Background of the problem
In practice, insignificant number of the students has the financial resources for compensation of their secondary education to the full extent (PPIC 1):
The cost for attendance of the public four-year college exceeds $20,000 on an annual basis.
In the case of getting a degree from the university or private college, these costs raise up to$30,000 per academic year.
That is why, the accessibility of a college education is currently put under the question – as it is estimated by the experts that these prices are going to increase. This trend forces the need of considering the set of different options for the financial assistance (Collegescholarships.org 1).
Major sources of the educational costs’ compensation
Colleges and universities;
Federal and state governments;
Professional associations;
Public and private organizations (Collegescholarships.org 1).
Major advantages of costs’ compensation
Option of getting the higher education for individuals with low to average income rate via scholarships and grants;
Option of avoiding loans for the higher education (Federal Student Aid 1);
Increased rate of accessibility of college degree for talented students with low income rates;
Improved quality of the end product- the highly proficient and competent labor force with college degree
Major disadvantages of grants and scholarships
Requirement for the full time enrollment;
In the case of failure or completing the education, the grant and scholarship may be converted into the form of interest-bearing loan (US Grants 1).
Works Cited
Collegescholarships.org. Education Grant Benefits and Opportunities. 2016 <http://www.collegescholarships.org/grants/>
Federal Student Aid. Grants and scholarships are free money to help pay for college or career school. 2015 <https://studentaid.ed.gov/sa/types/grants-scholarships>
PPIC. Higher Education in California: Student Costs. 2013 <http://www.ppic.org/main/publication_quick.asp?i=1121>
US Grants. Scholarships and Grants.2015 <http://www.usgrants.org/scholarships-and-grants.htm>
