Colleges offering more scholarships to wealthy students
August 1 , 2013
Some new studies show that college students that come from affluent background have better chances of getting financial aid than those that truly in need.
A new study by Sallie Mae indicates that 36 percent of students from well-to-do families received scholarships that averaged to $10,213 for the school year that just ended. On the other hand, 35 percent of students whose families earn less than $35,000 annually received scholarships worth an average of $7,237.
Author of the New America study, Stephen Burd said this practice is endangering the pathway that has been there for the middle class.
The reason for this practice is that second tier schools use scholarships offers in order to attract wealthy students to attend their programs, even if those students don't really require that financial aid. Many colleges also prefer wealthy applicants in order to maximize their revenue.
Sandy Baum, a senior fellow at George Washington University's graduate school of education mentioned the issue of recession that leaves more students in need of aid.
Baum suggested a solution, according to which colleges could lower their tuition and reduce the amount of merit they award.