College is one of the most expensive things a family has to pay for. Many have depended on financial aid, typically given through scholarship. However, it is now clear that many of these forms of financial aid may come to a halt.
In this economy, State budgets have been forced to cut to prevent worse economic downturn. Sadly, this causes States to cut some of the most important parts of their budgets. Many scholarships are funded directly from the state. An article in The Chronicle For Higher Education states that many states are cutting their funding for scholarships because they are just too expensive.
Many students need state scholarships. These scholarships handle a huge part of college costs, and many students are only attending college because of the aid. The HOPE scholarship in Georgia is a blueprint that many States use in their programs for aid. Students must have certain credentials and maintain certain grades in college to keep this scholarship. Many students can attend Universities because their HOPE scholarship covers the cost. However, the program is funded by state lottery and the growth for student scholarships is growing faster than the revenue can handle. This now leads to the government reforming the programs. In Florida there is a similar program. It used to pay for 100% of student tuition, yet the State had to cut back and limit the amount of money given due to budget cuts. Similarly, in Georgia, the State is going to cap the amount that is given to qualifying students. It is amazing to see how much of an impact economy has on education. As the economy trends lower and lower, there seems to be less and less opportunities for students to succeed in higher education. Hopefully, States can figure out a way to allocate money and help students to succeed.
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