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Raise Tuition to College, Raise Revenue

In a recent article posted in Forbes Magazine this week, they discuss the source of tuition price in college across America, and the formula created to essentially raise revenue for colleges, even if that means cutting aid to students who truly need it.

The article shows the method colleges use in deciding what their endowments should fund. First they say that the tuition price people see when applying to college should be high. Second, colleges put a good amount of their money into perks for students and campus amenities, which in turn boost their rankings among the Nation's schools. Finally, the school's financial aid is used not solely to benefit those who actually need it to afford school, but for wealthier kids, to get them to attend a school if a discount is given to them, and then they will be able to afford the rest of the full price tuition.

Colleges are taking their financial aid and giving it to students with the funds to afford college; other, not so financially stable kids and families are forced to take out hefty student loans. The article goes on to mention that there is $2.4 billion of student aid that is not being used, and $3.3 billion is being given to students who can afford college. Statistics such as this should call for colleges to reevaluate their distribution of aid.

The formula for colleges are enacting to maximize revenue is: instead of giving one very needy student a large endowment, they will give four not so needy students smaller endowments; therefore receiving the remaining tuition in full from four students, instead of a small amount of money from one student. Everyone deserves a chance at getting a college degree, and to force lower income students to go through all the trouble and long term effects of student loans is not fair when colleges have the funds to give aid to them.

The article concludes with saying that as long as students can access loans, then colleges will use aid in other ways besides helping students afford tuition. This means that tuition prices will continue to increase making attending college more difficult for low income students to afford.

If you have been in a situation where you've taken out student loans and now find yourself in debt from interest on such loans, do not hesitate and get help by contacting an attorney who is experience in handling student loan debt cases. A well knowledge attorney can help ease the burden of student loan debt, and put you on a financially stable track.

Work Cited:

McGrath, M., & Schifrin, M. (2014, August 18). Tuition Sorcerers. Forbes, 74-81.

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