Making changes to our Financial aid systems that allows for better equality.

Since 1978, tuition has risen about 1200% according to the Washington post. In addition to the rise, Federal aid simultaneously continued to fall. The average student’s household income has not experienced the same dramatic fluctuations. We live in an era of stagnate income and rising tuition. With college degrees becoming increasingly desirable, yet more difficult to obtain—where does this leave our students? Students who choose to seek a higher education should not be turned away but encouraged. Financial Aid should be a blanket policy that offers support to all students despite income or resources. This will allow for all students to have equal opportunities. Financial Aid should cover the cost of tuition, books, living expenses, as well as a stipend similar to how the military supports their service members during training. This equal opportunity will increase enrollment rates for school, lessen overwhelming student debt, and allow the opportunity for financial stability to all.



College tuition has risen about 5.4% every year since 2011. While public funding fell 14.6%. The overall cost of a credit hour during this time frame rose about 33%. These statistics have been quoted on an article posted on CBNews.com’s article, “why college tuition keeps rising.” They state in this article that the correlation between tuition increases and funding decreases are undeniable. Government funding helps support each school, allowing for them to offer students many resources. When the school is stripped of their funding, the burden is then placed on the back of the students. This unfortunate shift has deterred many from enrolling. In 2013 the New York Times predicted lower enrollment rates for schools across the nation due to increased tuition costs for the student. If the student chooses to take on that burden, many must work to compensate for the gap between funding and tuition prices. Lynn O'Shaughnessy stated in an article posted on CBSnew.com called, “More students working”, that a college student should not work more than 15 hours a week to be successful in class. Of the 19.7 million students our country has, 71% of them are clocking in for far more hours than that. According to IB Times article a survey was conducted on 18’795 students from 52 different colleges. Their findings were alarming! 60% of our students worry they may not have enough to pay for college, an additional 30 worry they won't make ends meet. 32% of the overall students surveyed stated they neglect their studies to pay for their debt. These recurring problems are forcing our students to be part-time students, which extends the amount of overall time in school or even drop out! Our higher education system should not hinder ambitious students from receiving a degree, it should support and aid them along the way. If our financial aid system covered things like tuition, despite income, books, supplies, and offered a stipend, our students could focus solely on their studies.

Our current financial aid system is only putting our students further in debt! As of 2012 PBS.com posted that we had reached 1 trillion dollars of debt from student loans. Robert Applebaum stated, “You go into massive amounts of debt just to get an education that you need as a prerequisite to get a job, and then spend the rest your life paying off that educational debt. There’s got to be a better way.” I believe there is. Our financial aid system should not temporarily offer minimal support that is expected back with interest. The Financial Student Aid site states that the loans they offer can be up to 7% interest. USA Today’s website Estimates by the time a student reaches their first degree they are likely to have 33’000 dollars in debt. For this,they will pay back 35’310 if you follow FASFA going interest rate. This is not helping our students prosper, this is hindering them in every way from financially to academically. Offering them necessary support like, tuition, books, supplies, and stipend will allow them an opportunity to financial stability as well as job security.

If a student must drop out because they have slipped through the cracks of their financial aid system, they are likely to have a much more difficultly making ends meet for the rest of their lives. Forbes magazine wrote an article called, “Why a college degree?” They stated in this article how substantial the difference is between Unemployment rates and income isfor those with degrees, compared to their peers with only a high school diploma. The average person with a degree makes around 1600$ more a month or 19200 a more a year compared to those with a degree. The unemployment rate for those with a high school diploma is 10.3%, compared to those with a college degree at 4.6%. These students who are unable to continue their college education, become parents and providers themselves. They should not be set up to fail before they've even been offered an adequate chance. Each student despite income or resources, should be given the same opportunities for education. This military is similar in approach. Whether they are cadets in military academies or low enlisted members, their training, including books is covered. They are housed, fed, and given a stipend. This type of program should be extended to all those who seek any type of education, allowing equal opportunity for all!

Many may consider this idea to be a good plan, but wonder how this will affect them and their taxes. The Washington Post article, “ Congress Plans to Cut 303 Million in Financial Aid,” they shared that 85% of people who were on welfare, then received a degree got off of welfare and stayed off of welfare. According to Bill Moyers website, we spent about 3.18 billion dollars last year on welfare. If we created opportunities for all to receive a higher education, 85% of those receiving the 3.18 billion dollars would no longer need it. That a difference in 2.7 billion dollars. According to Turbo taxes link called, “how to determine what you pay in taxes,” the amount you pay is based on your income and assets. If more have the opportunity to generate a higher income a year they are able afford more assets and have more taxable income. This will stimulate the economy.

The system we have in place today is not creating support or opportunity for our students. They are suffering unnecessary financial hardships, they are overwhelmed with debt and interested, and once they’ve dropped out their future is bleak in comparison to their counterparts with degrees. Our students should no longer slip through the cracks. Our country is known for providing equal opportunity to all. However, not each student has the same opportunity to an increasingly demanded degree. Changing the financial aid policy to cover, tuition, books, expenses, and a stipend despite income or resources will allow equal opportunity for all. This will lead to a promising future for our students. As they will have job security and a livable income. “What if the cure for cancer was trapped inside the mind of someone who can’t afford an education.”—unknown.