During the 1990s, rising tuition costs and inadequate federal
grant aid prevented more than a million otherwise qualified,
low-income students from continuing their education past high
school. Education policy expert Edward P. St. John is troubled by
this situation and argues that equal access to higher education is
both feasible and just. In "Refinancing the College Dream," he
examines recent trends in public funding of education and explores
alternatives to financing which would provide equal access to
postsecondary education for all Americans.
The growing gap in the rate of participation in higher education
for low-income groups compared to upper-income groups over the past
three decades, St. John finds, has been a direct result of the
decreased availability of federal grants, even after taking into
account such factors as an increased emphasis on strengthening high
school graduation requirements. To reverse this trend, he suggests
that policymakers refocus the debate over the public financing of
higher education from taxpayer costs to principles of social
responsibility and justice, along with economic theories of human
capital. He then shows how improved coordination between state and
federal agencies, expanded use of loans, and better targeting of
grant aid can maximize access for low-income students while
minimizing increases in taxes.
Making higher education accessible to low-income students is one
of the crucial challenges for citizens and policymakers in the
early twenty-first century. "Refinancing the College Dream" offers
a theoretical and practical foundation for boldly rethinking the
financial strategies used by colleges and universities, states, and
the federal government to accomplish this essential goal.
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