The Visor

High cost of college leads to increase in financial aid

October 13, 2011

By James Axson

In today’s constantly fluctuating economy, and with the price of college rising an average of 6% each year, money now plays a larger part in the college decision then in previous years. “Cost is definitely important because it limits everything in the process because [for] some, even to apply is expensive,” senior Jake Pelini said.

Unfortunately, limitations caused by price often discourage people from applying to schools which they would like to attend. Also, the limited number of  high-value scholarships given out by universities often leaves those who did not receive one reverting to fallback schools rather then their original choice.

In order to prevent cost from disrupting the United States education system, the government has worked with colleges to create financial aid programs which help make higher level education more available to all.

In 1965, the U.S. government passed the Higher Education Act, which authorized federal student financial aid programs such as the Educational Opportunity Grant Program and the Guaranteed Student Loan Program. Over the years, this act has been reformed in order account for changing times. Recent reforms in 2003 and 2008 promoted the increase of availability of financial aid to a wider range of people. As a result, 65.6% of undergraduate students in the 2010-11 school year received some form of aid, according to the College Board’s yearly report, compared to the 55% in 2001. The reforms also allowed for greater aid distribution by both public and private schools resulting in both the University of Akron and the highly selective Harvard College providing over 70% of their undergraduates with financial aid opportunities in 2011.

With the number of financial aid opportunities on the rise, it is important that college applicants take full advantage of every option. Researching into the different types of aid available such as merit-plus-need scholarships, grants and loans is a great way to learn more about how to receive aid. Using tools such as financial aid estimators and college price calculators also helps put the cost of college into perspective.

Financial aid and scholarship programs are offering students much needed relief when it comes to paying for college. The impact of the recent reforms can be seen in the fact that the majority of college students now receive aid.

“I probably wouldn’t have gone to Marquette had I not gotten a scholarship,” 2011 Hoban graduate Alex Redle said.

However, despite the rise in college tuition, many students do not plan on making their college decisions based solely on cost.

“Cost is something to consider but it shouldn’t be the deciding factor,” senior John Paul Gromofsky said.

For those where cost is not a deciding factor, financial aid can still have benefits such as helping to lower student debts and, if necessary, the ability to save money for continuing education.

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