Student Debt And Higher Education

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In recent years, there has been a tremendous increase in student enrollment in higher education after high school effecting the need for financial aid for all students. Education has become a growing part in America where more students want to better their lives with a college education. However, the cost of college tuition has increased and more students find themselves struggling to pay off the enormous tuition rates. In a recent study by the Consumer Financial Protection Bureau, student debt has reached $1 trillion in federal loan debt. Student loan debt has crippled the economy and students are struggling to pay off federal loans. In order to help students with the high tuition rates of college the government and universities offer financial aid to students to obtain a higher education. According to College Board’s Trends in Student Aid, the academic year 2011-12, a total of $172 billion was spent on loans, grants, and tax credits for students enrolling in a higher education (Sawhill, 1). Despite the large amount of financial aid going to students, is the cost of college too much for students to handle? The rising cost of a college education has made obtaining a higher education less affordable for students to receive a degree. Financial aid has become fundamental for many students to benefit from a college degree, but as cost increase and graduation rates do not improve, should financial aid be based off a student’s merit in education or should all students be able to seek a higher education? Financial aid helps students pay for college and covers the expenses of tuition, books and supplies, room and board, etc. Students are given these loans through grants, scholarships, and work study. These loans are benefic... ... middle of paper ... ...ll Grant and leave millions of American students unable to pay for college. To obtain a Pell Grant students must have a high school diploma and then they will be eligible. Requiring students to take rigorous courses and scoring high on the SAT, ACT, or any other standardized test should only be considered when looking at completive schools, not when deciding whether or not a student is eligible to receive financial aid. “The data suggest that removing the Pell Grant from less-prepared students will not compel many of them to forgo college. Instead, they will enroll, and without grant aid, they will take on debt, even more than they already had to” (Goldrick, 3). This will make a serious impact on the economy because students who didn’t perform academically well in high school will have a tougher time paying of the mass debt at the while they attend college.
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