Colleges set the price of their tuition and room and board and based on the student’s family income calculate the Estimated Family Contribution (EFC). Colleges then cover a percent of the students financial need through merit based financial aid such as awards and scholarships, or financial based need in the form of loans, grants, scholarships, or work-study. In the 2012-2013 school year, approximately $238.5 billion in financial aid was distributed to undergraduate students. From this, each undergraduate student received an average of $13,730 including about $7,000 from grants and $5,000 in federal loans.
With such a drastic increase in the cost of education, students may s...
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...the United States were enrolled in college, it would reduce the unemployment rate by nearly 2 million people and less people would need government assistance such as welfare programs and food stamps. Therefore, a federal program used to fund higher education would mean the United States would spend less on governmental assistance programs (Samuels 2012). There would be a significant increase in the United States labor force, the labor force participation rate, and the employment-population ratio. One of the main reasons that the United States has such a high unemployment rate has to do with people’s reservation wage. A reservation wage is the wage that a person requires before accepting a job – the higher the reservation wage, the more likely one is to be unemployed (Colander, 2013). With more people holding higher degrees, they would be able to demand higher wages.
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