The crash of 2008 hasn”™t finished playing havoc with parents”™ pocketbooks, especially for those who have children already in the midst of their college educations.
Whether it is the loss of home equity, the loss of the home itself or unemployment, colleges throughout the nation are seeing the number of students seeking initial financial aid increase along with the number of students seeking extra help due to unexpected circumstances.
While Mount St. Mary College in Newburgh ”“ $33,400 for tuition, room, board and fees ”“ is preparing for “its second-largest freshman class in its history,” according to spokeswoman Janet Gianopoulos, students already enrolled who are finding themselves in financial straits are reaching out to the school for help. Some, however, can be reticent about asking for a hand up.
“That”™s why we try to keep tabs on all students ”“ not just to be sure they are doing as well as possible ”“ a trigger is when we see they are not registering for spring semester,” said Gianopoulos.
“In some cases, particularly with this economic depression, some students have needed some extra financial help,” she continued. “Mount St. Mary has a budget set aside that is contingent on the college making its budget revenue. We expect a certain population and we can project a certain amount of revenue and financial aid based on those projections. We have budgeted somewhere between $10 (million) and $13 million, but we have to be sure we make our revenue numbers. We are operating in the black, being careful to do so for the sake of our students.”
The Mount”™s total enrollment is approximately 2,000, with an estimated 460 freshman scheduled to begin the coming school year. It has an accelerated program for adults who want to complete their four-year degree, attending one night a week and completing the rest of the course work on line, said Gianopoulos.
“Many are returning to school today,” she said. “So many employers want to see a four-year degree on a resume, particularly if the person is moving up with their current company or they are looking in a different industry.”
Mount St. Mary offers textbook rentals for students. “It can be cost-saving for those who can”™t afford to buy books,” said Gianopoulos. “The campus bookstore is the repository for the rentals once the students are done with them.” Several other colleges are moving in the same direction ”“ college book swaps are certainly nothing new ”“ and students also have the opportunity to download books ”“ certainly something new — to save on expenses.
Vassar College in Poughkeepsie ”“ $51,470 per year in tuition, room, board and fees ”“ has a total enrollment of 2,450 students with 660 incoming freshman for the 2011 school year, according to Pamela Tan, associate director of admissions.
“Yes, some of our students are feeling the pinch,” said Tan. “Approximately 60 percent of them already receive financial aid, but with the current fiscal crisis some are experiencing hardship; if there is a loss of a job or a serious change in the family”™s financial circumstances, we work with students. Our commitment is we will meet 100 percent of their family”™s demonstrated need. We encourage them to contact financial aid to see if they qualify.”
Tan says there has been an uptick in students seeking help. “I don”™t have hard numbers, but we have seen an increase. Finances are a big concern for families these days.”
National trends indicate 24 percent of students considering enrollment in private college are opting to for public education; 38 percent are planning to attend a college close to home; while 21 percent plan to continue living at home while attending college, according to a recently survey published in U.S. News & World Report.
The new Patient Protection and Affordable Care Act allows parent to keep adult children to the age of 26 on the parents”™ health insurance. Among those expected to benefit are graduate-school students ”“ famously scraping by on canned tuna fish ”“ who previously often went without medical insurance or dropped out to get it.
