Buchanan 1

Katrina Buchanan
11/05/14
Mrs. Grant
UWRT 1103
Questionable College Costs
When thinking about college, what is the first thing that comes to mind? The
answer to that question for a lot of people is money. Money for college comes in
multiple forms including scholarships, grants, and loans. Of course there are need
based scholarships and grants, as well as merit based scholarships and grants . The
problem with these types of aids is that the proposed set of requirements for financial
aid do not always hold to be true. Charles W . Eliot, president of Harvard, brought up the
approach as far back as 1904, that rich kids are more likely to be accepted into college
and to get more financial aid than the poor applicants (Carey). Other researchers have
discussed the many failed attempts of trying to require colleges, mainly private
universities, giving a set percentage of financial aid out (Maguire).
The problem with financial aid in this country is that too much is given to the rich
and the private institutions. Pell grants and loans being given to the poor has always
been a thing, but what happens to the middle class? When your parents make too much
money for handouts, but too little to say, here son, heres your college tuition, have a
good life! Also, what are these scholarship distributers and private institutions looking

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at for students to actually classify? When It all comes down to it, like stated before, rich
kids, even if they are dumb rich kids, will be preferred to the poor (Carey).
In this essay, you should find some interesting facts as to where financial aid
actually comes from as well as the true requirements for financial aid . Sometimes it may
not matter if you are really intelligent, if you are poor and the institution thinks you
cannot pay your tuition, they dont want to give out any help at all.
Financial aid comes in many different forms. It is common knowledge that some
forms of financial aid are need based. The free application for federal aid, better known
as FAFSA, is the long, dreaded application that decides whether students will qualify for
federal aid. It is a long process of course. First you must be a high school graduate or
have a GED equivalent, then be accepted into an institution of higher learning. For
males, in order to apply for FAFSA, one must be registered with selective service .
Everyone must have a social security number then finally sign saying that aid will be
used only for educational purposes (Who Gets Aid).
Private universities come with a big price tag. However, any high school senior
who begins applying to these schools, knows they offer pretty large amounts of
scholarship money if you will come to their institution. The problem with private
universities is that their endowment to expense ratios can become somewhat bulky.

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These private institutions do not have the state funding that private universities do, and
in turn have to use their own resources to keep themselves above the water (Wolf).
Private institutes cannot give out large portions of money, due to the fact that
they are state funded. How do students afford to attend these schools? The average
annual cost to attend a four-year university in North Carolina is $6,514 (Tuition and
Fees). Assuming a student would graduate in those four years with no additional
semesters, this brings the grand total for tuition and fees to $26,056. This cost does not
even include room and board, nor does it include food. When universities do not give
out as much financial aid as private universities, how are students expected to pay for
this?
Scholarships, specifically private ones, is where things get a bit more suspicious.
There are many different types of scholarship. Like pell-grants and loans, some are
need based. However, it is questionable on how these requirements are actually
implemented.

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Works Cited
CAREY, KEVIN. "Too Much 'Merit Aid' Requires No Merit." Chronicle Of Higher
Education 59.24 (2013): A20-A21. Education Research Complete. Web. 1 Oct.
2014.
Maguire, John, and Lawrence Butler. "'Have Not' Colleges Need New Ways To
Compete With Rich Ones." Chronicle Of Higher Education 54.19 (2008): A33.
Education Research Complete. Web. 1 Oct. 2014.
"Tuition and Fees by Sector and State over Time." In-State Tuition and Fees by State
and Sector over Time. College Board, 2014. Web. 09 Nov. 2014.
"Who Gets Aid | Federal Student Aid." Who Gets Aid | Federal Student Aid. Federal
Student Aid, n.d. Web. 09 Nov. 2014.
WOLF, ALEXANDER M. "The Problems With Payouts: Assessing The Proposal For A
Mandatory Distribution Requirement For University Endowments ." Harvard
Journal On Legislation 48.2 (2011): 591-622. Academic Search Complete. Web.
26 Oct. 2014.