Hard times for US study hopefuls
- Source: Global Times
- [23:00 November 15 2009]
- Comments
By Xu Chong
Over the past decade, the number of Chinese students studying in the US has increased dramatically. More than 81,000 enrolled to pursue higher-education degrees in 2009 alone, a vast majority supported by a mix of financial aid, scholarships and private endowments.
However with the US economy steeped in recession and higher education still on the rebound, Chinese students planning to study in the US hoping for financial aid might want to consider a heartbreaking possibility.
There is no money for you.
Furthermore, with colleges cutting back on classes, eliminating faculty, staff and student services, many are raising the question of whether universities can justify increased tuitions.
Dire school straits
Last year, a total of 29 states were forced to close their budget gaps with unprecedented cuts; Massachusetts slashed its budget by 5.6 percent, Pennsylvania plans for more than $50 million in cutbacks and California, is tightening a belt in which one in six college students studying in the US is going to feel.
Mark Yudof, president of the University of California, articulated the current crisis in an open letter to students and parents on October 16 saying that, "State funding for the university was cut by $637 million in 2009-10, which exacerbates an already serious shortfall. The state has become an unreliable partner through chronic underinvestment."
Given the record-high $1.42 trillion federal government deficit in the 2009 fiscal year, it is reasonable to believe more public universities will soon face similar budget crunches.
But state school budgets are not the only ones on the chopping block. Private universities are also feeling the crisis, as the stock market crash directly affected many of their regular sources of funding.
Harvard, which runs on the largest education endowment in the world, suffered a 30 percent loss of $11 billion for the year ended June 30, according to the National Association of College and University Business offices.
Other prestigious institutions such as Yale, Princeton, Stanford and Massachusetts Institute of Technology are also suffering from similar funding shortages, adding to the pessimism pervading throughout the whole education system.
Consequently, many colleges have resorted to a variety of plans to broaden sources of revenue and reduce their expenditures. Unfortunately, increasing tuition has been "Plan A", which passes the burden to students and parents.
Kicked in the tuition
According to the estimate of the College Board, a non-profit organization, total charges for state school tuition, fees and living expenses for the 2009-10 academic year climbed by 5.9 percent, averaging $15,213. Private schools saw a 4.4 percent increase, translating to $35,636. Colleges in California, Florida, New York, and Washington experienced double-digit percentage increases.
At the same time, financial aid is decreasing. The upheaval in the financial markets lead to a decline of approximately 50 percent in nonfederal education loans, leaving low-income students unable to rely on financial aid to finish college.
Some schools are also cutting grants and scholarship programs, directly affecting disadvantaged students who showed academic excellence in the past. Gaston Caperton, the president of College Board, said last month, "It is vital that we assure access to a high-quality college education for all students. While a college education is critical to long-term financial security, it feels out of reach for many students and families in today's economy."
As a result, scholarships have become much more competitive. According to the 2009 International Graduate Admissions Survey released by Council of Graduate Schools in August, applications from China for graduate programs in the US increased by 14 percent in 2009, the fourth consecutive year of double-digit growth, while financial aid has been unable to follow in step.
Silver spoons, silver lining
Because tuition for international students is much higher, many schools, even top-notch universities who have an almost snobbish reputation for turning away applicants, are broadening their admissions to drum up tuition money.
In other words, to those students who can afford increasing tuitions, universities will be more than happy to have you (and your dollars).
Schools are also targeting Chinese demand; this year admission to prospective students from China increased by 13 percent, while the overall admission rate fell by 3 percent.
Just consider the trade-off; tens of thousands of dollars and four years later, you might just find yourself with a degree, fluent English, and if the saturated job market persists, a lot of spare time to surf online.
