Financial Aid Is Provided as a Means of Assistance - Research Paper Example

? Financial Aid Financial Aid ~ is it available for master degrees and for veterans?  Financial aid is usually provided as a means of assistance to those who do not have the essential means to fulfill their requirements and aims. This paper will focus on the availability and quality of financial aid being provided to veterans and students who plan to do their Masters. While aid for students intending to enroll in Master programs across the country is a much discussed topic, little light is shed on the issue of veterans who once gave up everything in their lives to serve their country and are in deplorable conditions now. Some are even homeless, and drastic measures need to be taken to restore their status and pride. Some Veterans require medical assistance as well. Aid needs to be provided to address the veterans’ educational and employment needs too. Therefore, both government and non-government institutions are playing an important role in providing financial assistance to the less advantaged individuals of the society. Government aims to provide financial aids through grants and loans for Masters Students, as well as veterans. Gauging how effective they are in this regard is, however, debatable. This paper will try to shed some light on this important topic. Student financial aid aims to fund students to assist them in paying their education expenses which essentially comprise of tuition fees, room, books, etc. for education at a college, university or private school. Financial aid refers to awards to specific individual students; these could be based on merit or need. Student benefits and scholarship are also different forms of imparting this financial aid to students to fulfill their education qualifications. Grants and student loans are also important components of financial aid packages offered to prospective students', especially those who want to pursue a Master’s degree immediately after the completion of their bachelors. It is more essential to provide financial assistance to those aiming for admission in Masters as the tuition fee per year for Masters is generally much higher than that for bachelors programs. In that manner, the deserving students who have done well in their bachelors and student life can be given a chance to excel more and secure a career for themselves. Therefore, steps need to be taken to facilitate their admissions into Masters Programs based on merit. It is a valuable opportunity for them which they otherwise might be deprived of, given the high cost of education for Masters. As Daniela (2011) explains, Financial aid is positively related to the success of academic studies, hence, government needs to focus even more on providing need and merit based financial aid. “Student aid recipients finish faster than comparable students who are supported by the same amount of parental/private transfers only and are characterized by the increased probability of actually finishing university successfully.” As Masters serves as a direct stepping stone form student to professional life, it is essential for the US government to give the required incentive, assistance and support to those young individuals who want to secure a better future for themselves and start earning to fulfill the needs of their families. Loans, grants and work studies are various kinds of financial aid that are being provided to students in the US for advanced studies. Much of veteran financial aid is focused on fulfilling the needs of a War-Time Veteran or surviving spouse. They are even provided assistance in the performance of daily tasks, such as eating, dressing, taking care of the needs of nature, etc. The focus of providing this financial assistance is to empower the veterans who gave up everything to serve and protect their country. As education is an essential field where veterans need financial support so they can equip themselves with skills to secure good positions in job markets, the US government focuses more on veterans’ education than on any other area of their well-being. The purpose is to empower veterans to take control of their own lives. The US department of Veterans Affairs plays a central role in providing financial aid to veterans. According to the official website of the US Department of Veterans Affairs, it was set up to fulfill the aim of President Lincoln who promised “to care for him who shall have borne the battle, and for his widow, and his orphan, by serving and honoring the men and women who are America’s veterans.” Financial aid is being provided to student veterans for economic enhancement and providing education purposes as well. “Student veterans are expected to enroll in college in numbers unprecedented since the aftermath of World War II. These benefits more adequately cover the full costs of a college education, including higher stipends for books and expenses in addition to tuition for some student veterans depending on their particular situations and circumstances (U.S. Department of Veterans Affairs, 2009b).” Federal Student Aid, an office of the U.S. Department of Education, plays a central and essential role in America's postsecondary education community. Their core mission is to ensure that “all eligible individuals benefit from federal financial assistance—grants, loans and work-study programs—for education beyond high school.” According to their official website, The Federal Student Aid team aims to make education beyond high school more attainable for all Americans, irrespective of their socioeconomic status. By ensuring access to postsecondary education for all, they believe in increasing inclusiveness in the American society. The programs of The Federal Student Aid administers consists of the country's largest source of student aid. According to their official website, “Every year we provide more than $150 billion in new aid to nearly 14 million postsecondary students and their families. Among our most visible and essential services are the development, distribution, and processing of the Free Application for Federal Student Aid.” Each year approximately 14 million FAFSAs are processed. The aid from Federal Student Aid programs allows students and their families to cover Masters School’s expenses, including tuition fees, room, books, etc. Eligibility is based on a student’s enrollment in a program at participating postsecondary institution. Federal Aid is provided in three forms: grants, loans, and work-study. Grants do not have to be repaid, whereas loans have to be repaid with an interest. Federal Perkins and Federal Stafford Loans are some of the loans being provided for Masters Degrees at reasonable interest rates. Work-study is another form of financial aid which allows students to earn money while enrolled. Veterans are equally deserving of financial aid as the non-veterans. Scott (2008) states that findings show that veteran students received almost the same amounts of aid as nonveteran students. “However, when including Chapter 30 GI benefits, veterans received more total federal aid than nonveterans... five of the eight schools we interviewed used their limited flexibility to allow veterans to be eligible for larger amounts of certain types of Title IV aid. Special efforts are made to reach out to veteran students as evidence shows some schools make special “efforts to reach out to veteran students at nearby military bases. In addition, in 2007, Education began new efforts to inform veterans about Title IV aid.” This included initiatives such as workshops on federal aid for personnel separating from the military. Radford (2011) explains that military students pursue graduate degree programs earlier than their non-military counterparts. “Compared with their nonmilitary peers, military graduate students pursued master’s degrees at a higher rate (77 percent vs. 65 percent).” As a considerable amount of veterans do not possess the financial capabilities to attain Masters Degrees, the government is required to make a concerted effort to address their educational needs. US Government provides financial assistance to veterans in many different forms. Schlachter (1996) explains how financial aid programs are organized and distributed according to the “type of aid scholarship, fellowship or grant, loan, grant-in-aid, award, or internship and then by recipient veteran, military personnel, or dependent.” Although Department of Veterans Affairs plays an instrumental role in providing relief to veterans, Scott (2011) believes it “needs to take additional steps to fully communicate to all stakeholders, especially schools, details of the program’s implementation.” To distribute aid more effectively to veterans, it is critical to address administrative problems of schools as well. “Without critical program information, such as eligibility for benefits or how payments have been calculated, schools will continue to face administrative burdens in administering this program.” Schools, if allowed can play a critical role in helping students identify and evaluate the various financial resources available to them. If schools lack critical program information, they may not be able to assist students in the identification and selection of the best options to finance their education. Focus needs to be laid on enhancing the efficiencies of VA. This can be achieved by building stronger partnerships with schools, other ancillary and expert external organizations. VA can assist them in overcoming many of their management challenges like it has done over the years by refining their systems and administrative processes for delivering student aid. As can be seen, the US government is taking tangible steps to provide financial aid and assistance to empower disadvantaged individuals of the society. It is evident that the government is providing significant financial aid in the shape of grants and loans to both the veterans’ students, as well as the non-military students equitably. However, it is undeniable that it needs to take many more initiatives which can help eliminate the administrative and management problems of education institutes, so they can play a more instrumental role in providing financial aid to the deserving individuals and addressing their concerns. References Scott, G. A., & US Government Accountability Office. (2008). Veteran Students Received Similar Amounts of Title IV Aid as Nonveterans but More Total Aid with GI Benefits. Report to the Ranking Member, Subcommittee on Economic Opportunity, Committee on Veterans' Affairs, House of Representatives. GAO-08-741.US Government Accountability Office. 441 G Street NW, Washington, DC 20548. Tel: 202-512-6000; Web site: http://www.gao/gov. - Ebook Scott, G. A., & US Government Accountability Office. (2011). Veterans' Education Benefits: Enhanced Guidance and Collaboration Could Improve Administration of the Post-9/11 GI Bill Program. GAO-11-356R.US Government Accountability Office. 441 G Street NW, Washington, DC 20548. Tel: 202-512-6000; Web site: http://www.gao.gov. - Ebook Radford, A. W., National Center for Education Statistics (ED), & MPR Associates, Inc. (2011). Military Service Members and Veterans: A Profile of Those Enrolled in Undergraduate and Graduate Education in 2007-08. Stats in Brief. NCES 2011-163. National Center for Education Statistics. Available from: ED Pubs. P.O. Box 1398, Jessup, MD 20794-1398. Tel: 877-433-7827; Web site: http://nces.ed.gov. - Ebook Schlachter, G. A., & Weber, R. D. (1996). Financial Aid for Veterans, Military Personnel and Their Dependents, 1996-1998. A List of: Scholarships, Fellowships/Grants, Loans, Grants-in-Aid, Awards, and Internships Designed Primarily or Exclusively for Veterans, Military Personnel, and Their Dependents; State Sources of Benefits; and Reference Source on Financial Aids. Reference Service Press, San Carlos Industrial Park, 1100 Industrial Road, Suite 9, San Carlos, CA 94070; telephone: 415 594-0743; fax: 415 594-0411 - Ebook Glocker, D. (February 01, 2011). The effect of student aid on the duration of study. Economics of Education Review,30, 1, 177-190. - Article Read More