We all the know the problems each and everyone is facing due to recession. The global economic slowdown has at some point affected each and everyone. We can see this clearly in the case of scholarship students.
Students who received scholarships earlier, considered themselves lucky. But now, like every where else, the amount of money given out in scholarships and the number of scholarships granted is becoming less and less. This is because, investment companies and other resources who offered the funds are backing out. The reason is, no one has so much money to spare now. Reports state that a non-profit company that worked with LA’s public high schools and its students, has now reduced the very number of college scholarships it granted per student over the last three years. The kind of requirements the students must submit has increased and tightened.
Colleges and students, perhaps did not anticipate this move and quite shocked. But everyone will have to accept the situation as there is no other way out. This very reason, which is the global slowdown, has led colleges and universities and corporate houses, alike to cut down on many other resources. Colleges will no longer offer free HBO and ESPN channels in their dorms, etc. These cuts have made it very hard for families to pay for their children’s higher education. Everybody cannot afford to take loans and even the ones who want to, there be not many institutions who are lending now. Although colleges state that this is only a temporary phase, some state that there will be much more problems that students will face in the coming year.
Grants given by states are also dwindling. If there are no massive cuts in the aid money offered to students, there definitely is some amount of it.
Higher education was always a question! People always had second thoughts about studying further as the costs were real high. Not everyone could afford to take a loan. Hence people gave up the thought of studying further. Loans can takes ages to be paid back with interest and you could spend the best part of your life doing so.
Therefore, students preferred going in for scholarships. But now even that is a problem. Life is becoming difficult for students as the job scene is becoming equally more difficult. Recession has already put a stop to many jobs and corporate companies alike.
So its like a wait and watch situation. We all can just see how things work out and how things improve over the time. It is a temporary phase but is going to take a while before it comes to an end. Some say it is the worst thing after the great depression but there seems to be more control over things this time. It’s going to be a slow process but we have to accept the situation and work towards the betterment of ones self.