RUNNING HEAD: Funding Higher Ed 1

Funding Higher Education

Christopher J. McBride

Northern Illinois University

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Introduction

Paying for college can be an issue for many students. There are often financial struggles,

which lead to various avenues for financial assistance. There is government assistance, private

loans, personal savings, grants, scholarships and the G.I. Bill. These assistantships have helped

those who struggled with financial stability throughout college. As tuition rates are rapidly

increasing, students are left with no choice but utilize financial assistance with hopes to remain

financially able throughout their college years. In this literature review, I will be discussing

various methods and resources students of different social economic backgrounds uses to pay for

Higher Education.

History of Financing Higher Education

Dated back to the 1860s, the Morrill Land Act of 1862 was established. The act’s intent

was to motivate western expansion by introducing a variety of disciplines. Instead of accepting

the traditional liberal arts curriculum, the federal government believed altering the curriculum

would be beneficial to colligate institutions. The changes brought forth by the Morrill Act,

shifted focus toward disciplines of agriculture, engineering, miming, and mechanics. Shortly

after, thirty-seven institutions were elected as land grant colleges. This federal development, was

the beginning of some of the nation’s well-known universities, such as the University of

California, Texas A&M University, and Pennsylvania State University (Bastedo, M. N., Altbach,

P. G., & Gumport, P. J.) (2016).

After World War II, there was a major disruption in American higher education which

was encouraged by the federal government. The World War II enrollment boom stemmed from
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the G.I. Bill originally known as the Servicemen’s Readjustment Act of 1944. The G.I. Bill of

Rights’ intent was to assist veterans. It provided veterans with a variety of benefits. A major

advantage of this bill was the assistance with college enrollment. During 1945, at the end of

World War II there was an increase in enrollment rates within higher education. About 1.6

million students were enrolled in colleges and universities. Half of those students were veterans,

two years later college enrollment swiftly increased. There were now 2.3 million students

enrolled in higher education and one million of those students were veterans. With the help of

the G.I. Bill thousands of American student veterans, who were not thinking about college, now

had a means through this federal policy. What made the G.I. Bill unique was that it offered

benefits to all veterans, regardless of race, gender, income level, or ethnic background. The

benefits of the G.I. Bill created many opportunities for student veterans of color to access federal

funds and resources to attend colleges and universities. This played a major part in student’s

upward mobility towards middle class status. (Bastedo, M. N., Altbach, P. G., & Gumport, P. J.)

(2016).

In 1965, the federal role in Higher education again introduced the Greater Society

program. This program made a great effort to achieve equal opportunity for all Americans, but

primarily focused on confirming that everyone had an equal opportunity to attend college. The

initial result was to bring Higher Education near the financial range of lower income students.

Students could now enroll more than in previous years when financial status prevented

enrollment. This led the federal government to introduce more financial assistantships to college

students that lacked resources or funds. (Bastedo, M. N., Altbach, P. G., & Gumport, P. J.)

(2016).
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According to Bastedo, Higher education has ten generations. Each generation consists

of monumental changes and shifts throughout the history of higher education. The first

generation ranged from years 1636-1740, it was referred to as the “Reformation Beginnings”.

This era was based solely around the first three colleges in the British colonies of America.

Havard College, the College of William and Mary, and Yale College were all described as the

schools of reformation. “The foundations of these institutions were created through executive

board members and ministers of spiritual church’s. The curriculum of the colleges in this era was

adapted from the Arts course of medieval universities”. (Bastedo, M. N., Altbach, P. G., &

Gumport, P. J.) (2016). “Its aim was to provide students with a liberal education, which meant

facility with classical languages, grounding in the three basic philosophies of Aristotle- ethics,

metaphysics, and natural philosophy or science- and a grounding in logic”. (Bastedo, M. N.,

Altbach, P. G., & Gumport, P. J.) (2016). In order to be accepted into these institutions, students

had to display a comprehension of Latin, the language of instruction, and some Greek history.

The second generation is referred to as the Colonial Colleges, which ranged between the

years 1745-1775. In the year of 1746, the College of New Jersey was founded which is now

(Princeton University). While this college was situated in the colony, the compromise between

Presbyterians and the colony of New Jersey was groundbreaking, because it was denominational

in nature, yet tolerant of other protestants. The following colleges to be founded in this era was

Kings College, which is now Columbia University in 1754. The College of Philadelphia now

University of Pennsylvania in 1755, The College of Rhode Island, now Brown University in

1765. Dartmouth College in 1769, and Queens College which is now Rutgers University in 1771.

These four institutions were based around religious tolerations similar to the College of New

Jersey. “The curriculum was considered to be incoherent amalgam of works predicated on both
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the old, theocentric universe and the new, enlightened views reflecting the writings of John

Locke and Sir Issac Newton”. (Bastedo, M. N., Altbach, P. G., & Gumport, P. J.) (2016). “The

Enlightened Spirit also included a more thorough teaching and appreciation of classical authors”.

(Bastedo, M. N., Altbach, P. G., & Gumport, P. J.) (2016). Latin and Greek still remain

prominent within the curricular, Latin later on transitioned to be a language of instruction. The

third Generation of American Higher Education, is referred to as the Republican Education and

ranges from years 1776-1800. Republican education focused on instilling core values. The

republican teachers thought this would be beneficial for their students. The values included,

selflessness, patriotism, and virtue in the citizens and leaders of the new republic. Enlightenment

learning was still offered at the institutions, but limited based upon the college that was attended.

The remaining Generations of American Higher Education are, The Passing of Republic

Education 1800-1820s, The Classical Denominational Colleges 1820s-1850s, New Departures

1850s-1890, Growth and Standardization 1890 to WWI, Mass Higher Education and

Differentiation between the Wars, The Academic Revolution 1945-1975, and Privatization and

the Current Era 19750-2010. The journey of Higher Education through these Generations

provides us with a greater in-depth understanding of how institutions of higher education have

evolved. There were many changes within the Higher Education system, these changes

consisted of the enrollment increase, curriculum transition, and the relationship between Higher

Education and the federal government. “Federal Investment in Higher Education increased

significantly, with the new funds being used to support access through student financial aid”.

(Bastedo, M. N., Altbach, P. G., & Gumport, P. J.) (2016).

Financing and Different Institution Types

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Private

During the colonial era in the US, the inception of private colleges began to help educate

ministers, and train those who wanted to become government officials. Sources such as

independent governing boards, and nongovernment sectors primarily fund private institutions.

Although public colleges and universities of have grown significantly since the 1960s, there are a

greater number of private institutions across the United States. “Private institutions cover the

full range of missions and structures found in American higher education. The most prestigious

and highly selective institutions, whether they be Ivy League research universities or smaller

liberal arts colleges, are private; but so too are the least well-known institutions”. (Sackey, S.,

L., Alison, G., Scavo, L., Lackey.) “Private colleges and universities adopted a strategy of high

tuition-high aid whereby large tuition increases were accompanied by financial aid for students

with financial need. The increasing availability of federal student loans after the Middle Income

Student Assistance Act of 1978. ” (Bastedo, M. N., Altbach, P. G., & Gumport, P. J.) (2016).

For-Profit

For profits have been a part of American history for more than a century, their roots

derive from Colonial times. The reasons for these for-profits were for entrepreneurs to teach

practical skills like writing and reading. For-profits were for people who could not obtain access

to America's traditional colleges and universities, and they offered a special kind of career

preparation that was not obtainable in those schools. Majority of these career colleges offered

certificates and occasionally associate's degrees, but they did not usually offer bachelor's
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degrees. Around the early 1970s, for-profits institutions enrolled 0.2 percent of all degree

pursuing students in the United States. (Hanford, E. n.d.). “For-profit schools grew in response

to demand. They taught things such as surveying and navigation. As the economy developed

and changed, for-profits offered new trades and skills such as bookkeeping, engineering and

technical drawing”. (Hanford, E. n.d.). For profit institutions created a passageway for extending

educational opportunities, these opportunities were intended for women, Native Americans,

people of color as well as individuals with disabilities.

Public

Publicly controlled institutions are funded mainly by the government, typically by state

governments and are usually part of a larger state structure. Public institutions within these

systems are divided into three major categories: universities, state colleges, and community

colleges. Public universities usually grant a full variety of graduate degrees; master's and

doctoral, manage to create a strong research emphasis, and naturally have large student

enrollments. State colleges are typically smaller, may serve a particular region of a state, and

usually offer both bachelor's and master's degrees. Community colleges are two-year colleges

that offer associate degrees, groundwork for transfer to four-year institutions, employment and

technical education and training, and large numbers of continuing education offerings. (Sackey,

S., L., Alison, G., Scavo, L., Lackey. (n.d)

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Pell Grant

The Pell Grant stemmed from the Higher Education Act in 1965, originally known as the

Basic Educational Opportunity Grant. The name was changed to the Pell Grant in 1980. The

Pell Grant was designed to distribute awards to students with the highest financial need. The

aims of the Pell Grant were to build the fundamentals of the federal student aid efforts. After

gathering information on the student’s estimated family resources, and the cost of the desired

college to attend, the student would obtain a grant from the federal government to decrease the

cost of attendance. The basic structures of the Pell Grant still remain valid in today’s Higher

Education system. (Bastedo, M. N., Altbach, P. G., & Gumport, P. J.) (2016).

Student Loan

According to Altbach, families that had a great source of domestic resources, but needed

extra federal assistance with college expenses often turned to student loans for help. The Higher

Education Act, designed a system where students were able to apply for a loan through the

Student Loan Program. The Student Loan Program name was later changed to William D. Ford

Loan Program. The Loan Program allowed students to borrow money from a private bank, which

would be used towards their educational needs, thus funds were distributed by the federal

government. The federal loan program was aimed towards students who did not qualify for the

grant program, but needed additional assistance with college tuition. (Bastedo, M. N., Altbach,

P. G., & Gumport, P. J.) (2016).

Private Loans

Private loans are issued by banks that account for federal funds to be issued to students

searching to finance their education. Entitlement for private loans usually depends on your credit
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score, and private loans tend to have a higher interest rates than loans that the government offers.

Before resulting to a private loan, students are encouraged to pursue all options for federal

student aid. (What are the Different Types of Financial for College Students?) (2014, July 16).

Federal Loans

There are two types of federal loans available for students. These loans are unsubsidized

and subsidized loans. Both loans have the different requirements to pay back funds upon

graduation. Subsidized student loans are offered to students who have demonstrated financial

need. They have slightly better terms than unsubsidized student loans, since the US Department

of Education pays your interest while you are in school and for a six-month grace period after

you graduate. “Unsubsidized loans are available to students regardless of financial need.

Students are responsible for repaying interest during all periods”. (What are the Different Types

of Financial for College Students?) (2014, July 16).

Tuition Waivers

Tuition Waivers are offered at Higher Ed institutions, throughout each semester. A

tuition waiver is a form of financial award, in which the university give up its rights to charge

students tuition. These waivers are granted mainly constructed on the strengths of your

application. According to Grad School Heaven, your “status” is a factor if you are a minority,

ex-military, ex-Peace Corps, or other specific categories. Tuition waivers can be granted in two

amounts, partial or full. A partial waiver is credit towards your tuition, resulting in a cut-rate

expense. A full tuition waiver will cover the full amount you are expected to pay for the term.

The waiver is not responsible for miscellaneous programs fees, or book fees. Tuition waivers are
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usually offered on a first come first served basis, institutions usually encourage students to apply

for the waivers prior to the start of the semester. Rocca, G. (2011)

Work Study

A work-study program is a work program where you can earn money that assists your

financial needs. Work-study programs provide students with federally funded jobs on campus to

help balance the cost of tuition throughout the school year. The campus facilities at many

colleges and universities, including the student center, career center, athletic department, and

residence halls, employ work-study students. However, employment depends on the positions

available and the pay offered varies widely. (What are the Different Types of Financial for

College Students?) (2014, July 16).

How does Students Pay for College Today?

Paying for college can become a struggle for students who lack financial stability, they

are left with no choice but to seek out help with loans and other financial sources. Student loans

have increased dramatically since 2009. During the 2016-17 academic year, the number of

student borrowing FAFSA, paid for nineteen percent of college cost, which estimates roughly at

$4,551. Minorities as well as students of color are often considered the students to obtain the

most debt while trying to obtain a degree. According to the U.S. Department of Education,

Eighty-four percent of college students with Pell grants graduate from four-year public schools

with debt, compared with less than half of students without the need-based grants, the report

said. While less than two-thirds of white graduates from public schools borrow, four out of five
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black graduates take out loans for college. And black students who do borrow come out with

more debt than their peers. Students are left with no choice but to obtain debt if they are

successfully working towards obtaining a degree. A full 84 percent of graduates who received

Pell Grants graduate with debt, compared to less than half (46%) of non-Pell recipients. While

less than two-thirds (63%) of white graduates from public schools borrow, four-in-five (81%) of

Black graduates do so. Latino graduates borrow at similar rates and slightly lower amounts than

white students. (How America Pays for College 2017, Sallie Mae.) (n.d.). Students at for profit

institutions, are considered to face a higher debt burden compared to students at nonprofits and

public institutions. Associate’s degree recipients at for-profit schools borrow almost the same

amount (only $956 less) than bachelor’s degree recipients at public colleges.

Family and Parent Income

Parent income, historically the most-used resource for paying for college, dropped to the

third most-used resource in 2016-17: 46 percent of families relied on parent income, fewer than

the 51 percent who used parent income in 2015-16. Additionally, the average amount used from

this source declined by nearly $1,200. Use of parent personal contributions overall declined to

55 percent of families, from 59 percent in 2015-16. Notably, use of college savings plans such

as 529s also declined, to 13 percent of families from 16 percent the prior year, but the average

amount paid through them increased by about $1,700(How America Pays for College 2017,Sallie

Mae.) (n.d.). Students often rely on parents if funds are still needed towards tuition.

Borrowers

According to article posted on Sallie Mae, an interesting claim is stated, “Forty-two

percent of families borrowed this year to cover some college expenses. The mindset of families

who borrow to pay for college is different than those who did not borrow in several ways.”
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Interestingly, both families who borrowed and families who did not, relied on about the same

amount of funding from non-borrowed resources. However, the borrowers seemed to have put

funding toward higher costing education. They spent about 80 percent more on college in a year

than the families who did not borrow (How America Pays for College 2017, Sallie Mae.) (n.d.).

Borrowing families seem to make college decisions driven more by prestige and

programs offered rather than cost. Those who borrowed are less likely to have had any plans for

paying for college. They are also more likely to be less confident that they were making the

right financial decision for funding higher education.

FASFA

More families are seeking financial aid, as demonstrated by the increase in the percentage

of families who complete the U.S. Department of Education’s Free Application for Federal

Student Aid (FAFSA). Submitting a FAFSA is the single most important step families can take

to obtain assistance with paying for college. It is the gateway to more than $150 billion2 in

financial aid from the federal government, including federal student loans, grants, and work-

study funds. Many states and colleges, and some private scholarship providers, use FAFSA data

to determine eligibility for aid they manage. (How America Pays for College 2017,Sallie Mae.)

(n.d.).

“Over the course of 10 years, FAFSA filing rates have gradually increased to 86 percent

of families this year, from 74 percent in 2008. This may indicate growing awareness of the role

of FAFSA in accessing aid, or it may be an indicator of a growing need for financial assistance.”

(How America Pays for College 2017,Sallie Mae.) (n.d.).

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The Debt Divide

More often, black and low-income students borrow money for college via student loans.

This occurs frequently at the undergraduate level. According to Sallie Mae, 84 percent of Pell

Grant recipients graduate with debt. In contrast, only 46 percent of those who did not receive

Pell Grants graduate with debt. For every group, borrowing at private non-profit schools for

bachelor degrees is higher. Blacks are more than likely to borrow at any type of institution than

whites.”

“Over the last ten years, borrowing at the associates level has increased dramatically

among black students. More recently, at public institutions, 57 percent of blacks and 43 percent

of whites borrow at the associate level. Black students borrow about $2,000 more than white

students. A decade ago, 38 percent of blacks borrowed and 32 percent of whites. The 6-point

percentage between the cohorts has increased to a 14-point difference.

Surprisingly Associate degree borrowers at for-profit institutions face the most debt. The

borrowers of associate degrees at for-profit institutions borrow only about $1000 less than

bachelor degree borrowers.

“High debt, no diploma”

According to Mark Huelsman, “Black and Latino students are dropping out with debt at

higher rates than white students.” Huelsman, M. (2015, May 19). At least 4 in every 10 which is

about 39 percent of black students are dropping out with debt. In contrast, only 29 percent of

white borrowers drop out. At for-profit 4 year universities, about 66 percent of Black and Latino

barrowers drop out. At two year institutions, almost half of black student borrowers drop-out.

Upon entering the workforce, graduates with student loan debt report low levels of job

satisfaction. The difference found is those with higher debt job satisfaction reports are 11 points
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lower than the students who graduated without little to no debt. Not only does debt affect job

satisfaction, it also seems to have a correlation with reported lower levels of financial worth and

well-being. Student debt may also affect career decisions. Many may choose high paying

positons instead of public-interest professions. Studies also show that this phenonma has a

significant negative impact of the formation of small-businesses.

Huelsman also shares that studies consider low debt like $10,000 or less to have a

positive impact on college completion. Amounts higher than $10,000 may have a negative

impact. Currently, the average debt for both 2-year and 4-year institutions are far above the

“beneficial” range of debt.

Student debt can act like a barrier despite that graduates are more likely to own homes

and save. One-third of all student debt is owed by borrowers who are 40 years old and older.

The average student loan debt for a 60-year-old is approximately $20,000. This remaining

balanced is likely due to interest that has accumulated over the years. Student debt can last until

the age when one can be saving for retirement or for children’s education.

According to At What Cost? How Student Debt Reduces lifetime wealth, an indebted

household can lose $208,000 over a lifetime mostly to lost retirement savings. This is an

example of how student debt can extend into a borrowers’ prime earning years.

Huelsman claims there is a lifelong advantage of attending college debt-free. Post-

graduation, those without student debt had a net-worth seven times greater than those with debt.

In every level of education, households without debt are more likely to own homes with lower

mortgage interest rates. They also have larger retirement and assets than the indebted

households. As we see the value of college degree as homeownership and retirement savings

rise as education earned rises, we also see that there is a burden of paying off student debt that
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negatively affects accumulating meaningful assets during prime earning years. Yes, a degree

provides many financial advantages, but it also disadvantages those households in debt and

leaves them behind.

According to Altbach, there is an “unwritten pact between society and higher education

in which the state provided expanding resources in return for greater access for students, as well

as research and service to society, has broken down, with significant implications for both higher

education and society (191).” (Bastedo, M. N., Altbach, P. G., & Gumport, P. J.) (2016). As a

society, we have began to normalize borrowing substantial amounts of money in order to receive

a higher education. We have began to believe that student debt is a positive form of debt. We

view it as positive because it offers opportunities for students to earn more money through their

career choices.

This normalization is difficult to continue as it has brought on a major impact in financial

growth capabilities. We began with a strong need-based assistance approach and slowly moved

toward need-based assistance barely covering much of college costs. We have encouraged and

in a way forced many students to borrow. We have also accepted a system in which a large

amount of borrowers drop-out of school. In attempt to close the attainment gaps between whites

and minorities, student debt is yet another gap supporting attribute.

There is a major need for the system of federal financial aid to reevaluate and improve its

procedures in order to assist students in need and to provide more assistance.

In The Affordable College Compact, the author lays out a plan for a federal state

partnership that allows the government to encourage the increase of state spending create

policies that ensure the majority of the poor, working, and middle class students can attend

college without accruing so much debt.

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According to The Affordable College Compact, Average debt at graduation is

approaching $30,000 (and is over $30,000 for Pell Grant recipients). Even average borrowing

for graduates at public schools which educate three in four students is up by nearly a third over

the past decade. 3 64% of bachelor’s degree recipients at public colleges graduate with debt, and

even 42% of associate’s degree holders from public schools leave with debt. Black and Hispanic

graduates also incur more debt than their white counterparts. Huelsman, M. (2014, September

16). As previously stated black and Hispanic students accumulate more debt than their white

counterparts, this issue has become a problem for many college students today, which forces

them to search for more options to decrease their loan debt. Mark Huelsman was not impressed

by the debt students have collected throughout their college journey, which he believed a State

Matching Program could be beneficial students. The program is primarily targeted towards poor,

working, and middle-class students. This program would potentially lower incurring debt and

prevent potential financial hardships. “Under the Affordable College Compact, a state’s award

or state match would be determined by the level of commitment it is willing to provide its

students. Eligibility and funding would be determined on an annual basis, and Commitment

funds would be required to be spent on higher education”. Huelsman, M. (2014, September 16).

Based on the number of states that participates in the matching program, will determine the

eligibility of two matching grants. These grants must be spent on Higher Education only.

The first matching grant is a twenty percent match on every dollar amount spent on

public higher education. “This would require that states maintain minimum per-student funding

levels, and promise low-income students that their unmet financial need will make up a

manageable portion of family income or, no higher than the portion of income that high-income

families pay”. Huelsman, M. (2014, September 16). “The second, a 60% match on every dollar
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spent on public higher education, would require that states simply commit to debt-free higher

education for students at or below three hundred percent of the poverty level, at both two- and

four-year institutions”. Huelsman, M. (2014, September 16).

A shared responsibility is required between students, states, and the federal government

in order for this problem to be tackled. New federal matching grant program to begin

reinvestment in an effort to aid low- and middle-income students with college aspirations

fundamental needs to be proposed.

Conclusion

Within this analysis I have critically examined various methods of funding for higher

education. The increasing costs of higher education have made it nearly impossible for most

students of all backgrounds and socio-economic statuses to successfully complete their collegiate

journey. The debt of college has even grown to become the number one debt in America

surpassing credit card debt. Ultimately, financial assistantships and other adequate means of

funding are imperative to guarantee the success of collegiate students.

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