In the modern era, where constant efforts are being made to reform scholastic strategies in the advancement of higher education, funding in this sector still seems to be an unresolved issue and is only getting worse day by day. The exorbitant tuition fee rates to attend college is loading modern families with vast amounts of debt. While technological advances have improved the ease of access to educational resources and books online, the tuition rates have also increased tremendously in the last decade. The question here is: Is the national median income growing proportionately to the increased cost of living and cost of education? The answer is a definite “no’ and there lies the problem.
The funding challenges are even more aggravated in graduate school. Graduate students usually in their mid-twenties to early-thirties have additional factors to take care of, like families, debts accrued due to college loans, etc. So, it is almost nearly impossible to sustain in grad school without a reliable source of income. So, why is it that funding issue is such a massive problem in grad school? It seems like a double edged sword where universities often enroll more students than they can support or manage, in the greed for more benefit and better PR rating, but they don’t always have a well thought-out plan for the graduate student’s funding. Also, the federal and state funding resources are highly unstable and vary widely depending on the government in ruling position. This situation makes it hard for the faculty to get grants for research and to support their graduate students. As a result, higher education suffers a big blow in this aspect, where we see a lot of stressed and burnt people everywhere on campus (including both faculty and students). Eventually, the increased financial stress takes a toll on the performance and the mental health of the student and the faculty.