Federal, state, institutional and private parties need to rethink how they are helping — and even hindering low- and moderate-income students’ advancement in higher education, said panelists at an event at Vanderbilt University’s Peabody College of Education and Human Development on Friday.
Hosted by the U.S. Department of Education’s Advisory Committee on Student Financial Assistance, the event brought together seven college presidents, lender representatives, state higher education officers, education scholars and advocates in a two-hour roundtable discussion.
During the session, the panelists outlined possible steps to ensure student access to higher education in this time of economic uncertainty. In an earlier session, the event provided conference attendees with a general overview of how deteriorating economic conditions may affect institutional financing, state appropriations, charitable giving, grant aid from all sources, and work and loan funds.
The Advisory Committee recently released data showing that millions of college-ready high school graduates encounter significant financial barriers that may worsen considerably over the next decade.
Richard G. Rhoda, executive director of the Tennessee Higher Education Commission, suggested that federal, state, private and institutional entities collaborate and form a partnership to better serve student financial needs. He also suggested an increase in Pell Grant funds.
Rhoda’s sentiments were echoed by Philip Day Jr., president and CEO of the National Association of Student Financial Aid Administrators, and Hazel O’Leary, president of the historically Black Fisk University.
“Funding and support for students for the first two years is critical,” Day said, adding that the current federal Pell Grant program needs more funding. The U.S. House of Representatives is currently re-authorizing a bill directly involving the Pell Grant.
When discussing solutions for students, Day said all parties impacted by the crisis must consider whether their solutions are short-term or long-term answers.
