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Though the rise in college student debt often has been blamed on rising tuition, a radical shift in student financial aid--from a system relying primarily on need-based grants to one dominated by loans--has been equally important. Numerous reports have highlighted the burdens faced by students who borrow large sums, but less is known about students who are averse to borrowing. For these students, the increasing prominence of loans could actually narrow their options and decrease their chances of attending and completing college. Given the increasingly important role of student loans in financial aid packages, perceptions about debt influence the ability of loan programs to achieve their goal of equalizing opportunity for students at all income levels. Based on interviews with students, counselors, outreach professionals, and financial aid directors, as well as a review of relevant research, this discussion paper offers an initial gauge of the debt dilemma and recommends four broad strategies: (1) making more grant money available for low-income and first-generation students, (2) making loan programs more attractive and efficient through income-based repayment strategies, (3) better integrating financial aid awareness into high school counseling, and (4) providing more pathways for students who prefer to attend part-time. Loans are likely to remain a mainstay of federal financial aid programs, so as interest rates begin to rise for the first time in years, foreshadowing higher future payments, the problems faced by students who borrow as well as the barriers confronted by those who are averse to borrowing are only liable to increase. (Contains 29 endnotes.).
This study proposed to investigate the financial aid literacy of college students and if differences existed between specific groups. The research examined a causal comparison between students who attended a convocation and who did not, Pell awarded student status, and first-generation college student status. The participants included 58 students from the convocation and through a private social media group. The findings revealed statistical significances between students participating in the convocation versus those who did not attend and first-generation college students versus non first-generation in their financial aid literacy. The quantitative and qualitative data showed the necessity and impact of students receiving adequate financial aid information to make prudent educational cost decisions.
"Student loan debt in the U.S. now exceeds $1 trillion, more than the nation's credit-card debt. This timely book explains how and why student loans evolved, the concerns they've raised along the way, and how each policy designed to fix student loans winds up making things worse. The authors, a father and son team, provide an intergenerational, interdisciplinary approach to understanding how, over the last 70 years, Americans incrementally, with the best intentions, created our current student loan disaster. They examine the competing interests and shifting societal expectations that contributed to the problem, and offer recommendations for confronting the larger problem of college costs and student borrowing in the future"--
As of 2019, Americans owed over 1.56 trillion dollars in student loan debt, and 69 percent of college students who graduated in 2018 had to take out student loans. Student debt has increased significantly over the past twenty years, but what factors have brought this about? Are students to blame for making irresponsible financial decisions, or is the price of education rising disproportionately to average income? How do variables like class and race impact student debt? What impact do these debts have on individuals and the economy? This volume examines the nature of America's student debt crisis and explores possible solutions.
Is it still worth it for low-income students to attend college, given the debt incurred? This book provides a new framework for evaluating the financial aid system in America, positing that aid must not only allow access to higher education, but also help students succeed in college and facilitate their financial health post-college. Higher education plays a critical role in the economy and society of the United States, creating a ladder of economic opportunity for American children, especially for those in poverty. Unfortunately, higher education today increasingly reinforces patterns of relative privilege, particularly as students without the benefit of affluent parents rely more and more on student loans to finance college access. This book presents penetrating new information about the fiscal realities of the current debt-based college loan system and raises tough questions about the extent to which student loans can be a viable way to facilitate equitable access to higher education. The book opens with relevant parts of the life stories of two students—one who grew up poor and had to take on high amounts of student debt, and another whose family could offer financial help at critical times. These real-life examples provide invaluable insight into the student debt problem and help make the complex data more understandable. A wide range of readers—from scholars of poverty, social policy, and educational equality to policymakers to practitioners in the fields of student financial aid and financial planning—will find the information in this text invaluable.
The majority of what gets written about student loan debt ties rapidly rising tuition to state disinvestment, cost disease, among other forces that are internal or external to the academy. The neoliberal regime of truth is that a college education is worth incurring student loan debt. Human capital is the motif. The financial "payoff" is seen as a logical reason to go to college and to "invest" in one's future. This book offers a counter-perspective. The editor of this volume places the debt crisis within a "Wicked Problem" framework to help explain why the student debt crisis in U.S. Higher Education doesn't seem to be getting better despite valiant attempts to do so. The complexity of higher education financing and policy is immense, and it is no coincidence that change is slow. The chapters in this book will point out that while the main culprit for why students continue to graduate with more and more student loan debt is not individual choice, but rather evidence of the neoliberal ecosystem of higher education, itself.
The state of America's college education is challenging the preconceived notions of parents and students alike. College costs continue to rise, while the traditional job market continues to dissolve, making the "Student Loan Crisis" a national epidemic. Complex loans are being taken by students who don't understand the ramifications of the debt. Lower than expected salaries with misunderstood employment trends challenge the traditionally perceived value of the college education. Cheating and fraud are growing rampant inside the classrooms, while the traditional top tier college professors are being eliminated. This has created The College Dilemma. But this new world simply has new rules, and young adults can still see the success of their dreams. The College Dilemma doesn't just expose the problems-- it teaches young adults and parents how to succeed in this changing collegiate and employment environment.
With unprecedented student debt keeping an entire generation from realizing the "American Dream," this book sounds a warning about how that debt may undermine both higher education—and our democracy. American higher education boasts one of the most impressive legacies in the world, but the price of admission for many is now endless debt. As this book shows, increasing educational indebtedness undermines the real value of higher education in our democracy. To help readers understand this dilemma, the book examines how student debt became commonplace and what the long-term effects of such an ongoing reality might be. Sold My Soul for a Student Loan examines this vitally important issue from an unprecedented diversity of perspectives, focusing on the fact that student debt is hindering the ability of millions of people to enter the job market, the housing market, the consumer economy, and the political process. Among other topics, the book covers the history of consumer debt in the United States, the history of federal policy toward higher education, and political action in response to the issue of student debt. Perhaps most importantly, it explores the new relationship debtor-citizens have to the government as a result of debt, and how that impacts democracy for a new generation.
"'Indebted' takes readers into the homes of middle-class families throughout the nation to reveal the hidden consequences of student debt and the ways that financing college has transformed family life"--Amazon
In Educating Public Interest Professionals and the Student Loan Debt Crisis, Robert Leslie Fisher examines the student loan debt crisis and its effects on America’s citizens and economies. Exploring the shortage of professionals in fields such as education, medicine, and law, Fisher analyzes the causes and effects of the student loan debt crisis in America and argues for higher wages, student loan debt forgiveness, and an updated financial model to pay for training for public interest professionals. Supported by economic research and a sociological background, Fisher proposes a path forward that will ease the student loan debt crisis and revitalize the economy.