Lower Percentage of Low-income Students are Graduating College

The Lexington Herald-Leader recently reported that, overall, more Kentucky  students are graduating college. However, there is a noticeable gap between the number of low-income college graduates and middle-to-high-income graduates. The graduation rate of low-income students dropped to only 35 percent versus 53 percent for middle- to high-income. That is an eight point increase in the gap since 2008. 

The Kentucky Center for Economic Policy states that the slow economy and rising cost of college may be to blame for the widening gap. Most state universities raised tuition and reduced financial aid over the past two years. Last year, over 90,000 eligible Kentucky students were denied financial assistance for college. In order to cover the costs of college without assistance, more students are relying on student loans. The average Kentucky four-year college student carries $19,000 in student debt.

Another reason for the graduation gap may be students trying to avoid debt. As Chairman of the Kentucky House Education Committee, State Rep. Carl Rollins states that low-income student are hesitant to take out loans. This reluctance to incur debt, paired with rising tuition,  leads many students to delay higher education. For some, the delay becomes indefinite. 

To reduce the costs of higher education as well as decrease your dependence on loans, students should try saving for college as soon as possible. Also, students should not wait until the last minute to seek out scholarships. State-funded scholarships give priority to those who apply early. Though funding for state scholarships is being cut, there are also many scholarships and grants provided through private awards and contests. Ask your guidance counselor about contests and awards for which you may qualify. 

One way the reduce costs without delaying school is to attend community college. Community colleges offer courses with much lower tuition and fees. The campuses tend be local, thus students can stay home to cut living expenses. The savings would be significant, even if you only attend for a couple of years. You can take core classes at the community college, and later transfer to your preferred school or program.

Readers, what do you think? Realizing the average debt of those graduating four-year universities is $19,000, are you looking for ways to reduce the cost of furthering your education beyond high school? Are you thinking of maybe going to a community or technical college for at least your first two-years?

Reference: Blackford, L. B. (2012, July 9). College graduation gap widens for low-income Kentuckians. Lexington Herald-Leader. Retrieved July 12, 2012, from http://www.kentucky.com/2012/07/09/2253489/graduation-gap-between-poor-and.html.