The history of federal and state involvement in subsidizing the cost of higher education has filled books. From the federal perspective, Congress opted to support the students’ cost of college attendance through student loans versus grants beginning in the 1950’s. The need-based Basic Educational Opportunity Grant (now known as a Pell Grant) was initiated for the 1973-1974 academic year.
Today’s higher education environment vis-à-vis the national economic situation has ignited a debate over whether a college degree is worth the cost. Significant budget cuts in many states have meant that colleges are raising tuitions, increasing fees, and offering less in scholarship money to students. Few students had enough money saved to pay for college prior to the economic downturn which has had a catastrophic impact on many schools (see my daily headline postings and links in the “Impact of the Economy on Higher Education” section of my blog for some examples).
