To Register For Our First Time Homebuyer and Credit Restoration Seminar on May 20 2017 Click Here

General News

Increasing Financial Aid On Wealthy Students

Increasing Financial Aid On Wealthy Students

Increasing Financial Aid On Wealthy Students

Just assume you want to take admission in the college of your choice, and you know your family has all the wealth to support the college fee, excluding all the loans and grants. What if you come across a merit award of $10,000 being offered by this college? Won’t you count it as a bonus and avail it? A cake with topping tastes more delicious than a plain cake. Similarly, you would personally seek interest in availing the scholarship offered.  Happy enough, now you can pressure your mom and dad to buy you some other stuff you want because you are helping them save much money that would have been invested into your studies otherwise.

Unfortunately, financial aid which deemed as the lifeline of poor students is not being utilized to its core purpose. It is being used to attract the students from well-off families. Same is the case with the public offering schools, which are taking the support of money to lure most of the well qualified and intelligent students. These merit-based scholarships are used as a ladder for a win in a competition rather than a help anymore. By enrolling highly qualified students, they are able to increase their standards as their average test scores naturally increase, which as a consequence assist them to gain popularity. One conclusion is pretty prominent from this situation that state schools are demonstrating a ruthless attitude towards the poor, needy children who actually require need-based scholarship. No wonder, it would be difficult for them to cope up while facing increasing cost of tuition and decreasing affordability.

Out of state students have benefited from so many universities in U.S because of the increase in merit aid. Sources reveal that from 1998 to 2012 there was barely a change in the states’ provision of need-based scholarship whereas aid for high-income students rose above 500 percent. Sources also tells that the aid for non-needy student is also increasing rapidly at private colleges. A report suggests that packages of aid have heavily relied on federal education loans but a very big question arising here is that if the scholarships are kept for the need-based students then will the universities, colleges and state schools be able to survive in the competition? Will their popularity decline?  Will their academic quality decline?

My perception regarding this issue is that an asset should be utilized for its core purpose rather than using it for some other purposes which are immodest and unethical. A university cannot necessarily just increase its reputation by enrolling just brain gifted students. It should have enough capability to enroll all types of students and maintaining their academic status to such a level that their name automatically become renowned.