Education
Do you know which areas of the government budget affect you the most? Social issues such as access to education, health care and social services are often the most crucial areas of a government's budget where money is needed most.
Education is one of the most important areas a government spends its money on and the way in which it does so has a lasting effect through the years. Funding for education in the U.S comes from two main sources – federal government and state government. At a federal level, the Department of Education is the organization responsible for allocating funds to education issues.
To understand how education is funded in the U.S, you need to learn how the Department of Education manages the money it receives. There are two different types of funding the Department receives from the government. These are known as discretionary funds and mandatory funds. Discretionary funds include set amounts which are awarded to institutions and programs each year based on the Department's decision. Mandatory funds are spent where need dictates and can vary depending on how many institutions and individuals are eligible to receive them.
This can be understood more clearly when we look at a specific education budget. In 2006, the Department of Education received a budget of approximately $67.2 billion. This figure was made up of $57.5 billion in discretionary funds and $9.7 billion in mandatory funds.
With this money, the Department was tasked with funding both elementary and secondary programs. 56 million students in 14,000 school districts benefited from these funds, along with 94,000 public schools and 28,000 private schools. The money was also spent on loans, grants, and work experience for an extra ten million college and post-secondary students.
This may not seem like a lot of money to you when you consider how many schools, programs and students are involved! This is why it is important to remember that education is funded at both a federal and a state level. State governments are just as responsible for funding and managing educational resources in their area.
For more infomation on government finance choose from the list below. |
|
|
|
|
|
|
Banking - Business Finances - Economics - Insurance - Investing
Major Purchases - Personal Finances - Stock Market - Taxes
|
