The current changes in the education system have been the topic of discussion in the contemporary world. Prevalently, education has met myriad changes as it transcends from the traditional method to present-day education. The old-style education involves the learning process in which the students physically interact with the instructors. Similarly, the traditional method countenanced the student to dig deep into their pockets to cater for the education expenses. Evidently, the old education was inconvenience and expensive to numerous students. The outcry of the students, have led to several institutions creating online programs called e-learning to permit the students with tight schedule to pursue education. Similarly, the US government together with other institutions of higher learning has initiated financial aid with the sole reason of reducing the education expenses. The mentioned financial aid includes scholarships, student loans, work study programs and grants. Scholarship enables both talented and outstanding students to enjoy free education. Student loan enables the needy students to afford the education. On the other hand, grants are unpaid student loan. It is imperative to mention that both e-learning and financial aid has made education possible for different category of students. The paper seeks to highlight the cost and benefits of the e-learning and the student financial aid.
Prevalently, e-learning program majorly known as online learning provide the student with fixed schedule to access the education. The web browser has permitted the student to utilize the internet and computer to interact with the instructor. A notable fact is that the mentioned “education system has encouraged learning to take place in any part of the global world” (Walsh 743). The fact is e-learning has flexibility coupled with time consideration; the mentioned features have enabled the discussed program to compete fairly with schools and universities.
The students using e-learning do not need to waste time traveling to college and university. Comparatively, the cost of e-learning is less expensive unlike learning in which the student fully interacts with the teacher. The later involve tuition fees, accommodation fees and traveling expenses. Additionally, e-learning has given birth to advanced learning technology, online quizzes, that evaluate and provide immediate feedback on the student’s progress. The mentioned technology enables the instructor to evaluate the student constantly.
Despite the mentioned benefits, e-learning has considerable shortcomings that a student needs to scrutinize before making enrollment decision. The program presents less interaction between the learner and the instructor. The student can only reach the teacher through web discussion, email communication and on the phone. In view of the aforementioned, e-learning only fits the category of students who do not need the physical presence of the teacher. Similarly, “online communication in most cases result into lack of communication or miscommunication which may present the learning challenges” (Norton 13). Worst to mention is that e-learning permits student independent learning. Students have to read, conduct research and submit his/her work through the internet. The said feature discourages the students who are devoid of solid writing communication skills. Also, the cited feature inhibits the students who prefer audio-vision learning or hands-on training.
Most of the institutions have not accredited their online programs. The students who accomplished their courses through unaccredited online may find it intricate to securing jobs. In line with this, a thorough research is essential before settling on any online course. Evidently, “most of the employers prefer degrees or certificates attained through traditional learning” (Manhas 79). The old-fashioned employers still perceive the face to face instruction as a vital tool in learning. The mentioned perception makes online students less competitive in the job market.
The US government has worked hand in hand with the Education Departments in all the states to ensure needy students afford the education. US government strongly believes that its economy can only rise through education empowerment. In achieving the mentioned task, the government has provided federal student loan at a very low interest rate. Currently, “the student with meager income is able to afford educational expenses” (Shireman et al 46). Secondly, the student will only repay the loan provided after his/her graduation. Through the said flexibility, the students have humble and peaceful time to learn without struggling to repay the loan. More interesting is the fact that the government subsidizes loan to needy students. Subsidize loan arises when the government pays part of the interest on the federal student loan. The student, therefore, will repay a small amount of the loan.
The federal student loan has fixed interest rate, a feature that enables the student to calculate the expected principal in advance. Similarly, the mentioned fixed interest rate is much lower as compared to the private loans. Also, interest rate on the federal student loan is minimal as compared to credit card interest rate. In view of the aforementioned, the needy and able students have flocked to the federal student loan. Interestingly, for the graduates who joined the public services may have a portion of their federal loans written off. The above is to entice the graduates to work in public sectors rather than the private sectors. Prevalently, “there are several options of repaying the discussed loan” (Shelton 201). Once the students secure jobs, they are free to link their monthly payments to their income. Also, the graduates have privilege of postponing the repayment time. As a result of the mentioned flexibility, the federal student loan remains the best.
Conversely, the federal student loan has several demerits. The federal student loan is expensive in the long run. The loan has left many undergraduates with huge debts. The tuition fees in most of the learning institutions are up to 40, 000 US dollars per year. As the students graduate, they have to start thinking of ways of repaying the huge debts. Similarly, the mentioned debts can run up to 30 or 40 years, putting the graduate in debt throughout his/her lifetime. “Even at the time of hardship the graduate have to proceed with the repayment of the loan” (Glater 2162). Graduates who are in debts have faced challenges in opening savings accounts as most of the incomes go to loan repayment.
Obnoxiously, the accumulated debt arising from the student loan can ruin the credit history of graduates. If the graduates take a longer period to offset the federal student loan then, the government may list them as loan defaulters. Certain employment professions do not prefer loan defaults; such impedes the graduate from securing jobs. Similarly, “government listing of loan defaulters can inhibit such graduates from qualifying for loans in various banks” (Simkovic 598). Worst to mention is the fact that the federal student loan is payable whether the student graduates or not. Once a student has applied for the discussed loan, there is no escape; the condition is that the student must pay the loan. The graduates will not have to repay for the exact amount of the loan given, but they will pay an additional amount as a result of the attached interest rate. The students who apply for a private loan will have to repay hefty interest rate leading to huge debts.
The government and the various institutions have provided scholarship to a good number of students. Scholarship is not for all students but only for the outstanding students. The students who excel in their various academic professions earn scholarship. Unlike the student loans, “the students who earn scholarship pay no monetary value to the body that provided the scholarship” (Petersons 12). The mentioned scholarship accelerates the student to work hard in their academic professions. Only the very best student among many earns the scholarship. Sometimes the talented students in various field earn scholarship, for instance, the students who are good at athletics get scholarship award. The worst part of the scholarship is that sometimes it carry with it terms and conditions. For instance, an organization may demand that once it gives a scholarship to an individual then the person has to work for them till a given period.
Myriad institutions have created work-study program to enable the needy students to meet part of their educational bills. At every end of the contracted period, the student who performs the work study earns a specific amount of cash from the school or university. The students can “use the paid amount to buy books or cater for other education expenses” (Williams 6). The only challenge with the mentioned program is that a student work for the institution whilst other students are busy reading. Plausibly, the student who engages in the mentioned program cannot compete favorably with the students who dedicate full time in studies.
The government and various learning institutions have provided grants to the needy students. The most advantage of the grant is the fact that it is free and students do not repay it. In most cases, “low-income students invariably enjoy grants” (Johnstone & Marcucci 214). The sole reason of the grants is to reduce the education burden to the needy students. Other institutions have provided grants to student who work hard to encourage the entire students to work extra hard.
Works Cited
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Williams, Mark Spencer. Federal Work-Study: How America’s College Use Federal Funds. USA: Lulu. 2003, Print
