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Financial Aid Crisis
Financial worries have made their way from Wall Street to Main Street and now they could be headed to your college student's classroom. Reporter: Barclay PollakEmail Address: bpollak@nbc15.com |
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Wednesday, November 19, 2008 --- 9:17 p.m.
Leaving home and going off to college used to be an exciting time in a teen's life.
But more and more, students have to put aside that excitement to worry about the cost of attending college.
A few months ago, if you asked Kendra Bechtol where she was going to college she would've told you the University of Miami.
"I was real interested in going there but the prices kind of lead me more towards Whitewater."
Even though she's staying closer to home to save money Bechtol is still worried about how she's going to pay for her education.
Bechtol says, " It's kind of scary thinking about the money aspect of it. I worry a lot about scholarships. Am I going to be able to get a lot of money in scholarships? Am I not going to get a lot of money in scholarships? If I don't how am I going to pay for it."
At state schools like UW-Whitewater and private schools like Edgewood College in Madison the number of students asking about financial aid is going up.
Kari Gribble is the Director of Financial Aid at Edgewood and she says, " There is a lot of uncertainty out there and we're aware of that and we wanted to reassure families that our number one goal at the financial aid office is to help families afford an education."
Gribble says she and her staff at Edgewood think students may feel they're $20,000 a year price tag is too high and could turn to a more inexpensive state school.
"Our message to students is we realize we're more expensive than a public college but we think we're worth it and here is why."
Gribble says the best thing students can do once they're enrolled is keep their financial aid office informed of any changes in their situation.
She says even though the economy is in a state of flux most grants and loans through the government are available.
Latest Comments
School is expensive.. no doubt about that. HOWEVER, if you really really want to go to school and are truly motivated to succeeding, you would find a way to go. Financial aid will probably never go away. it's a resource that's very similar to WIC programs or SSI. if you answer yes to a few questions, you will receive "garanteed funding"... it's made up of student loans however you don't pay it until your done with school--school is a true INVESTMENT into your future. if you don't recieve grants, all don't qualify for enough student loans but are truly wanting to go to school, you would work to make it happen. many times it's just people wanting to go to college for the "experience" and not so much the education and these people are the ones who end up struggling.
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Having worked in financial aid for many years, I have seen a lot of students abuse financial aid funds. Students routinely apply for additional loan money to buy "luxuries," not necessities, or even school related items. I have even seen one student use alternative loan funds to buy a car!! The problem is that these students have no concept of what it takes to pay back the loans once they are out of college. Going to college is not a full time job, except for maybe a few very select majors (medicine, law). The majority of students are very capable of working more than a few hours per week, even if it means cutting in to "party time" on the weekends. That way, they do not have to rely so much on financial aid/loan money. It is imperative that high school students are taught responsibility with money before they even get to college.
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