EFC Publishes Research Brief on Improving College Affordability

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Oct 18, 2023, 09:13 ET

WASHINGTON, Oct. 18, 2023 /PRNewswire/ -- Education Finance Council (EFC), the national trade association representing nonprofit and state-based higher education finance organizations, announces the release of a new research brief titled, "Financing Unmet Need: Why College Students Use High-Cost Credit Sources." The document breaks down several factors fueling the college cost crisis and shaping the way families pay for postsecondary education.

"Students must evaluate a range of variables when determining which educational pathway best sets them up to achieve their academic and career goals. Our research brief identifies tangible steps consumers, institutions of higher education, and public policy stakeholders can take to demystify the true cost of college and make higher education more affordable," said EFC President Gail daMota.

"The sad truth is that three in every four college students have postsecondary expenses remaining after accounting for the free financial assistance they receive from governmental and other sources. A shocking 30 percent of students feel that they have no choice but to swipe their credit card to cover some of the cost of college. It does not have to be this way. EFC members across the country are well-positioned to guide students through the financial aid process, and we look forward to working with the Biden Administration and Congress to make college an affordable reality for more students."

The research brief explains how the current system makes it difficult for individuals to understand what their options are and what choices might be a worthwhile investment of their time and money. Specifically, the paper investigates how historically inadequate student outcome data, confusing college financial aid offers, and easy access to high-cost credit sources combine to make postsecondary education needlessly more expensive for far too many families.

Policymakers can do more to help students feel confident in their enrollment decisions, and the research brief concludes with several bipartisan recommendations for the Department of Education and Congress to reform the system for the next generation of students.

Background: EFC is the national trade association representing nonprofit and state-based higher education finance organizations that are dedicated to improving college access, success, and affordability in their states and nationwide. Learn more about EFC by visiting efc.org.

CONTACT: Alex Ricci
(202) 552-8500
[email protected]

SOURCE EDUCATION FINANCE COUNCIL