A perception that a high school senior being anywhere on this great land and could apply to any college or university in any of the states and would never be turned away just because he is from a poor family. This may be a dream but student loan programs are working to get this dream come true. Student grant and loan programs are created and are challenged to meet the greater needs and demands of students today. We know that college education today has become a very essential component in order to achieve the modern vision and dream specially for the middle class families which have a very middle class lifestyle. In such families an individuals and societal economic well-being depends much upon education attained. Also society as a whole benefits when individuals have college degrees. But when we consider the cost of post secondary education, we know that it has increased much faster than an average income of a family and thus making college less affordable to many students, even to those who may be good in their primary education.
Due to increasing cost of education, students from a low income families are less likely to participate in post secondary education as compared to those who come from a financial sound families. Consequences are that students from poor families and minority students are less likely to attain higher education and so they are less likely to graduate. Thus the student aid programs are very critical in assisting students who come from a low income families or even low-middle income families to attend college and get their graduations from a good universities. Colleges and universities target financial aids to attract those students who are high scorers and thus such aids acts as an important component of “enrollment management”. With the enactment of higher education act the government became more involved in providing the financial aid to college students. Some grants were administered by institutions of higher education, which selected the students and determined the amount of grant. Private lenders made the need-based loans and the government guaranteed the loans in case of default, and also paid interest while the student was in college, and after college paid the difference between the programs low interest rates and market interest rates. Many loans are work-study programs which are administered by the office of economic opportunity. However increased demand of for student loan resulted in these changes. Most students attend public colleges and universities, so private for-profit schools are the largest group participating in federal student aid programs. The U.S. government grants, loans and work-study assistance programs provide financial assistance to more than 10 million postsecondary students thus bringing smiles to many of those faces otherwise who would have never had an opportunity to get a graduation degree.
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