More Student Debt, Less Payback - Especially For Women
"As anyone thinking about enrolling in a college or university knows, tuition is not cheap. The National Association of Student Financial Aid Administrators (NASFAA) notes that since the early 1980s, tuition has risen by approximately 7 percent a year, causing two-thirds of students to borrow to complete their degrees," Truthout News reports. "Although grants and outright scholarships exist, part of the problem, NASFAA's website explains, is that 'in 1975 the states picked up 60 percent of the tab while families shouldered 33 percent' and the federal government picked up the balance. Thirty-eight years later, the states pay approximately 34 percent and the feds pay 16 percent, leaving students and their families to shell out - often through loans - the remaining half. And it's getting worse. According to the Center on Budget and Policy Priorities, since the start of the recession in 2008, 'cuts to higher education have been severe and almost universal.' As a result, every state except North Dakota and Wyoming spends less on student aid than it did five years ago. Worse, as staggering as these numbers are, when gender enters the mix, the impact is heightened. There are two reasons for this: First, there are more women than men on campus - 56.4 percent vs. 43.6 percent nationwide. Secondly, females earn less than men in virtually every occupation, from business to medicine to the arts, but pay the same amount to go to school, making any outstanding loans a larger repayment burden."
NASFAA's "Financial Aid in the News" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.