Abstracts Education

Higher education cost leads to increased education debt

by Nasreen Bakhtary

A college education is a rite of passage for many young adults in the United States. The rate of college attendance by high school graduates has been growing steadily for more than 20 years. More than six in ten high school graduates now continue their education after high school. At the close of twentieth century, higher education appears to be more important than ever to our economy and our competitive position in the world, and to an individual's chances of sharing in U.S. prosperity. In an era of increasing income inequality, strengthening and broadening educational opportunities is key not only to economic growth but also to narrowing the gaps between rich and poor. While the percentage of high school graduates attending college has grown, so has the cost of attending college. The cost of higher education is skyrocketing beyond the reach of many parents and students. Parents used to begin savings for college when children reached high school. College expenses were paid from these savings and current income. Today, college costs are rising faster then average income, requiring parents or students to draw more from their savings or take out long-term student loans. A family's ability to afford college is becoming increasingly important in college admissions and attendance decisions by colleges and students. To finance higher education in Nevada, parents and students can take advantage of the Nevada Pre-paid Tuition Plan, Millennium Scholarship and Student Financial Aid. The purpose of this research paper is to examine student financial aid and compare it with pre-paid tuition plans and to discuss Millennium scholarship opportunities for students graduating from Nevada high schools.