For everybody, the word “college” means something different, something unique: an opportunity, a defining point in one’s life, a period of understanding one’s capabilities through the exploration of new experiences. But for everyone, regardless of their varying opinions and expectations of their own past, present, or projected time in college, college is an investment, especially in today’s society.

With the rising price of both public and private four-year universities, along with community colleges, and the requirement for higher education in numerous fields becoming ever commonplace, the choice to attend college is significant. While some might argue against the need for college, citing several prominent figures that did not choose the college route or did not finish college, such as Bill Gates and Steve Jobs, more and more people are beginning to view college as essential. Whether post-secondary education means an associate’s or bachelor’s degree, or perhaps even a master’s or doctorate, any form of such education involves placing ample consideration on the price tag that accompanies one of the most life-changing decisions people make that does, and will, change their futures and the futures of those that surround them.

With the looming cost of college now on students’ minds more than ever, committing to loans and figuring out how to pay them off are major challenges. One loan in particular that is quite familiar to college students and will be directly impacted by the economy in the 2013-2014 school year is the Direct Subsidized Loan, important because it is "made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education." However, "Subsidized Stafford loan borrowers should prepare for a possible interest rate jump on new loans taken this year." According to the U.S. News and World Report:

"Though the federal loan option currently comes with an interest rate of 3.4 percent, the interest rate on loans taken after July 1, 2013 will jump to 6.8 percent, barring further Congressional action. The current low rate was the result of a one-year delay on the increase, which Congress passed after both President Barack Obama and Governor Mitt Romney publicly supported keeping the rate at 3.4 percent. The decision cost an estimated $6 billion, and Congress and the president, in a nonelection year, are not likely to extend the low rate again."

As for grants, specifically the Pell Grant, "temporary funding for the Pell Grant program runs out in 2013 and the maximum grant is scheduled to drop by about half in 2014." According to the Ed Money Watch Blog, which raised questions regarding the changes in funding for Pell Grants, $6 billion, “the same amount the President convinced Congress to spend on the interest rate extension," would stop funding for the Pell Grant from being cut. The blog asks, "Why weren’t student aid advocates up in arms that the President challenged Congress to find $6 billion for the interest rate fix over Pell Grants? Even the Washington Post said that the president had his priorities wrong.”

Also, effective on July 1, 2012, you can now receive the Federal Pell Grant for no more than 12 semesters or the equivalent. The U.S. News and World Report writes:

"In his fiscal year 2013 budget request, President Obama called for a small but notable increase to the maximum Pell grant award, from $5,550 to $5,635 for the 2013-2014 school year. (For the past two years, the maximum grant has remained steady.)"

Following a recent change this past year, in which students enrolling in college for the first time now "must have a high school diploma or GED to be eligible for federal student aid," a mountain of other changes are piling up, and fast. The U.S. News and World Report said:

"The American Opportunity Tax Credit, which gives families up to $2,500 back for paying college expenses such as tuition and fees, may not be available in 2013-2014. The tax credit is set to expire this year, but it could be extended through legislation. President Obama has requested a permanent extension of the tax credit."

Additionally, just this past November 2012, "the Department of Education released a final version of the Pay As You Earn plan, which allows some federal borrowers to make loan payments based on their postgraduate income, and promises to forgive debt to timely repayers after 20 years, rather than 25." It's one of several income-driven repayment options for federal student loan borrowers, along with income-based and income-contingent repayment.

Overall, while there is a small increase in the maximum Pell Grant award for the 2013-2014 school year, from $5,550 to $5,635, an increase of only $85, the future for college funding is grim. For one, the interest rate for Subsidized Stafford loans will double, jumping from 3.4 percent to 6.8 percent for any loans taken out after July 1, 2013, changing the outlook on college funding - coloring it with grim outcomes for all students across the country.

These changes pose serious problems for current and future students alike, chiefly because for a growing number of students, the opportunity to attend a university is greatly overshadowed by the cost of educational expenses (i.e., tuition, room and board, etc.). As a result, some students never attend college or are forced to drop out due to their inability to pay for their education. Loans and grants in particular, in conjunction with FAFSA, are under government control, in turn impacting students’ decisions to attend college and pursue higher education. Thus, how the government runs college funding is of the utmost importance.

Therefore, two questions we must ask ourselves are as follows: in a country in which higher education is seen as a path to success, if not the most critical path, how much of this success is contingent on government control? And how, as students attending universities that encourage us to push the boundaries of our existence, are we to conduct our lives and plan for our futures, when decisions that directly affect us are kept outside the realm of our jurisdiction?

The answer lies in our ability to educate ourselves and speak out as students, whether we are presently in college or plan to be in the future, on government funding for education: how it operates, and the concerns we have about it. Simply put, the better informed we are about government funding for college, the better equipped we will be when choosing and paying for college, since we can use such knowledge to secure the best financial avenue(s) available to us. This knowledge will allow students to better plan for their futures, as well as for the futures of college students for years to come. With knowledge comes the ability to form independent thoughts and opinions on government control, and how such control over the financial aspect of the college experience has the power to transform students' lives, for better or worse.

While individuals can very well mobilize a nation to alter its government, it is truly revolutionary when individuals come together to form one collective voice for change, greatly influencing society and politics. Therefore, it is vital for students to exercise their right to influence the government in terms of funding, whether it be through voting or other measures, as that government funding directly affects students. As the famed J. K. Rowling said in her commencement speech to graduating Harvard University students in June of 2008, “the pressure you bring to bear on your government has an impact way beyond your borders.”  

To make a difference in young adults' decisions (not) to attend a university based on government funding for current students in the United States, and for generations to come as well as for students across the globe, we must first acquire knowledge of how government funding operates. The nature of government funding is, without a doubt, imperative to the shaping and subsequent molding of our lives and the lives of others, because that is what education does.

Reach Contributor Kathryn van Handroff here.