American Council on Education (ACE). 2004. Missed Opportunities: Students Who Do Not Apply for Financial Aid. Washington, D.C.: American Council on Education.
The American Council on Education examines the question of why eight million students — nearly 50 percent of students enrolled for credit at institutions offering Federal Title IV student aid programs — did not complete a FAFSA for the academic year 1999—2000. Data from the National Postsecondary Student Aid Survey 1999—2000 demonstrate that upper-income students and part-time students are least likely to submit a FAFSA, but a significant portion of low-income and full-time students also do not file applications. Therefore, lack of financial need is not a plausible explanation for low application rates, as many nonapplicants would have been eligible for a Pell Grant. In addition, community college students are less likely to apply for federal aid than students attending other institutions. Many applicants complete the FAFSA after important deadlines have passed, which limits their eligibility for state and institutional aid programs. Overall, one of every five dependent low-income students and one in four independent low-income students fail to apply for federal and institutional financial aid. The report concludes that policies should ensure that students have sufficient information about aid programs and the financial aid application process so that no student will miss the opportunity for financial assistance.