The cost of education is a major financial burden on many families. On one hand, the wage gap between degree and non-degree holders is widening and on the other, the cost of education is again rising in the year 2022-23 after the tuition freezes during the pandemic. Unsurprisingly, post-secondary school enrollments decreased by more than a million since COVID started, and continue to decline. More and more students are choosing not to go to college due to the ever-increasing costs and the burden of looming student loan debts. If continued, this trend will lead to a huge socio-economic disparity between degree and non-degree holders. As an education benefit, scholarships help alleviate this financial load by reducing the ticket price of a degree. With the heightened emphasis on upskilling and the so-called Great reshuffle, there is no better time than now to include scholarships in your organization’s education benefit portfolio.
As you may know, learners can receive scholarships from two broad sources. These are
Focusing on scholarships as an education benefit; let’s answer some of the pertinent questions in minds of HR professionals when talking about scholarships.
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The media is abuzz with the August 24 historic announcement about the Biden-Harris administration’s federal student loan forgiveness for individuals making less than $125,000 annually, a last and final extension to the payment freeze on student loan repayments till December 31, 2022, and a proposal on steps to create an income-driven repayment plan.
The forgiveness aims to get some of the debt off the books for young people who are being stymied by it and to help the middle- and lower-income rungs of the ladder. It is being seen as a step towards racial and social equality as it benefits people of color and people who take jobs that help society function like teachers, federal employees, state and municipal employees, and frontline workers.
Let’s review some key elements and consequences of this, and what it means for the borrowers and Corporate America at large.
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Adrienne L. Way, Edcor Owner, President, and CEO
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