Redesigning the Financial Aid System

Redesigning the Financial Aid System

Why Colleges and Universities Should Switch Roles With the Federal Government

eBook - 2002
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Archibald (economics and public policy, College of William and Mary) proposes a revamped financial aid system that would clarify the final cost of attending college earlier in the application process, greatly simplifying the application procedure and preventing the financial aid process from contributing to rising tuition costs. A key component of Archibald's reform is the shift of responsibility for need-based grants to the federal government, with colleges and universities providing additional student loans. The book may interest educators, administrators, and parents. Annotation (c) Book News, Inc., Portland, OR (booknews.com)

Johns Hopkins University Press

As the cost of higher education continues to rise, students and their families find it increasingly difficult to navigate the financial aid maze. InRedesigning the Financial Aid System, economist Robert Archibald examines the history of the system and its current flaws, and he makes a radical proposal for changing the structure of the system.

Archibald argues that one of the problems with the current model—in which universities are responsible for the majority of grants while the federal government provides student loans—is that a student cannot know the final price of attending a given institution until after he or she has applied, been accepted, and received a financial aid offer. As a result, students remain largely uninformed about the cost of their college educations until very late in the decision-making process and so have difficulty making a timely choice. In addition, financial aid information is kept private, creating confusion over the price of a college education and the role of financial aid.

Under Archibald's proposed reforms, the federal government would assess a student's financial need and provide need-based grants, while institutions would be responsible for guaranteeing student loans. Not only would this new system demystify financial aid and allow students to be better informed about the cost of college earlier in the process, but it would greatly simplify the application procedure and prevent financial aid allocation from contributing to the problem of rising tuition costs. Archibald's clear explanation of the current system—its impact, strengths, and weaknesses—as well as his plans for reform, will be of interest to educators, administrators, students, and parents.



Blackwell North Amer
As the cost of higher education continues to rise, students and their families find it increasingly difficult to navigate the finacial aid maze. In Redesigning the Financial Aid System, economist Robert B. Archibald examines the history of the system and its current flaws, and he makes a radical proposal for changing the structure of the system.
Archibald argues that one of the problems with the current model - in which universities are responsible for the majority of grants, while the federal government provides student loans - is that a student cannot know the final price of attending a given institution until after he or she has applied, been accepted, and received a financial aid offer. As a result, students remain largely uninformed about the cost of their college educations until very late in the decision-making process, and thus have difficulty making a timely choice. In addition, financial aid information is kept private, creating confusion over the price of a college education and the role of financial aid.
Under Archibald's proposed reforms, the federal government would assess a student's financial need and provide need-based grants, and institutions would be responsible for guaranteeing student loans. Not only would this new system demystify financial aid and allow students to be better informed about the cost of college earlier in the process; it would greatly simplify the application procedure and prevent financial aid allocation from contributing to the problem of rising tuition costs. Archibald's clear explanation of the current system - its impact, strengths, and weaknesses - as well as his plans for reform will be of interest to educators, administrators, students, and parents.

Publisher: Baltimore : Johns Hopkins University Press, 2002
ISBN: 9780801877599
0801877598
Characteristics: 1 online resource (xiv, 238 pages) : illustrations

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