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The universities and colleges in America play an important and significant role in educating the future public servants, leaders, citizens, innovators and educators. Higher education in US, before a decade, was thriving with the valuable support of the Government. Today, there is a marked decline in Federal support and as a result, the burden has been passed on to the students in the form of a steep increase in tuition fees. Costs skyrocketed and grants reduced in size forcing students who were keen on continuing higher education go in for huge debts.

There is an urgent need today for financial aid which is need based and Federal aid programs for students which are streamlined. Loans can be made more affordable by eliminating subsidies that attract special interest from the loan programs. It is vital to do this and make education accessible to as many deserving students as possible in order to ensure a healthy political, economic and individual growth in the country.

It is not fair to place such a huge debt and responsibility on the student’s shoulders even as they take their first step into the world of reality. Huge amounts of money invested by the Federal Government in student loan programs predominantly goes towards subsidizing private lenders. It will be in the interest of students for the Congress to lower bank subsidies and use those funds to make higher education affordable for many.

The 2010 budget saw some proactive and helpful measures which can help students and families to a great extent. There is a proposal to permanently fund the Pell Grant and ensure a consistent increase every year which the students can depend on. Tax credit for higher education is also made permanent. However, all this will provide significantly lesser benefits if the cutting of lender subsidies to banks from the loan program continue.

Another important aspect that has to be addressed is the price of textbooks. On an average, a student spends at least 20% of the tuition fees on textbooks. Prices of textbooks have gone up four times more than what they were in 1994. This is due to periodical republishing of books whether required or not and addition of ‘extras’ such as workbooks and CD-ROMS which skyrocket the price of books. Students and faculty are prevented from using the older versions and are forced to buy the latest prints.

With a little help from professors and university administration, it is possible to bring this issue to the limelight. It is the duty of the Congress to address this issue on an emergency basis and instruct publishers to refrain from practices that can increase the higher education cost unfairly to a great extent.

Higher education is vital in producing an educated future society in America. If all has to go well, then it is important to bring in measures to reduce tuition fee and address other aspects such as bringing down textbook prices and making loans more affordable to students and families.