And of course, the diploma won't be any less valuable if a few of the credits graduates earn were taken online. Because the coronavirus is a temporary issue, Kantrowitz still believes a degree is worth the price tag.
As long as it comes from an accredited college, employers won't distinguish between traditional and online programs, and diplomas don't indicate whether classes were taken online or not anyways. But the crisis has put the issue of college affordability under even more scrutiny than before. And families still want their children to be taught face to face by faculty.
When they're not getting that, they're questioning everything. Despite the price tag, most colleges and universities run on very tight margins. To remain financially viable, schools rely on a steady stream of students paying for books, room and board, and tuition. If COVID outbreaks force campuses to close for extended periods, many colleges will be in trouble. Small and large institutions have weighed the effectiveness of cost-cutting and saving measures, such as furloughs, temporary pay cuts, and reduced faculty.
Zumeta said that while the coronavirus presents plenty of challenges for colleges, there's room for growth. Forced to adapt to virtual learning, institutions may come out ahead in some areas. The advantage of having a big, complex system is that you'll get a lot of experimentation, and some might lead to improvements.
He also anticipates a temporary shift in enrollment at online colleges, which can be more affordable. Because the public health outlook could mean delays in students returning to campus , enrolling in programs unaffected by the coronavirus could be a better short-term solution.
Higher waitlist acceptance rates might be another byproduct of the coronavirus. Kantrowitz said colleges dealing with reduced enrollment would be more likely to accept waitlisted students. At a time when jobs can go anywhere in the world, skills and education will determine success for individuals and for nations.
As a result, a college education remains the best investment a student can make in his or her future. But unfortunately, for millions of other students, our higher education system isn't delivering what they need, or deserve.
In part because of the rising costs of college, too many students are unable to enroll or complete high-quality degrees. Too many recent college graduates feel the weight of their student loan payments holding them back from fulfilling their full potential.
And far too many prospective college students feel as though they are simply priced out of the education they need to set themselves up for future success. There is a significant opportunity gap as well. While half of Americans from high-income families hold a bachelor's degree by age 25, just 1 in 10 people from low-income families attain that level of education.
Moreover, regardless of income status, high-school graduates who enroll in college too often fail to finish: barely half will complete their degree in a reasonable time at four-year institutions; and at two-year schools it's only about a third.
Every hard-working student deserves a real opportunity to earn an affordable, high-quality degree or credential that offers a clear path to civic engagement, economic security, and success.
Since taking office in , the Obama Administration has taken strong action to counteract the rising cost of higher education, expanding Pell Grants and making student debt more manageable by expanding loan repayment options that cap payments based on income. The Administration also has worked to help Americans manage their student loan debt. As late as mid, fewer than a million borrowers were in income-driven repayment plans. The Administration's expansion effort has nearly quadrupled participation, and delinquencies and defaults are down.
Addressing growing college costs and debt is absolutely critical. We must reset the incentives that underpin the system so the focus is on the outcome that matters: completing a quality degree at a reasonable cost.
This may be easier to do at a school that's shown a willingness to extend discounts to students to encourage them to enroll. If you want to ask for a discount outright, the first step is knowing who to contact. Typically, this is going to be the school's financial aid office. You may, however, also need to contact the school's admissions office. You can call, but you may get a better response by sending a polite, well-worded letter or email.
When contacting the school to ask for a discount on tuition, fees or other costs, be prepared to make a strong case for why they should cut you a break. For example, if you have an outstanding academic or athletic record, those things could help you leverage a tuition reduction, especially if other schools have expressed interest in you as a student. Also, be sure to mention why you need a discount. If the reasons are financial, such as a job loss or an illness that left you in debt, make sure to include that when making your arguments to the school.
If you've tried to negotiate a discount on tuition with little success, don't give up yet. The other option for saving money on tuition costs is to appeal the financial aid award letter. Before the new semester starts, schools send out award letters explaining how much aid a student qualifies for. This number is determined by how much funding the school has to give, as well as your Expected Family Contribution EFC.
If you've received a financial aid award letter and it isn't enough to help pay for the full cost of attendance, you can appeal it. Again, you'll want to write a letter to the school's financial aid office, with a copy sent to the admissions office explaining:.
When drafting this letter, remember to be polite and courteous. And be sure to include any supporting documentation to help support your claim. For example, if your request for a larger financial aid package is need-based, you might include copies of bank statements or pay stubs to show that you're unable to meet your EFC as determined by the FAFSA.
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