Today, on average, students are provided with almost $70 million in financial aid, which is set to grow another $7 million by 2020.
According to data released by the state system, universities have awarded more than $7 million within this year itself.
There were simpler times for the universities before, when the students were bedazzled by merely looking at the university campus or some statue with some significance.
That is not the case today anymore. Students and parents now look for their finances first, before proceeding for admission formalities. The number of students in college debt is higher than ever. This has negatively impacted the enrollment ratio of more than 75% of colleges across the country.
Since 2014, universities across the state of Pennsylvania have deployed new methods to attract students- Scholarship, bursaries, and financial aid. In the last 5 years, the awards given to the students have been doubled across 14 different universities in Pennsylvania.
Financial aid the key to student enrollment
As per the state system officials who are set to meet to decide the financial aid for the next term:
Providing institutional aid to universities and students has managed to make college education more affordable for students, especially when the number of students enrolling in higher education is in decline everywhere.
There’s a negative atmosphere among high school students who are carefully considering the value of a college degree and the costs related to that.
The financial aid provided to the different universities has been different though, totally depending upon the need of the institutions. Till now Cal U has received more than $8 million aid which is a bit higher than what was received by West Chester University. However, Cal U has had less enrollment than West Chester University by a wide margin.
Back in 2014, when the problem first emerged, the State System allowed the universities to move their education and tuition funds freely to help themselves and the students with the financial aid they need.