As economy shrinks, enrolment increases
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The American public understands that a campus collegel education is one surefire route to ultimate financial success. Reports from the Commerce Department’s U.S. Census Bureau estimate that recipients of master’s degrees earn $1.3 million more during their lifetime than those who have only received high school diplomas. So while it is indeed true that some of the wealthiest people alive do not hold college degrees (Bill Gates and Steve Jobs are both university dropouts!), the rest of us mere mortals might feel compelled to earn a college degree to guarantee a steady annual income. And as American families are living through one of the nation’s most financially tumultuous periods, parents know that providing their children with superior higher level educations will help cushion their futures. Prospective students are turning to websites like www.alleducationsites.com to find out what online online college have to offer.
But alas, guaranteeing the current generation’s academic success translates to added stress in an already stress-laden economic landscape. As high school seniors draft university applications and weigh out their options with guidance counselors, many have to eliminate costly private university and public universities with hefty out-of-state tuitions from their “top pick” lists. While prospective university prospective students may have once had their sights set on a particular school for its unique degree programs or social reputation, many are finding that their choices are considerably more limited. Recent graduates who have spent years earning high grades and participating in extracurricular activities might not be able to even consider attending tony private university in desirable metropolitan areas, where annual tuition and housing costs can exceed $40,000.
Furthermore, students already enrolled in university are finding it harder to make ends meet due to rising costs in tuition and living expenses. “I decided to attend fashion school in New York City, figuring that the networking opportunities would translate to more money in my future,” says a first-year campus collegel student, Julie Finger*. “But the cost of living and going to school in Manhattan is very expensive. I’m hoping that getting a part time job will help ease the financial burden on my family.”
Adding to the overall anxiety, families are now limited in their choices of private student loan lenders. The U.S. Department of Education grants funding to online students through universities or private student loan companies. The subprime mortgage crisis has affected the nation’s largest private lenders, like Sallie Mae and Bank of America, who now face cutbacks on resources. Some private student lenders have ceased to participate in the government’s guaranteed student loan program, according to findaid.org. Federal loans such as PLUS loans can be easier to obtain than private loans, and enable families to borrow money with lower interest rates. By filling out the Free Application for Federal Student Aid (FAFSA), students can find out about their eligibility regarding different types of federal financial aid.
prospective students must take it upon themselves to visit financial aid offices at individual online college, and have their family’s financial situation fully evaluated. If a student’s financial situation calls for increased assistance, financial aid offices can provide students with valuable advice. Financial aid officers are well versed in the myriad financial aid options available to students and will help customize a plan to meet a student’s particular needs. Many opportunities to obtain scholarships are available, and federal grants can provide prospective students with supplementary funds they need to remain financially afloat.
university administrators are also going to have to take a new look at how their budgets are being allocated. A recent report done by the Delta Cost Project shows that enrollment costs to prospective students have risen while there was no noticable increase in the quality of academic programs. Many university are allotting large sums of money toward school construction projects or research initiatives, and perhaps this might be a time to slow big-budget undertakings. Fortunately, many university officials around the country recognize that change is rapidly approaching, and they must rise to the occasion to meet prospective students’ needs: “We’re looking internally at our own budgets to see what we may be able to do in terms of providing additional assistance to students under various situations,” Jon Riester of Hanover university recently told The New York Times. To boot, some college are open to adjusting their educational formats to meet prospective students’ evolving demands. universitys such as Arizona State University and George Washington University have added online education options, enabling prospective students to avoid high costs of living on campus.
Overhauls will have to be made both by campus collegels themselves and in governmental policy during this time of crisis. Because while many American families are tightening their budgets and scaling back their standards of living, the nation’s desire for college educationwill not be squandered.
*Student’s name has been changed to protect privacy.
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