Pros And Cons Of The FAFSA

According to the National Center for Education Statistics, an average undergraduate student in 2007-08 they got up to $12,740 for financial aid and for grants they got $7,110 (NCES). Colleges do give out a great number of financial aid and grants yet the cost of college is still crazy expensive. Some people can't afford college even with the financial aid and grants given to them. While students can take out loans they still have to pay them off with interest added in which can add up quickly. Universities make paying for college a little easier on students by giving out grants and aid, but most of the times the money they give students won't even put a dent into how much students still have to pay.

Finally, the most difficult challenge students face in college is a financial hardship. Many students come from various walks of life and sometimes determining one’s financial capability to offset college costs during the early stages of can be problematic. Some students come from well to do families who have a tremendous capacity to pay full tuition without external assistance. These particular students do not require financial aid or scholarships, as they can meet the institution’s financial requirement regardless of what level in college they may fall under as the source of wealth is derived from the family or families. Other students, however, come from impoverished families whom solely depend on financial aid and work full time or part time

With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.

Introduction: 5 a.m. The alarm clock rings, on a normal day you would dread waking up so early. But today, is not your normal average day. Monday, August 21st, 2017, is the beginning of your first day of a new journey of college as a freshman; the nerves of the unknown lingers on as you sat in the classroom, awaiting your professor arrival. Suddenly, the door swung open and a tall, muscular, Caucasian male walked in, commanding the class attention by his demeanor. The nervousness intensifies as he proceeded to call on the attendance. This is it people! the moment everyone, including your family, have been waiting for; first-generation of your lineage to attend college. Name by name each student signified their attendance by raising their right arm when called upon, but, there’s a problem, your name was not called on. What? How can it be? There’s no way! you are overcome with complete and absolute shock; realizing you’ve been dropped from your classes due to financial aid issue. To continue enrolling, you would have to pay out of pocket. The excitement that was there before, no longer remains. Countless number of young adults are overwhelmed with the reality of college and paying for an education. For many students, each year, they are the recipient of such a catastrophic experience. Unfortunately, I was the victim of this heart-rending incident; imagine a society where financial aid and student loans did not exist, but instead, the necessity of these financial programs would diminish because college tuition would be free.

In addition to my experience in advising and student affairs, I have also worked as a professional in financial aid for the past eight years. During my time in financial aid I have seen first-hand the challenges students face with the cost of obtaining a higher education degree. My role in financial aid has evolved over my career while exploring the theoretical

As a mother of four, a large number of the social problems described in the text can and does directly relate to myself, as well as, my family especially regarding the matter of education. However, the problem directly affecting my family and I is the emerging social problem of rising student loan debt. Student loan debt is a problem that has begun to seep into the very mainstream of society as more and more individuals attend college, especially those with great financial needs. Personally, I am lucky to say that I do not need to borrow money to attend IRSC which has been a major blessing that has allowed me to better my education. Unfortunately, the same cannot be said about my husband, who graduated from Florida State University with student loan debts around $30,000 dollars. $30,000 dollars is a relatively average amount, according the Institute for College Access and Success(TICAS) 70% of college students graduate with student loan debt, with an average of $28,950. While this amount is overall average in our society, combined with the costs of raising four children, as well as, having only one working family member who makes a relatively low salary as a school teacher, it puts significant financial strain on my family. Rising student loan debt just doesn’t affect my family and I, it affects millions of Americans, especially those who are poor and cannot afford college. Rising student loan debt is a societal problem that is hampering millions of young Americans

State legislators slashed more than $121 million from college financial aid programs alone, leaving 29,000 students without the possibility of receiving aid from TEXAS grants, the state’s financial aid program for needy students. Since Texas colleges and universities were also cut 9 percent by the legislator, they were forced to raise prices for students. Due to the uncertainty of the Texas financial aid, many college administrators reported losing numerous highly qualified students to out-of-state universities and colleges and many families have lost the ability to pay for tuition because of the lack of resources.

Everyone needs money to pay for college. The Free Application for Federal Student Financial Aid opened this month. Completing FAFSA is required to be eligible for over $24 billion in grants, loans, work study and even scholarships. Students must complete the FAFSA every year in order to continue to be eligible for financial aid.

Lyle McKinney and Heather Novak address in the article “FASA Filing among first-year college students: who files on time, who doesn’t, and why does it matter?” that every year many students fail to collect financial aid because they did not file for one. The reason why students do not file for FAFSA is because they believe that they do not meet the requirements for financial aid. Other think that they can provide for themselves without the help from financial aid. Some students worry about their privacy or they either miss the application deadline. According to McKinney and Novak, “44% of first-year community college students did not file a FAFSA” (McKinney and Novak 12). Community college students who file late or after the deadline will get

The increased costs of tuition and fees are making it more difficult for individuals to attend college, and they are being forced to drop out, having a major impact on graduation rates. Data stated that was stated in FACT SHEET on the President’s Plan to Make College More Affordable: A , Better Bargain for the Middle Class (2015), “The average tuition at a public four-year college has increased by more than 250 percent over the past three decades, while incomes for typical families grew by only 16 percent” (“Fact Sheet”, 2015). This is causing major stress and becoming a burden on the finances of the student and their families. In order to attend college, a large percentage of students will have borrow money because of

A decade ago, student loans barely existed. Today, however, American students borrow up to couple million dollars a year to attend college. An entire generation is burdened with debt, and affected by the modern phenomena known as the “student debt crisis.” In recent years, student loan borrowing rates have risen notably, leading to concern about the public financial risks associated with the financial challenges faced by many students. Of late, the United States government has given out about $170 billion in financial aid annually in an effort to encourage students to attend postsecondary education. Such funding are usually supported by research that consistently finds positive and growing average economic benefits of

In the U.S. students are encouraged to earn a college degree, but the cost of an education turns many away. “Driven by the allure of a decent salary with a college degree, Americans borrowed to go to school. Outstanding student debt doubled from 2005 to 2010, and by 2012 total student debt in the U.S. economy surpassed $1 trillion” (Mian, Sufi 167). There are plenty of opportunities to obtain funds for college, including one of the most common, student loans. A student loan is defined as “a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford” (Barr). Student debt is at an all-time high in America. Over half of all lower income

Families are now aiming low when it comes to college- or are simply not going at all. Money could play a huge part in this decision- after all, the cost of college has skyrocketed over the years, and so has the amount of student loan debt. This is something even Leonhardt admits, stating that, because of this, only about 33 percent of young adults get a four-year college degree today, while another 10 percent receive a two-year degree (Leonhardt). And even though many colleges offer financial aid packages, that money may soon be cut and the cost of college will continue to grow. It is true that, in my personal experience, just because a student is awarded financial aid does not mean they have a golden ticket to University. This leaves many desperate students the only option of taking out as many loans as they think they can handle- often more than they should. Debt is not a new issue for America, but it is still a problem. Although David Autor, an M.I.T. economist, laments: “not sending [young adults] to college would be a disaster”, no one can ignore the rising rates of loan defaults, and some think it

Presently, the availability of educational opportunities at the college and university level is a critical state and personal interest given the needs of the state for a well-educated workforce which has never been greater. Too many, the focal point of attending college is receiving a high paying job in the future. Unfortunately, in most states, tuition is on the rise and students who come from low-income families find themselves struggling to fund their education. According to legislatures, “The cost of college in New Jersey, as in the nation, continues to grow faster than the rate of inflation.” (State of New Jersey 1). In the national financial aid policy resources that are typically given to the neediest families are shifting towards

Just as Affirmative Action can be utilized within the admission process for college institutions, it can be used in the financial aid decisions for student’s funding of their education. And, while the decisions for college admissions can be based in part of affirmative action pending the institution’s election of voluntary, race-neutral, or race-conscious admissions – Federal financial aid must have specific boundaries as well. Chace (2012) states a structure of financial aid and admissions systems within a higher education institution give clear indications to incoming students what a school’s value and mission may be, without having to say it distinctly word for word.