Student Aid and College Costs
November 18, 2008 2:46 pm AccessCongress has been increasingly interested in the rapid increases in college costs in recent years. Through the HEOA, Congress will be highlighting institutions that increase college costs the most to draw public scrutiny. Some believe that financial aid actually contributes to rising college costs.
These college cost issue raises important questions about the role of financial aid. Should the financial aid system enable every qualified student to attend any college, no matter the cost? What are your thoughts?
November 24th, 2008 at 3:41 pm
First thing, I believe Congress should try to put a cap on the rising college cost. If Congress is not going to let Financial Aid, Grant and other financial assistance agencies to increase what they will be giving each student. Education is very important to each student but in different ways. We need to enforce students to also get involve with Work-study programs to help pay for some their schooling or give them options to help the situation.
In my personal opinion cost is becoming more experience then health insurance lately. People are going into debt for education and healthcare only with other things.
December 1st, 2008 at 4:20 pm
Yes, the cost is going up…as is the cost of up-to-date computers, administrative systems, salaries, health care and all the other things that universities have to provide. Congress should make better distinctions between State Universities, Private, and for profit schools. The same set of regulations should not apply to all. States have reduced support and costs have gone up. Unless we are willing to sacrifice quality, the price must also go up. I believe most Public Universities are very careful not to increase costs any more than they have to. However, I’m not sure the same can be said about the “for-profit” schools. Regulations should differentiate for types of schools and aid should provide sufficient funds for all qualified person to acquire a public university education. Private schools can kick in with endowment funds, and for profits should probably get out of the game unless their product is sufficiently superior to warrant their high costs.
December 4th, 2008 at 1:41 pm
Regulations are different for the “for profit” schools. The problem with the proprietary schools is the 90/10. If we did not have that rule, we would not increase tuition immediately when Federal aid increases. Proprietary schools are in the school industry to service the portion of the population that requires a great deal of extra assistance in order to get through school. These students are generally the first in their family to go to school. We are their social support while the student is in school. Propriety schools do not receive state assistance nor do they have endowment funds. The tuition receipts are the main source of capital. Our prices are higher than state institutions but lower than private institutions. Proprietary schools must keep everything in line, or they will be out of business. Unfortunately, 90/10 hurts the students the most. If we do not meet it, we will be closed.
December 8th, 2008 at 9:04 am
It seems nobody wants to disucss the elephant in the room. Financial aid as we know it was initiated and promulgated by the privates to ensure they wouldn’t have to spend too much (if any) of their own money on those who normally could not afford to attend their schools. The discusson about financial aid whether it be Title IV reauthorization, tuition increases, et al, very seldom separates the differences between costs for private and public institutions. Only since Congress in conducting their witch-hunt last year and dismantling the private-sector lender pool, has it become apparent the elephant has much less food to consume to maintain its huge appetite. Recently, we learned that the current economic downturn has cost Harvard University about $8 billion of its endowment fund. Oh, excuse me, that leaves them abut $20 billion. The article I read failed to reveal much of the loss was due to bad investment strategies (read that hedge funds, etc.) by their own.
In the State of Connecticut, the privates get the majority of the funding from the legislature for what is generically called “institutonal grants”.
December 8th, 2008 at 10:56 am
Financial Aid Ofices have become one of the offices on campus that is highly scrutinized and transparent. Both State and Federal legislators and others request extensive data to help debate the rising cost of college. The data provided these entities encourages the right and the left to seek ways to promote their agendas. On one side folks use the premise that college has become too expensive and on the other side they use the premise that funding from established state and federal programs need to be reduced or cut. The differences of opinions from these premises do raise challenges for enabaling every qualified student to attend any college, no matter the cost. Financial aid’s role is to provide the best package available for all qualified students to attend the institution of their choice. The various packages are presented to students and parents and they select the school that best meets their expectations and goals. The costs associated with the chosen school are met through the packaged aid and the student’s and parent’s self-help. So, no matter the cost every qualified student is enabled to attend any college of their choice. The cost is going to be what the cost is and students and parents will make the choice no matter the cost. Helping students and parents meet the cost is the primary goal of the financial aid office. Managing financial aid is the primary goal of the regulatory entities. Maintaining and enhancing financial aid funding is the responsibility of the elected officials both federal and state.
December 8th, 2008 at 12:49 pm
If funds are limited, I would recommend raising the GPA and SAT qualifying scores. Otherwise either the tax rate would have to be raised, or the financial aid available wouldn’t be enough for the students who qualify.
December 9th, 2008 at 11:12 am
No students should not be able to attend any college they are capable of attending but cannot afford. Economics and endowments naturally has a hand in the price tag of a college–for good reason. The quality of the institution. Who would set and monitor the standards and productivity of colleges who were asked to compete and be on the same quality/standard level field of colleges who are “quality” institutions on their own accord? Where is the incentive for the “quality” schools to continue their history of good education when schools that don’t perform are able to set a similar price tag?
December 9th, 2008 at 4:32 pm
Only if it truly makes sense from an academic standpoint. We all must do a better job of helping prospective students and their families understand that higher education is a means to an end. It provides the tools and foundation to allow the student to experience a more financially secure future. For example, we need to help families understand that paying for an out-of-state education that could be completed more economically in the student’s home state, may not be in the student’s best long term financial interest. We also need to do a better job of helping families craft a financial plan that will get the student to their destination with the least negative financial implications possible. It may be that attending the local community college and transferring to a four year school for degree completion is a viable option. Very few employers care where you attended, they care where your degree was conferred.
February 8th, 2009 at 3:34 pm
Perhaps it is time to honor and support a U.S. mainstay…PUBLIC EDUCATION. Our national goal should be to provide a high quality pulic education for every qualified person (and do our best to be sure every child is qualified when he/she reaches college age.)
To do this States have to step up and fund the State Colleges and Universities as well as the K-12 Public school system. Tuition increases at public universities in direct correlation to reductions in State support.
To ensure a first rate national system of PUBLIC EDUCATION, Federal policy could tie significant matching funds for K-12, and increased Pell grants for H.E. directly to State funding for public education K - baccalaureate.
The goal to strengthen and improve K-16.
Funding for K-12 should be earmarked for reduced classroom size, additional counseling, support services, and after school programs. Recognize the breakdown of family and step in to help. Hire more teachers as part of the stimulus package!
The goal for H.E. would be to reduce or eliminate tuition costs and provide sufficient need-based aid to students so everyone could afford a high quality PUBIC education.
Some serious work needs to be done on need analysis to bring the calculation of EFC in line with the real economy and cost of living. And then, qualifying for need based aid should be tied to family income as with the pell grant, not to the cost of the School as it currently is. “Need” = COA - EFC where the only variable is COA!
A partnership between States and Federal Government could create a national public education system that would make the U.S. competitive with any nation. No Child left out due to circumstances of birth or finances.
Private schools play an important role and needy students who are good enough to get admitted and choose to attend an expensive private school should get the exact same $$ amount in need-based aid (not more as happens in many states). The private schools like to recruit the best and they have endowments to make up the difference in cost(not taxpayers).
March 18th, 2010 at 7:35 pm
Some believe that financial aid actually contributes to rising college costs.
These college cost issue raises important questions about the role of financial [……
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April 15th, 2010 at 4:55 pm
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Инженер технолог Some believe that financial aid actually contributes to rising college costs.
These college cost issue raises important questions about the role of financial [……
May 3rd, 2010 at 12:11 pm
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These college cost issue raises important questions …