Education Financial Aid

Introduction

Education comes off as one of the most important things in the contemporary human society. Indeed, it has been linked to the quality of life that an individual with research showing that the higher the level of education, the better the quality of life that an individual leads. The increased importance of education has resulted in an increase in the cost of education, shutting out a large number of people from the same. The government and other institutions have, however, filled in the gap with financial aid to allow individuals pursue education even when they do not have sufficient funds (Lipphardt 13). Questions, however, have been raised as to the essentiality of these grants and financial aid. While differing opinions may be raised, students should not be given financial aid every semester rather they should be forced to take loans, which the government would reimburse once they clear their college education.

First, the high dropout rate in colleges leads to wastage of funds. For instance, the average freshman class size in Nicholls State University is 1268 students, with only 67% of the students returning after the first year ( HYPERLINK “http://www.campusdiscovery.com/colleges/profile/nicholls-state-university-campus” http://www.campusdiscovery.com/colleges/profile/nicholls-state-university-campus). Around 86% of students pay fees using loans and grants with grants taking up about 20% of the fees ( HYPERLINK “http://collegestats.org/college/nicholls-state-university/financial-aid” http://collegestats.org/college/nicholls-state-university/financial-aid). With the average grant size being $5000, it means that $2,092,200 goes down the drain every year ( HYPERLINK “http://www.excite.com/education/financial-aid/financial-aid-statistics” http://www.excite.com/education/financial-aid/financial-aid-statistics). This amount is for Nicholls State University alone, which means that the package and subsequent loss would be higher once the national or even state statistics are considered. These losses, however, can be curbed or, at least, reduced eliminating the grants part and requiring that they take loans instead. The government would then reimburse the monies taken for such loans, but only if these individuals clear their college, in which case the grants would be fully utilized.

Works cited

Lipphardt, Debra. The Scholarship & Financial Aid Solution: How to Go to College for Next to Nothing with Short Cuts, Tricks, and Tips from Start to Finish. Ocala, Fla: Atlantic Pub. Group, 2007. Print.

Financial Aid Statistics. Web retrieved from HYPERLINK “http://www.excite.com/education/financial-aid/financial-aid-statistics” http://www.excite.com/education/financial-aid/financial-aid-statistics

Nicholls State University. Web retrieved from HYPERLINK “http://collegestats.org/college/nicholls-state-university/financial-aid” http://collegestats.org/college/nicholls-state-university/financial-aid

Nicholls State University. Web retrieved from HYPERLINK “http://www.campusdiscovery.com/colleges/profile/nicholls-state-university-campus” http://www.campusdiscovery.com/colleges/profile/nicholls-state-university-campus