“The methodologies used to calculate how much help families require for college are flawed in a variety of ways. But what is a much more disturbing problem being that despite what financial aid formulas say a family can afford, the vast majority of schools expect them to pay much more” (O 'Shaughnessy). Financial aid should be based on the student’s income alone if they are employed, and not on the entire household income. “The formulas for financial aid measure ability to pay by assessing a portion of the family’s discretionary income and assets. Discretionary income is the amount of taxable and untaxable income that remains after subtracting mandatory expenses like basic living costs” (Kantrowitz). Perpetually as we file for financial aid, we are required to insert one or both parent’s incomes throughout the year. This is required for those under the age of 25. In doing so, our chances of getting more financial aid money...
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...be entirely based on their special talents or rewards, but for the potential that was given in school, and the potential that will be shown while in college.
Although financial aid gives us the ability to pay for college when we cannot pay for tuition and fees out of pocket, it also gives us the ability to take advantage of remaining aid money that we receive back. In doing so, this allows us to spend financial aid money irresponsibly, rather than paying back our lenders immediately. The financial aid system is flawed and should be changed. Aid money should be based on the student’s income alone, rather than the entire household income. Rather than aid money being rewarded back to the student, it should be given back to the lender to prevent irresponsible spending. Lastly, aid money should be given to the students who have shown and will show potential in school
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