In a move that has raised eyebrows nationwide, the Department of Education recently "adjusted" the manner in which financial aid eligibility is calculated. Dismissing protests as "overblown," the Department of Education claims that these changes will have a "minimal" effect on how much families will have to pay for higher education.
Easy for them to say.
Specifically, the Department of Education has reduced the amount of money that families can deduct from taxes, thereby increasing the amount that families will need to spend for college.
Independent consultants and professionals in the business of higher education are divided on just how much of an impact this change in the formula will have on the pocketbooks of families nationwide. However, many seem to think that it will be more of a burden than the Department of Education wishes us to believe.
According to the Human Capital Research Corporation, these changes will "affect at least $5 billion of the $90 billion in need-based financial aid provided to students each year."
That hardly seems "minimal."
The cost of tuition rising yearly at many universities combined with a struggling economy means that students and their families need financial aid now more than ever. In fact, it is hard to imagine a worse time to add another monetary burden to American families. Fortunately for us, Sen. Edward Kennedy (D-Mass.) has introduced legislation to reverse these changes. Unfortunately, it seems likely that his appeals will fall on deaf ears.
The Bush Administration has championed education as a priority for years. However, in this case, it seems that their unfortunate actions speak much louder than their empty words.
