NerdWallet: R.I. high school grads missed out on $6.8M in Pell grants in 2014

PROVIDENCE – Rhode Island graduating high school seniors could have had access to as much as $6.8 million in Pell grants in 2014 if they’d completed a Free Application for Federal Student Aid, according to the latest annual study by NerdWallet.
That’s a lot of money, but it’s at the low end of the spectrum across the country, the study reports. Losing the least amount among the 50 states and District of Columbia are D.C., with $3.1 million missed and Wyoming, with $4.2 million lost. Missing out the most at $342.4 million is California, the report shows.
The analysis shows that a total of 1,445,732 high school graduates didn’t fill out a FAFSA application or properly complete it. Of those, approximately 747,579 would have been eligible for a federal Pell grant by submitting and properly completing the FAFSA. As a result, $2.7 billion in U.S. Pell grant funding was “left on the table,” says Nerd Wallet, a personal finance website.
The FAFSA helps unlock college aid including Pell grants, not just loans. Once FAFSA determines a student is eligible for aid, that student can then be considered for a Pell grant, which doesn’t have to be paid back. The U.S. Department of Education reports that the maximum Pell grant is expected to be $5,775 for the 2015-16 academic year. Determinations about eligibility for the Pell grant are based on need, college costs and enrollment status, NerdWallet states.

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