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• W2992205511 abstract "The growing focus on college affordability expanded further in the fall of 2005, with the naming of a National Commission on the Future of Higher Education (convened by the Secretary of Education) and the launch of a national initiative on college costs (underwritten by the Lumina Foundation). Given that the United States' position as a world leader in educational production is under challenge, such high-profile attention is in some respects welcome. At the same time, however, these windows of opportunity will become missed opportunities unless those leading the conversation focus attention and policy action on the factors-especially student aid- that most significantly impact students' ability to attend and complete college. The competitiveness clock is ticking, and the nation will continue to fall behind until and unless our blue ribbon efforts move from exhortation to implementation. The latest edition of The College Board's Trends in Student Aid series provides important-and sobering-observations about the current state and future direction of federal efforts to financially assist postsecondary students. While many of the key findings in the 2005 report are not surprising to veteran higher education experts and analysts, they nonetheless underscore patterns that leaders in the latest round of reform conversations should digest and think carefully about as they work their way toward recommendations for action. Issues that stand out include: * Slowed growth and eroded purchasing power of needbased aid. After significant expansion in the mid- and late-1990s, the Pell Grant program has now hit a plateau in terms of inflation-adjusted total funding ($13.09 billion in 2003-04 and 2004-05). (see Figure i.) The combination of slowed funding and increasing participation in the program has caused the inflation-adjusted grant per student to fall (from $2,564 in 2002-03 to $2,469 in 2004-05). Add in price increases, and the result has been a significant erosion in purchasing power. In 2001-02, just under half (42 percent) of the total cost of attendance at a public four-year university could be covered with a maximum Pell Grant; by 2004-05, that share had shrunk to just over one-third (36 percent). These directions are troubling, because projections of postsecondary enrollment for the next decade show a substantial influx of populations that have tended to demonstrate higher financial need (e.g., first-generation and minority students). Absent a shift in policy direction, such as increased investment and/or a change in program formulas, more and more students will be eligible for less and less money, thus widening the unmet need gap. * Dramatic increases in non-federal (private label) student borrowing. While much attention has been focused in recent years on the movement from grants to loans as a means of financing higher education, change in the nature of that borrowing bears more careful attention. …" @default.
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• W2992205511 date "2006-01-01" @default.
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• W2992205511 title "Student Aid Trend Data Represent a Wake-Up Call, but Who's Listening?" @default.
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