Article Reflection No. 87 (2/3/2024)

Article: “Will Families Pay Less With Two Students in College? Now, It Depends.”

Reflection:

In the article “Will Families Pay Less With Two Students in College? Now, It Depends.” journalist Ron Lieber describes a 2024 federal law that alters the financial formula for college aid. As of 2023, having at least two family members attend college helped households since the formula allowed them to divide the amount of money they could invest by the number of college students in that family, according to Lieber. This law was implemented because federal budget cuts were necessary in order to afford additional formula changes, which also includes an expansion of qualifying lower-income households for a complete Pell Grant, which provides $7,395 annually as of today, Lieber writes.  Especially with the FAFSA delays that make it more difficult for students to make college decisions, this new change can be another source of financial pressure for families with more than one college attendees, as stated in the article. 

Financial struggle seems perpetual. I feel a little anxious because once I also go to college, three people in our family will be in college. Will this exacerbate our family’s financial situation? How will this new law change our finances, and to what extent?