Group member Rohan Gupta posted a blog recently about the rising costs of college. In his post, there is a graph that depicts that the cost of college rose nearly 500% since 1982, while the median family income only rose 150%. This means that, more than ever, many students and their families must be dependent on some source of financial aid to help pay for the costs of education which are so much higher t
han the income they are bringing in. Furthermore, in the recent period of economic downtown, the government and private institutions markedly reduced funding to college institutions. To the average student, this means less financial aid being awarded as compared to previous years. This year, in the face of being awarded low financial aid, my family and I struggled to come up with the necessary college fees. I have felt the effect of the cuts in student loans hard. To what magnitude are the rising college costs and the decreasing aid granted affecting college students and their pursuit of financial aid in light of the current recession?
In the past, the state and federal governments created programs that would help students pursuing careers in nursing and teaching to pay for their schooling and to pay off debts after graduating. According to NPR, in the face of the current recession, students can plan on seeing the government substantially cut financial assistance with such programs in the near future. Reuters reported on data that shows that in 2009, the private student loans sector is exhibiting tightened lending practices in correspondence with the worsening economy. It goes without question that the effects of the current recession will be strongly felt across campuses nationwide. With the government cutting student loan programs and with private sources lending less, well more than half of the students on college campuses that are reliant on financial aid will definitely be having a tough year making ends meet in a time when a college education is at its priciest.
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