It’s Time for a New Pell Grant - Commentary

Laura Hamilton, professor of sociology at the University of California at Merced, Christian Michael Smith, assistant professor of higher education at the University of Georgia; and Charlie Eaton, an associate professor of sociology at the University of California at Merced, write:  In the wake of the recent Supreme Court decision on racial affirmative action and ongoing barriers to student-debt cancellation, state and federal policymakers are seeking new ways to reach racially marginalized students. We say, take a close look at family wealth. Right now, formulas for awarding federal financial aid to students are based primarily on family income. That overlooks the realities of wealth inequality — especially as it is stratified by race. Students from low-wealth families are disproportionately Black and Latino. Inevitably, without family wealth to lean on, students may decide not to attend college, borrow more to attend college, struggle to pay back their loans, or find it difficult to achieve financial security.