Introduction
It's no secret that financing a college
education is getting tougher.
College costs have skyrocketed over the
past decade or so, and there's no relief in
sight. Average tuition at four-year
colleges will increase 7 percent this school year,
double the rate of inflation. Student aid
is not increasing fast enough to plug the
growing gap between tuition and family
finances. In addition, there is a growing
number of older students entering college
today. These students have families
that they need to support. I know, because
I am a family man who has returned
to school. I wish to finish my degree at
the Rochester Institute of Technology.
The only problems I face are financial in
nature. It is with this in mind that I set
about this research. The not so simple
question: Is financial aid available to older
students, and if so, how do they go about
obtaining it?
The Cost Of Education
The cost of higher education varies
by type of institution. Tuition is highest
at private 4-year institutions, and lowest
at public 2-year institutions. The private
4-year colleges nearly quadrupled their
average tuition rates between 1975 and
1996. For private 4-year colleges, tuition
and fees for the 1995-96 academic year
averaged about $15,400, compared with
about $5006 at public 4-year colleges.
The cost of attending an institution of
higher education includes not only tuition
and fees, however, but also books and
supplies, transportation, personal expenses
-2
and, sometimes, room and board. Although
tuition and fees generally are
substantially lower at public institutions
than at private ones, the other student
costs are about the same. According to
MS-Encarta94,"the average cost for
tuition, fees, and room and board for the
1995-96 academic year at private 4-year
colleges was about $20,165. At public
4-year colleges the average combined cost
was about $9290" (Encarta94).
The cost of attending RIT is
approximately $15700 per year. This does not
include room and board, or books, and
supplies . This cost falls in line with the
national average. However , according to
Rachel Shuman of the RIT Financial Aid
Department,"the increase in cost at
RIT was 4.8 percent for the 1996-97 academic
year over the 1995-96 academic year."
This falls 2.2 percent below the national
average for 4 year private institutions.
Still, $15700 is a lot of dollars for an
unemployed family man or woman with little
or no income.
The Cost Of Living
Factor
Though the Cost Of Living is not
directly related to tuition it is still a major
player in the decision making process. Is
it possible to maintain a family financial
structure while paying for an education?
The cost of a mortgage, or rent, and other
bills that are associated with living adds
up to many thousands of dollars per year.
These costs in addition to what the
tuition, books, and supplies total are expected,
and have to be dealt with.
-3
The financial burden alone can seem
over-whelming to some. But
let us consider what the total cost
of living and attending a four year
private
institution are. The Bureau of Census
statistics for the County of Monroe
indicate "that the approximate
average income for a family of four is $50964.
The poverty level for a family of four is
approximately $15455". These are
statistics calculated for the 1995
calendar year. No newer statistics were available.
With these statistics in mind we can then
determine the financial model we must
follow.
This model will determine what the total yearly outlay a family of four
must shoulder in order to send a person to
RIT.
The Financial
Burden
First and foremost a family has to
live. The Census data indicates that the
minimum a family must earn is "a
poverty level income." So, let's assume a family
needs $16000 per year for living expenses.
The cost of attending RIT is
$15651 per year. Books and supplies are
approximately $1200 per year. Finally,
travel expenses will be approximately $500
per year. I am assuming that one
spouse will be working to cover the living
expenses. So, I am excluding medical
and dental costs. These costs are
partially or fully covered by an employer. In the
event they are not let us include them in
the poverty scenario, which basically
means the family must pay the costs.
-4
The total amount of funds needed are
$17700 the first year. If you increase
that number by 4.8% each year thereafter
you can come up with the projected
amount for each school year.The $17700 figure remains the
obstacle to overcome.
This cost has to be covered by Financial Aid. If this cost cannot be covered
by the
available system, the student will not be
able to pursue a standard four year degree
at RIT.
Family's Will
Strain
It's going to be tougher to pay for college in
1996, and that's going to
widen the gap in enrollment between rich
and poor students that the nation has
struggled three decades to close. Average
tuition at four-year colleges will increase
6 percent this school year, double the
rate of inflation. But family income isn't
keeping pace; "after adjusting for
inflation, the average family has gained hardly
any ground in the 1990s," says the
Department of Labor. As a result, says the
Department of Education,"sending a
student to a private college in 1996
without any grants or loans will require
more than a third of a typical family's
income and nearly two thirds of the income
of a working-poor family."
The Government
Student
aid is not increasing fast enough to plug the growing gap between
tuition and
family finances. The federal government supplies 75 percent of student
-5
aid. But the value of federal grants has
eroded sharply, covering only 10 percent of
tuition today, compared with 20 percent a
decade ago.
The Financial Aid Page explains that:
Congress's budget-cutting
Republicans want to spend $450 million less in
1996 on student grants, a move that
education officials say would take
nearly 200,000 student off the grant
rolls. Also at risk: a new federal
program that helps less affluent
students by permitting them to repay
federal loans over a longer period
if their incomes' after graduation are
modest (Kantrowitz).
Not surprisingly, the American
Council on Education an organization of
colleges and universities, recently
reported that fewer colleges than in the early
1990's report enrollment increases among
black and Hispanic students, who are
generally less able to pay for
college.Once in school, more and more students
must
work to pay their tuition bills. At least 40 percent of full-time undergraduate
students are earning while they learn,
says the ACE.
The
prognosis isn't encouraging. "The tuition spiral is not likely to end, nor
is student aid likely to catch up anytime
soon," write college cost experts
Lawrence Gladieux and Arthur Hauptman in a
new report, "The College Aid
Quandary." To a nation that likes to
think of itself as a meritocracy, not merely a
bastion of privilege, that's a disturbing
message (Kantrowitz).
Well, that's a lot of important statistical information. Enough I
think that
most people would like to throw this paper
out and forget the whole idea of
returning to school. But not so fast,
there is a light at the end of this tunnel!
-6
Where Should I Begin My
Search?
The financial aid office at the
school you plan to attend is the best place to
begin your search for free information.
The financial aid administrator can tell you
about student aid available from the
federal government, your state government,
the school itself, and other sources. You
can also find free information about
student aid in the reference section of
your local library (usually listed under
"student aid" or "financial
aid"). These materials usually include information about
federal, state, institutional, and private
aid.
The major source of student
financial aid is the U.S. Department of
Education. Nearly 70 percent of the
student aid that is awarded each year comes
from the U.S. Department of Education
programs (approximately $23.4 billion in
1992-93). Student aid is also available
from other federal agencies, such as the
U.S. Public Health Service and the U.S.
Department of Veterans Affairs.
The free student financial aid materials
available in the financial aid office at your
school include The Student Guide, a free
booklet about financial aid from the U.S.
Department of Education, and the Free
Application for Federal Student Aid
(FAFSA). (Education)
-7
Financial Aid for Older
Students
Many scholarship and fellowship
programs do not have age restrictions. If
there are restrictions, they are expressed
in terms of the student's year in school
(e.g., high school senior) and not as an
age limit. Thus there are many awards for
which older students are eligible, simply
because the awards do not disqualify
students based on age. Older students
should conduct a search for aid just like
younger students. There are no,"age
restrictions on eligibility for federal student
financial aid. Although many schools
restrict eligibility for the school's own
financial aid programs to the first
Bachelor's degree, some schools will waive the
restrictions when the student is an adult
returning to school to earn a second
degree in preparation for a career
change" (Kantrowitz).
The Financial Aid
Office
Following the advice of the sources I have used for compiling this
research paper I contacted the Financial
Aid Office at RIT and set up an interview.
While waiting for the date of my appointment
I compiled a list of questions I
would ask the Financial Aid Officer(FAO).
When the day of the interview was at
hand I was prepared. The FAO's at RIT are
assigned to students alphabetically.
My FAO is Rachel Schuman and she was
genuinely surprised that I had a prepared
list of questions. Here is a synopsis of
that interview.
-8
I asked her what the total cost of
attending RIT would be for the coming
school year? What expenses are incurred?
What are the chances of being turned
down?
She was fairly straightforward about
answering most of the questions that
I posed. However on some sticky issues she
was reserved. At one point she had to
check with her boss for an answer. I
wondered if she was merely asking her boss if
it was against policy to answer certain
questions.
There were a number times that she
simply pointed across the hall to
admissions. Indicating that they could
answer my questions better.
The basic answers were that Yes RIT
gives Merit Scholarships, and that
probably some type of loans and/or work
study program would be required.
Mrs. Schuman then told me that if you are
eligible for aid you will receive it.
I was not particularly encouraged by her
explanations and as I found out later I
as right.
The first thing you have to do is
get accepted by the College Admissions
Department. This in itself is another
bureaucratic nightmare. I talked to Al Biles
the Assistant Dean of Computer Information
Technology and said,
"Just go over to admissions and
sign up."
Well when I got to admissions I paid
my fee and waited for three weeks for
a letter that never came. Instead I got a
postcard telling me I need to get my GED.
I went back to see Mrs. Schuman.
-9
Rachel then explained to me that there is a process
for obtaining financial
aid. You must first fill out all necessary
forms and applications. Then according to
the information you supply you will be
assigned a Student Aid Report(SAR). The
SAR will show your Expected Family
Contribution(EFC). Then your EFC is
subtracted from the schools Cost of
Attendance which gives your FAO the
students Financial need.
Based on my interview with Rachel
Schuman it became apparent that I
needed to arrange an interview with
admissions. In order to clear up the two
unanswered questions. But, before I left,
Mrs. Schuman gave me three applications
to fill out. The FAFSA, the New York State
Tuition Assistance(TAP) application,
and the RIT Application For 1997-98
Financial Aid For Continuing Undergraduate
Students. At this point it was becoming
very clear to me that there is money
available, but the process is slow
and filled with bureaucratic red tape. I
guess if you want to play though, you
might as well play with the big kids.
Admissions
Shortly after my talk with Rachel
Schuman I telephoned Renee Minnich.
Renee Minnich is the Assistant Director
of the Office of Admissions for RIT.
I asked her,"What portion of
the most recently admitted class is paying full
tuition?"
Her reply, "Practically nil.
Most of our students receive aid. Those that do
are working full time and attend class at
night. But they are usually subsidized by
-10
their employers."
"Do you package
preferentially?"
"Yes we have merit based
scholarships for outstanding students. But we
attempt to meet the needs of each student
individually."
Conclusion
Well there we have it. The system at
RIT is set up as a meritocracy for the
most part. Those students which have
proven themselves in High School or are
transfer students have a far better chance
of receiving grants and scholarships. The
rest of the students will receive some
sort of loan relief. Still others will receive aid
based on their financial situation. The
system is complicated and you the student
are at its mercy. Remember also, you must
get admitted first before you need
apply for financial aid.
No comments:
Post a Comment