by Marissa Daniels-Benditt
In today’s world, earning a college diploma is considered the key to success. However, when the cost of college is too high and you’re swimming in debt after you graduate you don’t feel so successful. According to the New York Times, There may be a way to fix this.
A majority of Americans turn to the government for financial aid which is based off of the Expected Family Contribution (EFC). The EFC formula uses the financial information a student provides on his or her FASFA to calculate the how much aid they are entitled to.
Believe it or not, the way to cut college costs is by eliminating Congress’ power over the EFC formula. Congress is trying to make the EFC more realistic but there are already so many problems with it that it is unable to be fixed. The New York Times article says that the EFC should be cut by 75 percent and by doing so it would force colleges to construct finanical aid packages without the “artificial price supports of inflated contribution numbers—and make paying for college less agonizing.”
Do you think this could be a way to lower college costs? If this is a plausible way, do you think that it would pass?
Keep in mind, lobbying expenditures by colleges, universities and other higher-education organizations have totaled more than a half-billion dollars over the past five years. Making them the 8th highest interest group attempting to influence Congress!