
Redesigning the Financial Aid System
Description
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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.
Reviews / Votes
[An] exhaustively researched and meticulously reasoned argument.-Jennifer Patterson Lorenzetti, University Business Offers an interesting series of ideas around a general premise that the roles and responsibilities of government and schools in higher education subsidies should be changed.
-David R. Smedley, Pennsylvania Association of Student Financial Administrators Newsletter
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Content
Preface and Acknowledgements
Chapter 1. Introduction
Chapter 2. The History of Financial Aid in the United States
Chapter 3. The Financial System: How It Works and How Well It Works
Chapter 4. Theoretical Considerations: Access, Choice, Affordability, and Merit
Chapter 5. Institutionally Funded Grants
Chapter 6. Federal Loan Gaurantees
Chapter 7. Eligibility for Financial Aid and Other Redesign Issues
Chapter 8. Evaluating the Redesign Proposals
Chapter 9. On Political Feasibility
Chapter 10. Final Thoughts: Facing Trade-offs
Notes
References
Index
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