To alleviate some of the pressure caused by financial and educational stresses, a five-year renewable scholarship should be offered to Tech students exhibiting good academic standing. It is fair to ask students to apply for this extension, mostly likely in the fall semester of their third year. Allocating funds for a fifth year would give the college a unique reputation and provide aid to students struggling to makes ends meet. For most undergraduates entering college, monetary considerations are often on the top of the priority list when it comes to selecting a school. Among the costs for attending college are tuition, room and board, books, and student fees.
Studies illustrate that tuitions are raised across the country nearly every year.
Additional studies have shown that the typical, middle class family is unable to afford such an outrageous amount for education. Most of these students are not from families in the middle-class economic bracket. Although loans are also an option, it is one that most families reject in order to avoid incurring debt. Therefore, undergraduates rely on school-funded scholarships to finance their education. In order to aid undergraduates and possibly increase enrollment at the New Mexico Institute of Mining and Technology, many financial offers are made to prospective students in the way of scholarships and work-study programs.