Aid Losing Pace Against Rising College Education Cost
Education costs in today’s world are rising with everything else, which is making it harder for students coming from lower income families to achieve their academic goals. These students rely on financial grants by colleges and universities to get around the high tuition fees, and more and more colleges are trying to make this process easier for their students.
The California State University System keeps a close eye on the financial aid programs of its collection of 23 campuses and 112 community colleges to make sure that deserving students get their scholarship grants. But between the years of 2008 and 2012, the college education costs have risen by 6 percent and the financial aid offered by institutions is losing pace quickly.
Low-Income Students Paying More than Others:
The fact that the students coming from low-income families pay more, over a third of their income, as compared to those coming from high-income household, who pay just about 20 percent is troubling. The 73 percent of students who are actually reliant on their financial loans are taking out their loans at a higher rate than the 22 percent of those belonging to a higher-income family.
Why Is Financial Aid Necessary?
- There are many students who cannot access college without financial aids. As many as 60 percent of these were found eligible in K-12 for reduced lunch programs.
- Graduation rates improve when students with lower income are provided with financial grants because this way they don’t have to go through community college before coming to graduation school. This is a very difficult transition for students and should be avoided which is why the aid that is losing pace against college education costs has to be given more attention.
What Should Colleges Do?
In order to help low-income students get better grants, colleges should educate their students about their financial aid solution even before college starts so that students can easily make the choice between schools.
They should be very active in their communications with the students about the deadlines so that eligible students can take full advantage of these rather than missing out on them.
PPIC’s Recommendations to Colleges:
After going through the troubling statistics, the Public Policy Institute of California put forth multiple recommendations to change college policies:
- Getting more financial aid forms filled by helping students in this process.
- Increasing the amounts of the grants in tandem with the rise in inflation.
- Requiring institutions to keep a threshold amount so that costs can be maintained at a level where the aid doesn’t make cost inflation even worse.
Other than these recommendations by the PPIC, the CSU is offering digital textbooks so that students don’t have to deal with the variable textbook costs. Keeping all the recommendations in mind, a minimum amount of $644 has been budgeted for financial aid is the year 2014-15.
Education is everyone’s right, but in today’s world it is becoming a privilege due to rising costs. There are many students who are deserving of a good education, but don’t always get the chance to pursue their dreams because they can’t pay off their tuition fees. This is why it is time to give a boost to the financial aid that is losing pace against rising education costs, and make it easier for talented and hardworking students to gain the education they deserve.