The federal government for its part slowly shifted its financial aid from grants that didn’t have to be repaid (such as Pell Grants for low-income students, which used to cover four-fifths of college costs and now cover at most one-third) to federal loans, which I would argue are not financial aid at all. Yes, student loans enable Americans to pay their college bills during enrollment, but the compounding interest means they must pay at least 33 percent more on average than the amount borrowed.
