Thursday, March 28, 2024

Financing U

Low-income students should receive better financial aid

Although programs exist for low-income students, universities need to make a better attempt and accommodate their financial needs.

The number of low-income students applying for college is rising, but the amount of financial aid money is not.

The Advisory Committee on Student Financial Assistance recently released the Access Denied Report, which analyzed the financial situation of students entering college. They found that need-based aid programs and grants are becoming increasingly insufficient. The report also stated that many underprivileged students are doing well academically compared to their classmates.

According to the report, low-income families are spending 62 percent of their real family income on college, facing $38,000 in debt each year.

These statistics clearly show not enough attention is being paid to the education of low-income college hopefuls.

With a changing economic climate and career market, a high school degree often is not enough to succeed in a professional job. Students coming from low-income families have the opportunity, with a college education, to break out of the socioeconomic situation of their parents. If parents aren’t able to pay for their child’s education, their family faces the prospect of remaining stuck in its current lifestyle.

Because colleges are constantly raising tuition, the effectiveness of need-based financial aid is dropping. Besides tuition, many students must spend their freshman year living on campus, as is the case with MSU. This introduces the cost of living in a dorm in addition to a meal plan, giving students no option but to hand over the money. Institutions of higher learning are becoming increasingly open to new ideas and change, but can’t claim diversity if they are catering mainly to middle- and upper-class students.

Michigan institutions should look into academic rewards programs for underprivileged applicants. Students who excel academically but do not have the resources to attend college should be given extra attention so they might keep up with their peers.

This would offer opportunities to those who do well in the classroom, leaving personal finances out of the picture for students of equal talent. More money should definitely be allotted to the Pell Grant, a program that provides students with financial support, which need not be paid back.

Better financial aid should also be considered for middle-class students. Federal financial aid programs decide who needs money based on income and asset value. This overlooks middle-income families that may make enough money to pay for college, but nothing else. These families must use loans along with their income to pay for college so they can afford to pay for groceries and insurance, racking up huge debts.

Financial aid programs need a face-lift, and they need it soon. Universities should get their act together to make sure they are really supporting their claim of having a diverse student body.

Discussion

Share and discuss “Financing U” on social media.