review information about paying for school. We have a wide variety of student resources available that can help you learn about financial aid programs and requirements and maximize the amount of aid you receive.

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