I think a very important aspect of the financial crisis is how it is affecting higher education institutes. Every year people pay thousands of dollars to go to college but in tough economic times it is getting harder and harder for people to get that type of money. In the past few years colleges have seen a decrease in their endowments as well as a slight decrease in their enrollment. Roger Goodman, vice president at Moody’s Investors Service, which assigns credit ratings to 500 schools, is quoted in a Reuters article in saying “What we may see is a shifting (of applicants) from the higher-priced, small, private colleges, to a lower-priced four-year university, and from the four-year universities to community colleges for a couple of years.” I think this is a very reasonable statement and I’ve definitely witnessed it firsthand with friends dropping out of their more expensive school and moving home to go to the local community college. It’s a shame really that the future leaders of America have to jeopardize their education because of the failing economy of today. Even with their decreased funds, schools are still helping students pay their way through school. The Department of Education has been allocating their $116 billion even more wisely now to help students and families pay for postsecondary education during this financial crisis.
References:
http://www.ed.gov/finaid/landing.jhtml
http://www.reuters.com/article/domesticNews/idUSTRE49T02E20081030
http://www.alternet.org/workplace/114996/financial_crisis_sends_tuition_costs_sky-high_as_colleges_face_crunch/
References:
http://www.ed.gov/finaid/landing.jhtml
http://www.reuters.com/article/domesticNews/idUSTRE49T02E20081030
http://www.alternet.org/workplace/114996/financial_crisis_sends_tuition_costs_sky-high_as_colleges_face_crunch/
By Kelsey Hoffman
I completely agree with these statements. My parents now have three children in college at teh same time and I know that this is where most of our money is going right now. We are so lucky to be able to go to Syracuse becuse the average American does not have 50 thousand a year for college. My fear is that things like finacial aid and scholarships are going to start to decrease and then more and more people will not be returning which truely is a shame. Great points.-Meredith Anderson
ReplyDeleteThis is a great article to bring up, especially for the audience. It seems that the government is putting education on the back burner but without good education for the future of the country where will we be in 20 years? On the other side hopefully this will make those of us with the privilege of going to this private schools to appreciate more and truly take advantage of all they have to offer. - Sara Sindelar
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