Week 12 Reading
In reading this weeks readings, I was very interested in learning about the different experiences the students in the study had. The financial aid system in America is a crucial component to whether or not students can attend higher education institutions, but there are many flaws that were highlighted in the reading that I was not previously aware of. In this post, I will discuss the national need for financial aid and the shortcomings of the system.
In the readings, there were a few students who were a part of the study that I feel encompass the recipients of financial aid in America. There is a wide range of individuals who seek out financial aid in order to complete higher education. As the cost of attendance has drastically increased over time, the amount of students who need financial aid has also increased. The students in the reading all have different stories. They come from different socioeconomic classes with different familial situations and are at different stages of their lives. When asked to explain who I picture when I think of financial aid recipients, it is hard to formulate one composite image. As time has progressed and society has changed, the average financial aid recipient has taken many different forms. These individuals come from vastly different financial backgrounds from living below the poverty line to middle-class families. These individuals also vary in age quite a bit. Higher education degrees have become more and more crucial for upward mobility in our society. This has caused individuals to return to college as adults, complete degrees they had not previously finished, and obtaining new degrees in order to earn more money. In addition to age and financial position, financial aid recipients vary based on independence status. Students who are under 24-years-old are likely still claimed as dependents by parents and independence before this age is hard to obtain. This status affects the amount of financial aid awarded to the individual. So, when asked to picture what a financial aid recipient looks like, I see a composite image of everyone in our country, including myself.
The week’s reading has taught me a lot about America’s financial aid system. While policy surrounding this topic extends back over one hundred years, the recent spike in need for financial aid is limited to the last 20–50 years as the need for a college degree has replaced the baseline of education that used to be a high school diploma. The cost of attendance is a concept I learned about through this reading. Colleges have the power to determine what their sticker price will be and financial aid is restricted to this cost as well. Given that financial aid can not exceed the cost of attendance, there should be more emphasis placed on the accuracy of this cost. However, college typically underestimate this cost and students feel the negative effects of this. In addition, the assumed cost of living based on whether a student lives on or off campus or with their family is vastly underestimated. Students living with their family face many challenges because of this and colleges seriously underestimate the cost of living for these students. Another new concept I learned from this week’s reading is that private scholarships and sources of aid are often not awarded in full to students. Since the cost of attendance dictates the amount of aid an individual receives, a student awarded private sources of aid are unable to accept the full amount of these scholarships if they have already received a certain amount of aid. Students also rarely are able to see the flow of money making it more difficult for budgeting.
Overall, this week’s reading has opened my eyes to a lot of the shortcomings of our financial aid system. While I knew this was not the best system in the world, there are many aspects of it that far from benefit students. In order to face the student debt crisis and the extreme costs of attendance for colleges, the financial aid system in America needs serious reform.
