Financial concerns cause nearly 3 million students to drop out of college each year.
Researchers at Tyton Partners believe a student-centered approach to financial aid could help reduce those numbers. In a recent report, the Boston-based advising firm chronicled the challenges posed by the current system and examined potential solutions through a survey of more than 1,800 higher ed administrators.
Their take? Targeted communication could help improve the process for both students and colleges.
“According to administrators, the biggest challenges preventing students from accessing aid are lack of student engagement, lack of awareness, and insufficient financial aid,” the report notes. “All three of these issues are addressable through improved communication between the institution and the student.”