Class system? When it comes to school aid, rich have the edge

http://www.today.com/money/class-system-when-it-comes-school-aid-rich-have-edge-6C10798468

Kelley Holland CNBC
July 31, 2013

College students have a better chance of getting financial aid if they come from affluent backgrounds than if they are lower on the income scale, some new studies show.

There is growing evidence that colleges may be offering more scholarship money to wealthy students and less to those truly in need, and by doing so are perhaps closing a door to advancement for many families.

A new study by Sallie Mae found that 36 percent of students from wealthy families received scholarships averaging $10,213 for the school year just ended, while 35 percent of students from families earning less than $35,000 a year received scholarships worth an average of $7,237.

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Grants and scholarships covered 37 percent of low income students' college costs in the 2012-2013 school year, down from 42 percent in 2008-2009, according to Sallie Mae. But middle income students increased the share of funding they got from grants and scholarships, and use of grants and scholarships by wealthy students was essentially unchanged.

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