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business Wednesday 20 april 2022
Millennial Money: Skipped college in 2021? Enroll this fall

By COLIN BERESFORD tional Student Clearing- pretty clear that going to
of NerdWallet house Research Center. college is a better choice
The pandemic upended And between fall 2019 and economically, than not
what it meant to be a fall 2020, the percentage going,” says Voight. “And
college student as new- of students who reenrolled reenrolling, if you stopped
found barriers to learning fell the most since 2009. out … will make a world of
cropped up in spring 2020: Yet, it may be time to re- a difference in terms of job
In-person classes were turn, especially if you had opportunities and wage
forced online, family obli- to sit out any of the last two growth over a person’s life-
gations became more pro- years. A strong job market time.” The longer you wait
nounced and economic and earnings increases for to go back, the less likely
difficulties spread. low- wage workers can, at you are to attain a degree,
“All of these factors just face value, make higher according to the National
came together to create education less appealing. Student Clearinghouse
this perfect storm,” says But the long-term picture Research Center. And for
Mamie Voight, president remains clear. those who have delayed Students walk to and from classes on the Indiana University
and CEO of the Institute for Those with no college edu- going to college, it comes campus, Thursday, Oct. 14, 2021, in Bloomington, Ind.
Higher Education Policy, a cation see median lifetime with a cost: The Federal Associated Press
nonprofit focused on col- earnings of $1.6 million, ac- Reserve Bank of New York TO NEW EXPECTATIONS — level.”
lege access. She says that cording to the Georgetown estimates that postponing AND NEEDS SUPPORT FOR STUDENTS IS
students from low-income University Center on Edu- college for a year results in Students have returned OUT THERE
backgrounds and those cation and the Workforce. a potential $90,000 loss in to campuses, but many This fall, college students
with responsibilities outside That’s $1.2 million less than lifetime earnings. colleges are keeping the have more federal finan-
of school — like jobs and the $2.8 million of median Although the difficulties of changes they’ve made. cial support available
kids — faced the steepest lifetime earnings for those the pandemic haven’t dis- Community and four-year than in years past. The an-
challenges. with a bachelor’s degree. appeared, colleges have colleges have adjusted to nual maximum Pell Grant,
There were 5.1% fewer stu- The median associate de- become better equipped better reach students, says aid you don’t have to re-
dents enrolled in fall 2021 gree holder sees lifetime to help students overcome Matt Bergman, an associ- pay, has increased $400
than fall 2019 , according earnings of $2 million. barriers. ate professor of organiza- to $6,895 for the coming
to estimates from the Na- “For students, the answer is COLLEGES HAVE ADAPTED tional leadership at the Uni- academic yea r. Pell Grant
versity of Louisville. eligibility is determined by
Justices reject states’ appeal over “We have so many oppor- your financial situation and
tunities for students to come the cost of attendance at
cap on tax deductibility back in ways that they the institution you’re con-
wouldn’t have been able sidering. To be eligible, you
to as recent as five years need to submit the Free
(ago),” adds Bergman, Application for Federal
who studies adult learning Student Aid, also known as
and degree completion. the FAFSA. Many colleges
Course offerings have be- also have more financial
come more flexible, with in- resources available than in
person and virtual classes years past, thanks to $76.3
and also hybrid formats, billion in federal pandemic
Bergman says. They’re also assistance funds provided
becoming available in syn- to institutions across the
chronous (learning with a nation. “Right now, in par-
class) and asynchronous ticular, is a great time to
formats (learning at your go to community colleges
own pace). because they have a lot of
Community colleges made resources that are directly
many changes to meet available to students,” says
the needs of their students, Parham, including funding
according to Martha Par- for tuition and books, trans-
ham, the senior vice presi- portation, food and hous-
dent of public relations for ing assistance, and tech-
the American Association nology. If you need child
of Community Colleges. care, pick the school that
These lasting transforma- offers it, Bergman says. If
Visitors walk outside the Supreme Court building on Capitol Hill in Washington, Feb. 21, 2022. tions can make it easier for you have work experience,
Associated Press students to return to school. look for colleges that offer
WASHINGTON (AP) — The Supreme Democrats predominate. “I do think the pandemic prior learning assessments,
Court on Monday rejected a challenge The law caps a deduction for state and has changed the land- giving you college credit
from New York, New Jersey, Connecti- local taxes, known as SALT, at $10,000. scape in the course offer- for the skills you’ve gained.
cut and Maryland to the 2017 tax law The lawsuit claimed that lawmakers ings and that change is go- The important thing is to
that capped federal tax deductions for crafted the provision to target Demo- ing to stick,” Parham says. pick a school that best fits
state and local taxes. cratic states, interfering with the states’ “So that looks different in your needs, Bergman adds.
The lawsuit had previously been dis- constitutionally granted taxing author- different places, in differ- Finding the right school
missed by lower courts. It argued that ity. ent students, in different can be as easy as visiting a
the Republican-led tax law, signed by Legislation to raise the cap has passed colleges, but a lot of ser- school’s website or calling
then-President Donald Trump, unfairly the House of Representatives but not vices and programs were the admissions office to ask
singled out high-tax states in which the Senate.q put into place to ensure about the resources they
student success at every offer.q