Between the news of celebrity commencement addresses and the sight of graduation caps soaring, it’s the time of year to acknowledge the hard work and perseverance of students who are reaching this pivotal moment in their lives. Throughout the month of May, thousands of Philadelphia’s sons and daughters are cloaking themselves in colored gowns and walking with pride, hope and not a small amount of trepidation about their futures.
To be sure, most of us remember a time when a college degree promised a certain level of financial freedom. Not necessarily so today. Our new grads are entering a workforce in a country where student loan debt has, for the first time, exceeded credit card debt. In fact, the Department of Education is reporting that 94 percent of students who earn a bachelor’s degree borrow to pay for higher education — up from 45 percent in 1993.
One of the main drivers of this increase is the steady drop in state financing of higher education. Sadly, when it comes to the long-term impact on a person’s future, the student loan burden can dictate a life path for some that forces deferment of savings, home buying and building a family.
The American Council on Education recently released a report, Putting College Costs in Context. It noted that while the majority of college students are enrolled in community and four-year colleges where average tuition is $3,000 and $8,000 respectively, a degree from some private nonprofit schools can equal the price of a home. These numbers, however, do not include room, board, books, and other living expenses.
That's where the Philadelphia Education Fund's Philadelphia Scholars program comes in. The fundamental goal of the program is to help ease the increasingly heavy burden of acquiring a college degree by providing critical funds for tuition, books and other college expenses. Tiffany Flippen is one of our Philadelphia Scholars alumna. She is a graduate of University City High School, a member of Villanova University’s class of 2009, and a local homeowner.
“The scholarship allowed me to make studying my primary focus so I could maintain the highest GPA possible and set my career goals instead of deciding whether or not I could afford to be there the next semester,” Flippen said.
Over 1,900 students from Philadelphia public high schools just like Tiffany have utilized the Philadelphia Scholars “last dollar” college scholarship to achieve their college education.
“Education opens doors for you,” Flippen said. “I’m an accountant now, I’m 24, I own my own house, I’m working toward owning my car and I can provide for myself because I went and got myself an education.”
The Philadelphia Scholars Program and its generous benefactors continue to do their part to ensure that students like Tiffany have an opportunity to maximize their education and career options.
However, solutions to this national problem require more than a scholarship fund. Naturally, families must make appropriate decisions about their ability to handle debt. States should consider more carefully the long-term impact of decreased support for higher education. Banks can do more to educate students and the community at-large about the loans they make. Colleges and universities can and should continue to find creative ways to be competitive while at the same time helping more students graduate loan free.
If you'd like to make a donation to the Philadelphia Scholars program, please visit www.philaedfund.org/give or contact:
Michelle Mirzoian
Senior Development Officer
mmirzoian@philaedfund.org
215-665-1400 x3339
If you'd like to learn more about the program and the scholarships, please contact:
Vaneeda Days
Scholarship Coordinator
vdays@philaedfund.org
215-665-1400 x3349