COLLEGE education in the United States is very costly, more so than in many other countries. Yet as U.S. student debt continues to rise along with tuition prices and the unemployment rate for new college graduates, it is rather shocking to see that despite the attention this issue receives, very few individuals are actually holding universities accountable.
Rather than criticizing institutions for their absurdly high prices, students are treating corporate America and the national economy as the scapegoats for student debt. Yet students ought to place more responsibility on their schools, as well as themselves, for the accumulated debt. Were universities to take into consideration their students and provide better financial counseling without hiking tuition, it would reduce the problem of student debt in an unstable economic time.
The University likes to boast about having one of the best financial aid programs in the nation - which it does, if you qualify. But for individuals who do not qualify for University aid and who cannot rely on their parents to pay, the financial aid office is anything but helpful. When I arrived for orientation, I visited the financial aid office seeking advice on applying for loans and paying for college in general. As an in-state, middle-class student who does not qualify for financial aid, I wanted expert advice on how to finance my education.
Unfortunately, the personal aid I received was nonexistent. The lady with whom I spoke said they could not provide any assistance or advice and essentially told me that I would have to figure it out on my own.
Second-year College student Bethany Straub faced the same issue when requesting advice on how to go about paying for her second-year housing. "The financial aid counselor basically told me the same thing they told you," Straub said. "There is nothing they can do to help me, because I do not fall under the University's requirements for financial aid. At that point, I asked if there was any advice she could give me on private student loans and the lady I spoke with said no. She said that giving me any advice would show favoritism to a certain company."
The lack of financial advice provided by this prestigious university is shocking, especially since many of us forced to take out loans would rather not have to do so. Thus, to fully support all its students and not just those who qualify for financial aid, the University needs to provide more financial counseling for middle-class students.
One improvement would be providing advice and information about loan providers. It is understandable that the University may not want to provide students with this information just to have those same students come back later blaming the University for "telling" them to take out a particular loan. Leaving students in the dark, however, makes the University just as responsible for a student's potential downfall.
The University should not be afraid to provide information about particular loan providers and their interest rates, the methods of paying back student loans while attending the University or post-graduation, and scholarship options for which students qualify and should apply. Scott Miller, senior associate director at Student Financial Services, said that prior to 2008, "we provided a private loan option for students called the GATE loan through First Marblehead and Bank of America. After Bank of America withdrew from the private loan market, we offered information on our website that offered private loan comparisons. Now, because of new and stricter federal regulations, we are unable to do that." Nevertheless, he said those at the financial aid office currently are working to provide "more general information about private loans and are reviewing our current practices."
To remove the fear of being blamed for a student's debt following financial advising, the University could take a non-responsibility compromise stating it is not responsible should the student be unable to pay back a loan following graduation. And to decrease the likelihood of this situation ever arising, it could bolster the operations provided by Career Services that help students select majors and obtain jobs following graduation. Not only would students needing loans benefit from additional expert advice, but the University also would benefit from showing it truly does care about the success of all its students, both now and after graduation.
Of course, the choice to take out students loans is a personal one, and it is one for which students are responsible. No one else can be blamed for students' decision to take out college loans, but for many it is a decision between taking out a loan or not attending college. Consequently, the lack of personal counseling from the financial aid office is disappointing. Instead of working to provide those who do not qualify for financial aid with the resources to go about making smart, informed decisions regarding loans and loan providers, the University forgets about these students and their needs.
As a middle class student, I know I am going to have to work hard and choose a major that will increase my chances of employment after graduation. I know I am responsible for paying off my debt, and I am going to work hard to do so. But for students like me, facing tuition hikes and increasing student debt can be disheartening. I am here so I can secure a better future, but the University is not doing all it can to help make that future any better.
Bradlee Palmquist's column appears Tuesdays in The Cavalier Daily. He can be reached at b.palmquist@cavalierdaily.com.
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