Higher Education Loans and Grants

The ever-increasing cost of higher education

The ever-increasing cost of higher education has been a controversial political problem. The funding loaned to students is provided by the federal government and is mostly derived from taxes levied on residents. Every student has the right to an education, so the affordability and accessibility of such services are often critical. Unfortunately, there are negative situations, such as money that can be funded for academic research being missed. They are given less consideration, regardless of whether they can do good or hurt. In this regard, the paper annotates such literary works by writers such as; Collier and Richard (2016), Marginson (2016), Michelsen et al. (2016), Schulze-Cleven et al. (2017), and Stevens and Ben (2016) as lens texts to highlight established issues concerning loans and grants for higher education.

Varying opinions from world leaders

According to Schulze-Cleven et al (796), the problem has sparked varying opinions from world leaders. The leaders, for instance, the former U.S president Barack Obama proposed an increase in federal funding to the students in the higher institutions of learning. Similarly, critics have questioned the act of high funding education. They wonder whether it increases students’ enrollment in institutions as well as the degrees attained. Michelsen et al. (399), in contrast, analysis agrees with Schulze-Cleven et al. noting that certain countries such as the United Kingdom receive an acknowledgment from the government where over 1.6 million students are pursuing degrees or diplomas. Besides, another number of close to a million are taking noncredit-bearing courses involving the various industries and commerce.

The impact of loans and funds for higher education on the economy

Marginson (423) through a discourse on “the worldwide trend to high participation higher education” recommends for the adoption of loans and funds for higher education as the institution create a significant impact towards the economy. The author notes that organizations are to be funded while on the other end student loans are approved. The agencies will receive considerable enrolments leading to employment opportunities, hence boosting the country’s economy due to an increased rate of productivity.

Using loans and grants to fight poverty and reduce crime

On the other hand, Stevens and Ben (125) inform the audience that that provision of loans and grants for higher education aim to narrow down as well as eradicate poverty in the United States of America. The war against poverty in return would suppress the level of crime. Many middle age youths would enroll in various educational programs and take short courses. Consequently, the rising level of corruption and drug prevalence are bound to reduce as students will be more occupied with their studies. Moreover, an increase in the college completion rate will see the government increase the number of better-paying jobs, hence leading to significant growth in the American economy.

Repayment and cost considerations

Correspondingly, based on the bright ideas about the loans and grants for higher education, the assisted student are informed of their obligation to pay back once they complete their course and get employed. Collier and Herman (9) note that the payments are to be made in installments once they begin working but at specific and affordable rates depending on the levels of income. Furthermore, the cost of gaining education for the four-year course is bound to increase gradually. Therefore in a bid to meet the future cost involved in providing the much-desired education, the author informs that the taxpayers would have to face an increase in their various taxes, albeit, the move has been blocked by some critics.

Conclusion

The idea of fighting and eradicating poverty in America by offering loans as well as grants for higher education is a bright move. Despite being an issue that has been lately politicized, its credibility is notable as more students are being enrolled in programs that will help nurture their various careers. The five literacy works delving into importance of offering loans and grants to students for higher education compound the need to make the loans and grants available and accessible to all qualifies students. It is, thus, upon the government to trace additional sources of income rather than raising the taxes for the citizens.

Works Cited

Collier, Daniel A., and Richard Herman. “Modifying the federal loan guarantee provision in the Higher Education Act of 1965: an overview of federal loan policies that have transitioned higher education from the social good.” Special Issue 2016 Reauthorization of the Higher Education Act, 2016, p. 9.

Marginson, Simon. ”The worldwide trend to high participation higher education: Dynamics of social stratification in inclusive systems.” Higher Education, vol. 72, no. 4, 2016, pp. 413-434.

Michelsen, Svein, Rachel Sweetman, Bjørn Stensaker, and Ivar Bleikliel. ”Shaping perceptions of a policy instrument: the political-administrative formation of learning outcomes in higher education in Norway and England.” Higher Education Policy, vol. 29, no. 3, 2016, pp. 399-417.

Schulze-Cleven, Tobias, Tilman Reitz, Jens Maesse, and Johannes Angermuller. ”The new political economy of higher education: between distributional conflicts and discursive stratification.” Higher Education, vol.73, no. 6, 2017, pp. 795-812.

Stevens, Mitchell L., and Ben Gebre-Medhin. ”Association, service, market: Higher education in American political development.” Annual Review of Sociology, no. 42, 2016, pp. 121-142.