The cost of being a college student in today's economy
Story Created:
Sep 2, 2009 at 3:44 PM EST
Story Updated:
Sep 2, 2009 at 4:50 PM EST
UTICA, N.Y. (WKTV) - In today's world, the cost to be a college student continues to climb. Both students and college officials say the bad news is that aid for students is becoming harder to get.
The Vice President for Enrollment Management at Utica College - Pat Quinn - says 90% of Utica College students receive financial aid, some of those receiving quite a substantial amount.
"95% of my aid comes from Utica College, and I have a little bit of alternative loans," said Lamont Lovell, a senior at U.C.
However, in most cases financial aid is not enough. The average Utica College student gets just over $26,000 - barely enough to cover tuition at $26,764. On top of that, there is still room and board and other costs.
What happens when financial aid is not enough? Most students turn to government backed loans.
"I have a federal subsidized loan and a federal unsubsidized loan and I have an alternative loan," said Sophomore Katie Gleitsmann.
As one would imagine, loans are pretty hard to come by in this day and age. Quinn says many of the alternative loans that gave students another source to borrow from, are diminishing.
"A lot more of those sources have gone away, because of the tightness in the economy and in the rates they have to keep in order to keep their loan business alive," Quinn said. "Most institution feel it is not a good market for them."
Utica College Senior Katie Prue says she is surprised at how much she spent after transferring to a four-year school.
"I knew it was going to be expensive, but I wasn't sure exactly how expensive. It was a little bit of a shock," Prue said.
Most students are confident they will get through this year and be covered financially. The concerns then shift to after school, when those loan bills come due.
"I am graduating this year, so they are right over my head." Prue said. "I know if I do not find something right out of school that it might be a little tough to start paying them back."
Utica College scaled back on their budgets this year, enabling them to offer more money in financial aid, said Quinn
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