As more and more people enroll in higher education institutions each year, costs of admission and fees in colleges and universities continue to skyrocket. This steady and rapid increase has far outstripped the growth of median household income comes. The question of how these prospective students are supposed to pay for their education? Mark Elenowitz suggests that scholarships need to be the savior for students right now.
The Current Situation
Mark Elenowitz the most common contributor to college costs are the parents of the students, followed by scholarships and grants. And then brought up by student loans and other financial leverages. But in the face of rising tuition costs, even the students’ parents are not able to afford the costs.
Not every student is born lucky enough to be able to pay their student loans. Many times, student’s financial status changes. In order to complete their education or to drop out.
It is for this reason that growing student debt is a massive talking point in the country. Student debt is valued to be around $1.7 trillion currently. That is correct; there is a ‘tr’ before the ‘illion’ and not a ‘b’ or ‘m’. Student loan debt forms a larger sum of money than credit card debt does. Such an amount is unprecedented and shows us the horrifying reality of many students, a majority of their lives spent in paying off their loans. For their retirements or in their reserves. It is a financial crisis that is looming on the horizon.
When you add in the historic levels of unemployment and insolvency. Due to the Covid-19 pandemic, where in addition to the countless lives lost, more than 10 million jobs disappeared. And you are looking at a very dire situation.
Mark Elenowitz while federal student loans. Was even extended, students who had taken student loans. From private institutions received no such relief. And even with forbearance, the loans haven’t disappeared anywhere; they’re just delayed. Students are now faced with the unenviable task of looking for well-paying jobs in a market reeling. From the after-effects of the pandemic, in order to pay off their expensive loans.
Nearly 3/4th of the college student population work on the side to support their education. Managing work with a busy college schedule often leads to burnout and mental deterioration. Not only does this affect their health but also their capabilities in learning and then practicing said learnings in their field.
As students spend most of their financial resources. Paying off these exorbitant loans, the period of time in their careers. Where they are able to save money for long-term assets and retirement planning is cut short. This results in adults and senior citizens who have very little financial freedom. And almost no flexibility in terms of financial safety. It is no wonder that most Americans are one bad incident away from bankruptcy and homelessness.
According to Mark Elenowitz to the experts. It, not just the looming financial disaster due to student loans that is concerning but also the effect of high tuition costs on enrollment numbers and higher education levels. As costs are rising without any signs of stopping, many students are now reconsidering their options of pursuing any higher education. The reason is that they simply can’t afford any such education.
The Need for Scholarships
Higher education is one the greatest equalizers in life, as it provides students the opportunity to rise up from their circumstances and does great in life. While college degrees, in general, have a good ROI, that fact doesn’t help students who can’t afford to make the investment in the first place. To compete for lower-tier jobs, further condemning another generation to the same issues. This compounded over many generations can cause considerable problems in our society. It out because they never got the opportunity to pursue the education that they could have excelled in.
While the new administration looks to help in mitigating this crisis. Which includes a proposed plan to create a program that will allow graduates to contribute towards national or community service. In exchange for up to $10,000 of debt erasure per year up to a period of 5 years.
This is why scholarships are incredibly important. While tackling the rising cost of education and the issues with student loans and policy issues, scholarships provide. An avenue for students to be provided with aid free of any political discourse. Not only do scholarships help students in lowering the number of loans that they are taking upon themselves, but scholarships also promote greater enrollment to institutions of higher learning.
Scholarships reward academic excellence in students. This recognition in the form of scholarships not only motivates students to push themselves. To excel but by rewarding the very best scholarships ensures that no talented student is missing out on the opportunity to attend college.
Fairer and easier access to colleges is important. Scholarships help students become lawyers, doctors, engineers, teachers, scientists, and many more roles. Roles that are essential in a country for it to thrive and grow. In pursuing their chosen field just because of disparity in their wealth levels.
Scholarships also provide an extensive support network for students. This is both in the form of financial aid and in the opportunity. It provides to establish an important networking circle for the rest of the students’ lives.
Mark Elenowitz the importance of scholarships in order to provide alternative means of financial aid to students cannot be understated. Without scholarships, many students would have no choice but to not pursue a college education at all. As college tuitions continue to rise, there is a greater need for more scholarships to be provided for students in need, and students showing academic excellence.