Reforming financial aid is a long time coming

Although the current rethinking of the system of allocated federal student loans is promising and necessary, we are a long way from seeing the benefits realized.

The idea of rethinking the financial aid system is nothing new.

In 1974 the National Task Force on Student Aid Problems published a report that made recommendations for improving the financial aid system, including an evaluation of the student common data form . 

More than 30 years later we are still having the same discussion.

Don’t get me wrong. I think that a revamping of federal aid is well worth the wait. A reworking of the bureaucracy surrounding aid and a streamlining of the application process are definitely in order. Moreover, the financial aid policy experts and the College Board are right to be asking these questions.

But I think it is only fair to be a little bit skeptical of impending change when it has taken more than a quarter of a century for us to come to a consensus on the fact that we have a problem.

The problem is two-fold. Coming up with the data to support proposed aid models has been a long, arduous process. Now as we are finally arriving at a public policy solution that appears to at least function better than its predecessor, the second challenge comes in: selling a program that would mean cuts to large numbers of middle class families.

Forward movement on this proposed system will depend on Congressional approval. Realistically, the program that would give more money to lower class applicants will leave many politically influential upper-middle class voters in arms about the decreased aid that their students will receive.

It seems to me that the success of this program lies in whether or not Congress can sell their upper-middle class constituents on a plan that might not be directly in their best interests.

I’d like to think that the “what’s best for us all is best for me” mentality might prevail, but I think at the end of the day it’s a tough sell.

When it comes to de-mystifying the federal aid application process, I am all for change. Yet, I recognize that good intentions aside this remains a political matter, and one that has the potential to upset an important voting block.

Combined with a history of lots of concern and little change and a financial crisis that is demanding Congressional attention and funds, I hesitate to expect real changes any time soon.