The New York Times reported this weekend that many foundations, corporations, charities, state governments and other organizations are cutting the amount of money they offer in college scholarships because they haven't received the same support from donors they did in recent years. Some organizations are cutting down the number of scholarships they offer; others are decreasing the amount of money each scholarship awards. And whatever money is available will be harder to earn this year, as organizations ramp up the eligibility requirements to win them.
The number of scholarship and aid options for students is quickly shrinking. Colleges and universities have less money to offer their students in financial aid because of smaller endowments. Luckily, the federal government is increasing the amount of aid available in the form of loans, scholarships and loan repayment programs. But will they be able to cover everyone?
As the SVP for government and public affairs at the American Council on Education Terry W. Hartle tells the Times, "What you're seeing are some shifts taking place...some individuals may find themselves in much worse situations this year than last year."
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