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The most likely impact of a cut in financial aid, with respect to globalization, is that the United States will fall behind other countries. As the world’s economy becomes globalized, Americans have to compete with foreigners in more and more areas. For the US to succeed, it is important that its people should be well-educated. Americans cannot compete with other countries on the basis of low wages, so they must compete on the basis of education and skills. If we have less need-based aid, we will have fewer low-income people attending college. This will mean fewer people with the education needed to compete in the globalized economy. Therefore, a lack of such scholarships can reduce American competitiveness.
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