Consequently a student when graduate is already under debt thousands of dollars. Most of the time those students are awarded aid that are need-based but quite a number of students are entertained based on academic merit, sports ability or musical talent rather than financial need. Universities gave almost half of their $14.5 billion in scholarship money in 2000 to students based on merit or ability. Students gaining admissions and financial aid could still display poor result as shown by the 1996 study of UCLA according to which there were less than 40% students who finished their degree in the first four years of joining university, a decline by 7% from 20 years ago.

As the large some of public money goes into the higher education system public definitely do take cognizance of who is taking advantage of the scheme and how much is been spent. Majorities say it's important to have a college degree to get ahead in today's society. About 60% parents of students undergone higher education say that college is absolutely essential for their child. But the public also sees a college education as more than merely an economic advantage. A survey showed that large population expressed that student possessing higher education degrees must show maturity and that the campus should be as diverse as possible. Majority of general population is of the view that students who are diligent and hard working should be allowed to gain college education without hassle and worrying about the cost of degree. At the same time people also say that most college students borrow unfair quantity of loan that only adds to their troubles and tensions. They demand of government to take initiatives and make higher education more affordable to students in this way more and more students can really avail the opportunity of higher education without having to fret about the fiscal dimension of the problem. To some money problem is another big factor why students can't concentrate on their studies properly because they're also been distracted from their core job of studying by financial considerations that divide their focus thus affecting poor on their studies. One way of overcoming this problem can be to provide financial freedom to students that leaves them to concentrate only on their studies and this financial freedom can only be brought about by joint cooperation of public and private sector who must be willing to invest in future for the sake of good. There were surveys conducted in which people were asked to give their views on students undergoing higher education and the aspirants, a section of public expressed their view that any one who wants college degree can get admission while equal number of people said half the students already in universities don't really belong there, showing an important attitude of public towards university education that it's up to the student to make the most out of college. (Manton, 2002) This way the students can establish themselves by learning and putting their knowledge of whatever they have learnt to application. The benefits of education may be several but they are not realized immediately as Dearing Report illustrates: the benefits of higher education are "...unpredictable for the individual and realized over a long period of time. We believe it would be unjust and inefficient if those who did not have immediate access to the necessary finance to participate in their higher education were, for that reason, denied the chance of receiving any of its...

Therefore in developed countries higher education is responsible for strong national economies as it provides highly trained and qualified personnel to impetus the rest of economy. Since well-informed and educated personnel prove to be much superior workforce in terms of work and in comparison their earnings are a lot better as well. Thus despite short comings and flaws in the policy of university education I strongly support this policy because through it a sustainable and continuous chain of well educated and better equipped man power is produced. It is estimated that in the next decade or so major portion of new jobs generated will require individuals who possess higher qualification and additional skills that invariably are part and parcel of higher education. The research shows that higher education qualified person is in much more comfortable position to negotiate salary with the employer and in addition to it the educated person earns approximately 35% more than normal pay. There are different reasons why people go for higher education; sometimes it is as simple as higher education gives sense of accomplishment and honor that is associated with it especially if that individual is the first person in the family to go to university. As by securing university degree one not only enhances one's credentials but this additional learning skills also helpful in obtaining good job and in earning better living.
While the benefits are numerous, in more philosophical terms, the real education is one that a person gains on his own through his own close examination of the world. Sir Walter Moberly made this valuable observation in his book "The Crisis in the University." (1949) He wrote: "On that showing a university can train a student to be a chemist or a linguist. But what he should do with his chemistry or languages when he has acquired them, whether and why injustice and cruelty and fraud are bad and their opposites are good, whether faith in God is a snare and a delusion or is the only basis on which human life can be lived without disaster -- all these things the student must find out for himself as best he may, for a university education can do nothing to help him." (p. 52)

But the greatest hurdle in the path of the young people aiming for higher education is the limited means and incapacity by students to pay the university dues and especially tuition fees that is exceptionally high for reputed institutions and still a concern in case of not so popular institutions, the encouraging thing from all that is as the awareness is rising and more and more people are understanding the value and importance of higher education; they are inclining towards university degree even if they initially have to face hardship need to undergo debt but they understand now that it's a little payment for reaping greater dividends in future.

Reference:

1]the state constitution of 1974

http://senate.legis.state.la.us/Documents/Constitution/Default.htm Accessed March 8, 2007

2]Public Agenda

http://www.publicagenda.org/research/research_reports.cfm Accessed March 8, 2007

3]Higher Education

http://en.wikipedia.org/wiki/Higher_education#General Accessed March 8, 2007

Gerald W. Bracey. The Bachelor's Degree: A Hereditary Privilege?. Phi Delta Kappan. Volume: 87. Issue: 3. 2005: 253

Donald English, Edgar Manton - Do Recent College Graduates Regret the Amount of Funds Borrowed for Educational Purposes?. Education. Volume: 123. Issue: 1. 2002. Page Number: 82

The ABCs of Financing College. Ebony. Volume: 58. Issue: 10. August 2003. Page Number: 34.

National Committee into Higher Education (NCIHE) (1997) Higher Education in the Learning Society, HMSO, London

Sir Walter Moberly.…