In tough economic times, individuals often return to education and pursue financial aid opportunities. This year, slowdowns in the employment market and rising costs have created a record surge in such financial aid applications and some wonder if states and colleges have the money and resources to fund the continuing trend.
While businesses have been laying off workers or outsourcing jobs, they are still looking for more qualified job hunters to fill new positions created by advances in technology and shifts in marketing focus. Although customer service and some programming jobs are in decline, employers are seeking individuals with college educations in engineering, nursing, and some types of computer science. Many people who have been laid off see little choice but to return to school and advance toward a career in one of the fields with the biggest demand.
As a result of this cyclical economic trend, the U.S. Department of Education is reporting that college financial aid applications have risen sharply since last year. A total of 1.3 million more students applied this academic year, resulting in a total application growth of 17%. Unfortunately, many state and college budgets are as bad as the students’ finances, and there is no sign that federal relief could be available before the beginning of 2009. Competition for scholarships is increasing in all fields of study, and it is more important than ever that students return financial aid applications as early as possible since many programs are administered on a first-come first-served basis.
Opportunities to earn money for college exist in a lot of places, so despite increased competition for financial aid the most dedicated and resourceful students will find a way to pay for their education. Education is always the most valuable investment a person can make in themselves, and an economic slowdown presents a good time to make those kinds of changes that can pay off in the long run. While the lack of financial resources is a challenge that higher education must face in such an economic crisis, that challenge is still present in employment where wages rarely keep up with cost increases.
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