MONEY ON THE TABLE
As SAM works to improve economic mobility, countywide, cradle to career, the fact that college/technical training after high school increases the lifetime earning power of our students drives one of our action areas. Enrolling in college is the first step. However, many students and families mistakenly feel college is too expensive and a vital next step for building long-term security is missed.
Every year, students are leaving money on the table by not taking the most important first step – completing the FAFSA, the Free Application for Federal Student Aid.
This year, it could mean almost $6500 to cover school expenses in PELL GRANTS, money that does not have to be repaid. The FAFSA is often required before other types of aid can be offered to make college affordable.
SAM’s Director of College and Career Readiness, Meghan Smith, explains that SAM data has revealed a reason for concern that Spartanburg County students are in danger of leaving money on the table.
“We have over 3000 high school seniors in Spartanburg County. Through our data resources, we have been able to track FAFSA completion rates across Spartanburg County. We have been regularly reporting the information to high school guidance counselors who have been working to help students and families make this important connection. But we’re concerned. There has been an almost 7% drop in Spartanburg County FAFSA completion rates compared to this time last year. Statewide, there has been a 6% drop and nationally, the drop is about 10%.
“On average, an adult with a bachelor’s degree earns $750,000+ more in their lifetime than someone without the degree.
— Social Security, Research, Statistics & Policy Analysis
“Students from disadvantaged backgrounds seem disproportionately affected,” reports Doug Lederman, editor and co-founder of Inside Higher Ed.
From our local research, we learned that students completing the FASFA are 3 times more likely to enroll in college. We know that completing the FAFSA makes a difference,” Smith said.
While high schools are working hard to help, they expressed a need for financial aid advisors to work directly with students to help them complete the form. This is something high school guidance counselors are not trained to do. In response to the needs expressed by both the high schools and families, SAM has developed connections with community partners to host FAFSA completion events.
Spartanburg Methodist College (SMC), USC Upstate and Spartanburg Community College (SCC) are hosting events on their campuses with financial aid professionals to assist families while they complete their FAFSA. SMC’s first event is being held this week.
While these are being hosted by local colleges, there is no requirement for the student to plan to attend that school before participating in a FAFSA completion event.
“It is encouraging to see SAM partners are stepping up to offer help. Our local colleges are the natural fit for this, but other partners are hosting free FAFSA completion events for the communities they serve. The Upstate Family Resource Center is hosting an event in March for the Latinx community its PASOs program serves.
We’re asking the whole community, not just high school and college counselors, to be a part of spreading the word to high school students and families about the importance of the FAFSA, and encourage every high school senior and their family members get connected to this vital next step in securing their strong earning power for their future,” says Dr. Russell Booker, SAM Executive Director.
To maintain COVID-19 safety protocols, registration is required for the following events:
FEBRUARY
Tuesday, Feb. 23, 5 pm – 8 pm @ Spartanburg Methodist College (1000 Powell Mill Rd, Spartanburg, SC 29301
Register: http://bit.ly/SMCFAFSA
MARCH
Tuesday, March 16, 5pm - 7pm @ Spartanburg Community College (downtown campus, 220 E. Kennedy Street, Spartanburg, SC 29302
Register: http://bit.ly/SAMFAFSA
APRIL
Tuesday, April 13, 5pm-7pm @ USC Upstate (in the Health Education Complex, 800 University Way, Spartanburg, SC 29303)
Register: http://bit.ly/SAMFAFSA
“While we initially think of high school seniors for these events, they are also open to adults who want to go back to school, to finish or start a degree. The FAFSA is the key to unlocking support for all students.
— Meghan Smith, SAM Director of College and Career Readiness