Submitted by Jeff Arthur, ECPI College of Technology (not verified) on June 25, 2009 - 2:04pm.
For 25 years I have helped students identify the best financial aid package to attend a career college that will give them their best and fastest path to career opportunity. For the last 10+ years my biggest concern has been to help students avoid excessive borrowing.
It is unfortunate that while current policies have provided additional grant funds to the neediest students, those funds are not necessarily replacing student debt. Federal loans are considered entitlements, and in most cases, receipt of ever increasing Pell Grant funds and other grant programs, has not reduced the amount a student can borrow, and we all know that many students do not have the discipline or experience to limit borrowing to their most critical needs.
Financial assistance should be about access, regardless of income. In these tough economic times, most students need access to funds to attend the college that will fit them best. But with current financial aid policies, we have many students that can access more than they need and 'overborrow', and others who can't get enough. We need to do a better job of allocating these resources to help as many students as possible. The total aid someone can access should be somewhat level, but their need would determine how much of that is funded through grant programs.
The motivation is to act in the best interest of students, parents, taxpayers, lenders, guarantors, schools....there is no one that a policy change would not benefit. We all win, so let's make something happen before we have another economic disaster. One of the biggest winners could be our government colleges that are having to disburse huge amounts of debt that could be avoided.
Not a New Cause
For 25 years I have helped students identify the best financial aid package to attend a career college that will give them their best and fastest path to career opportunity. For the last 10+ years my biggest concern has been to help students avoid excessive borrowing.
It is unfortunate that while current policies have provided additional grant funds to the neediest students, those funds are not necessarily replacing student debt. Federal loans are considered entitlements, and in most cases, receipt of ever increasing Pell Grant funds and other grant programs, has not reduced the amount a student can borrow, and we all know that many students do not have the discipline or experience to limit borrowing to their most critical needs.
Financial assistance should be about access, regardless of income. In these tough economic times, most students need access to funds to attend the college that will fit them best. But with current financial aid policies, we have many students that can access more than they need and 'overborrow', and others who can't get enough. We need to do a better job of allocating these resources to help as many students as possible. The total aid someone can access should be somewhat level, but their need would determine how much of that is funded through grant programs.
The motivation is to act in the best interest of students, parents, taxpayers, lenders, guarantors, schools....there is no one that a policy change would not benefit. We all win, so let's make something happen before we have another economic disaster. One of the biggest winners could be our government colleges that are having to disburse huge amounts of debt that could be avoided.