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- Only 42.5% of high school graduates completed the FAFSA application, a decrease of 14.4% from the previous year.
- Nevada, Florida, Utah, Arizona and Alaska are the states with the lowest graduation rates
- Fewer FAFSA completions mean fewer families will receive need-based financial aid for college (or attend college at all).
According to the latest data from the National College Attainment Network, only 42.5% of the high school graduating class of 2024 has completed the FAFSA form as of May 24. This is 14.4% below the completion rate of the graduating class of 2023 at the same time last year.
This huge decline is due to the Department of Education's failure to implement the FAFSA program and the constant delays even after its implementation. The Department of Education has worked to increase the number of FAFSA applications through various initiatives, but with summer approaching for seniors, the number of FAFSA applications has stagnated.
NCAN FAFSA Tracker, as of May 24, 2024
Although many colleges have extended their deadlines for applying for financial aid, families who don't complete the FAFSA form may miss out on financial aid – including Pell Grants. In addition, many experts fear that not receiving financial aid will cause the number of college freshmen to drop as families decide they can't afford the aid.
FAFSA delays and botched rollout
FAFSA applications can typically be completed in October, and families can begin the financial aid process long before they decide to enroll in college (which occurs the following May).
This year, however, the opening of the FAFSA application was delayed until the last days of December, and processing was delayed until late March (until May). Even when the FAFSA applications were already open, families were faced with problems due to inaccurate data that had to be reprocessed, as well as a variety of other errors.
The end result is that families flew into college admissions season blind and may have had to make decisions about enrollment without even knowing the cost of college.
Related: The most expensive universities in 2024
States with the highest and lowest graduation rates
Based on the latest data from NCAN, here are the states with the highest and lowest FAFSA completion rates:
Highest FAFSA completion rates
- Tennessee-56%
- Louisiana – 53.8%
- Illinois – 53.2%
- Washington DC – 51.8%
- Texas-51.3%
Lowest FAFSA completion rates:
- Alaska – 22%
- Utah – 27.4%
- Arizona-29.2%
- Florida – 29.9%
- Nevada – 31.2%
What this means for families
Even though the deadline for submitting the FAFSA application has passed in many states and at many colleges, that doesn't mean you shouldn't apply.
The FAFSA can be used to release both federal Pell Grants and student loans, which can be a valuable way for students to finance their studies.
Additionally, some colleges may still be able to award scholarships and grants to eligible students, but they will require that FAFSA to demonstrate financial need.
Finally, some merit scholarships, even if they are merit-based, require the submission of a FAFSA application.
The bottom line is that families should still fill out the FAFSA form if they plan to begin college in the fall.
Don’t miss these other stories:
Botched FAFSA launch leads to sharp drop in applications Can colleges see your DMs and other social media? FAFSA deadline for financial aid in 2024
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