• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Federal Student "Aid" Demand Soars

Tyler Durden's picture




 

A stunning 57% of undergraduates used federal student aid to help pay for college in 2012; dramatically higher than the 47% in the pre-crisis 2007 year. As the WSJ reports, an average of $8,200 per recipient is paid out by the government coinciding with climbing tuition costs (credit fuels growth?). The report, via the Education Department, noted that "even students from households we would consider middle-income are increasingly eligible and are increasingly taking advantage of Pell grants," as the number of full-time students who received Pell grants in families with incomes between $60,000 to $80,000 shot up to 18% in 2011-12 from 2% in 2007-08. Just another wealth transfer scheme or moar better bargains for the middle class.

 

Via WSJ,

The share of undergraduates who used federal student aid to help pay for college jumped to 57% in 2011-12 from 47% in 2007-08, according to a report set to be released by the Education Department on Tuesday.

 

The increase in federal loans, grants and work-study jobs coincides with the wider trend of climbing tuition costs and underscores the expanding use of federal aid for higher education across all income levels.

 

The average federal aid amounts for undergraduates came to about $8,200 a recipient in 2011-12.

 

Average in-state tuition and fees at public four-year colleges rose to about $7,700 in 2011-12 from about $5,900 in 2007-08 in current dollars, according to the National Center for Education Statistics, part of the Education Department.

 

"Clearly, we can see over the last four years that a growing percentage of undergraduates and their families have relied upon aid…from federal grants and loans,"

 

...

 

The report highlighted an increasing dependence on federal assistance for college across all socioeconomic groups. For instance, the number of full-time students who received Pell grants in families with incomes between $60,000 to $80,000 shot up to 18% in 2011-12 from 2% in 2007-08.

 

"Even students from households we would consider middle-income are increasingly eligible and are increasingly taking advantage of Pell grants,"

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