The formula and criteria for determining eligibility for financial aid is flawed because students are not able to get the funds they need for college. Financial aid is not looking at the reality of the students’ households. They only base it on the annual household income, and when they take that number into account, they assume the household makes enough money to pay for college.
Student aid needs to look at the household costs each month, not solely how much they make per year. Of course, the number a household makes each year is going to be very large because it is over a long period of time. If they looked at each month, they would realize there is often not enough money for college.
For example, there are other costs, like mortgage/rent, electricity, water, garbage, food and other items that a family might need that they are required to spend their income on. By not taking those expenses into account when determining financial need, lenders and grantors deny a large number of students from being able to afford to attend college.
“Income alone does not determine financial aid eligibility,” says Diego Arce from DeVry University. However, it is from my personal experience that I have been found ineligible for financial aid because of my household income. My parents cannot afford college tuition; they can barely afford the basic necessities of the household. Isn’t financial aid made for families like mine to help kids from poor families attend college?
If this was the case, a lot more families in need would be eligible for college funds, and it would not only be based on their yearly income. More kids could get an education and have a chance to get a good job later on in the future.
Victoria Houchins, Oakley