Excelencia’s Policy Agenda: Affordability

Overview

Excelencia’s analysis has made clear that college is not affordable for many Latino students. These students often adjust their attendance patterns to leverage financial aid insufficient to their needs. Additionally, recent economic challenges have disproportionately impacted Latinos’ incomes, making it harder to afford a postsecondary education. Policymakers should simplify for students the navigation of financial aid systems and provide additional funding to programs that support Latino student success.

How can policy help Latinos afford a degree?

Many Latino students adjust their attendance patterns to fit into a financial aid system not built for them. Recent economic challenges continue to make it harder to pay for college. The following would serve students broadly and would disproportionately benefit Latino students:

• Reduce unmet financial need to pay for college by including basic needs in financial aid calculations.

• Double the Pell Grant and make it a fully mandatory program.

• Incentivize FAFSA completion to increase access to financial aid.

• Revise the Federal Work-Study distribution formula to more strategically support students with high financial need, reduce administrative burdens to program participation, and increase funding for the program.