BENGALURU: In the last 40 years, the rate of college completion by wealthy students rose rapidly, while the rate decreased in regards to students belonging to low income families. A huge gap is being noticed between the rates of education acquired by the two divisions of the society, the rich and the poor, reports Wall Street Journal.

A report from the University of Pennsylvania’s Alliance for Higher Education and Democracy and the Pell Institute for The Study of Opportunity in Higher Education said that in 2013 the percentage of students, belonging to high income quartile getting a bachelor’s degree at the age of 24, was 77 percent. This rate was 40 percent in the year 1970. While to a great surprise the percentage from lowest income bracket was 9 percent, which was 6 percent in 1970.

A ray of progress, though, is noticed. Comparatively more financially weak students are enrolling in college than they did 40 years ago. 45 percent of students aged 18-24 from families with an annual income of $34,160 enrolled in colleges in 2012, which was 28 percent in 1970. Laura Perna, executive director of Penn program said, “Education is one of the levers that we have in place to address income inequality. It offers the promise of achieving the American dream.”

It is really concerning that poor students who get enrolled in the colleges are unable to complete their graduation. For example, in 2013 the number of low income bracket students who completed their degree, was one in five, whereas almost 99 percent of students from high earning families, achieved their graduation degree. Hence once the poor students are admitted in colleges, keeping them on track is a real challenge.

In recent years, Federal Pell Grants which takes care of the needy students, covered a smaller share of overall college costs. One thing that has not been thought through is that, even though these students pass out, finding a job may come up as a problem with each one having a Bachelor’s degree. Today, many people are working below their capabilities. Neal McCluskey, associate director of the Center for Educational Freedom at the Cato Institute said, “If we were to get everybody through bachelor’s degree, where in the work force would they be absorbed?”

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