Reply #101: Not nearly as much as it used to [View All]

[IrateCitizen]

From the following article: Majoring in Debt by Adolph L. Reed, Sr.

Increased tuition, coupled with dwindling financial aid, is a significant problem for millions of families. According to the College Board, over the last decade, average tuition and fees at public four-year colleges increased 40 percent, and last year alone it increased by 14 percent. Community colleges increased tuition by a similar percentage last year.

Financial aid is not picking up the slack. Three decades ago, the financial aid system, with Pell grants as the backbone, guaranteed access to public colleges for primarily low- and moderate-income students. Millions of Americans earned college degrees as a result. In 1975, the maximum Pell grant covered 84 percent of costs at a four-year public college. Now, the grant covers only 42 percent of costs at four-year public colleges and only 16 percent of costs at four-year private colleges.

Meanwhile, colleges are shifting away from grants and toward loans. A decade ago, 50 percent of student aid was in the form of grants and 47 percent was in the form of loans. Today, grants are down to 39 percent of total aid; loans have increased to 54 percent.

So, what happens to the students who can't afford to make up the difference when the costs of a decent public education K-12 go beyond what they can afford? Should they mortgage their future for their high school education as well? How on earth will they then pay for college education?