<p>D's school sent a letter to students and parents regarding recent economic events. It basically said keep us informed if your financial circumstances change, and they have waived the financial aid deadline for this school year, so kids could still apply. Other things included - consider switching to monthly payment plan, Federal Stafford and PLUS loans are still available, part-time jobs are still available, and when financial aid forms for 2009-2010 are due. I don't know how much it will help the students, but it was nice of them to think of us! I am guessing it was in response to a lot of panicked phone calls to the fin aid office.</p>
<p>That is very nice!</p>
<p>Every student and parent is entitled to Federal loans - either unsub or sub for students and PLUS loans for parents.</p>
<p>For a college to tell a parent - "Don't worry about tuition if you were dumb enough to leave it in the stock market - we will help you borrow the money" is not nice at all, but self-serving. Perhaps this college is sensing a mass exodus.</p>
<p>If a parent is hurting financially because of the plunge (note I didn't say <em>crash</em>) of the stock market - why would borrowing thousands of dollars to pay for tuition be helpful?</p>
<p>Justamomof4, "self serving" was the first thing that crossed my mind! They do not want their graduation rates, and retention rates to plunge, and they want to make sure that the dollars keep coming in! Sorry if I come of as such a cynic, but this is how I honestly interpret such a letter.</p>
<p>Well, of course they don't want to lose kids! It is the most expensive univ. in the country, after all. But I like to think there is some actual concern for the students mixed in there as well.</p>
<p>Geesh. I agree, mamabear.</p>
<p>Why can't we folks agree that sometimes the self interest of the university in not wanting to loose students can work in the favor of our kids? </p>
<p>Think about it: Does any business (and universities are businesses) do anything that is not in its self interest? Even the charitable mission of a nonprofit, (i.e. private universities) is about its self interest. </p>
<p>So let's not po-po a letter that could actually be informative for some parents: extending deadlines; reaffirming the availability of loans and such. </p>
<p>Let us also not forget the value to a family and student of any extra effort on the part of a college to help students not drop out. Forget the university benefit from avoiding a drop out. The student benefits as much or more: Ever try to transfer credits, even from the best? Ever try to finish on time while attending multiple institutions? Ever feel frustrated having to "start over" at a new college? '</p>
<p>Geesh, what a cynical group?</p>
<p>I have been looking at DS's school's website to see if there would be a letter from the President or administration regarding the economic mess, specifically in regards to the College's endowment, and any impact ongoing plans/operations and financial aid. So far, nothing. I would have appreciated the letter from financial aid. There is so much panic in the air and so much scary stuff on the news, I think it was nice of them to send it, mamabear.</p>
<p>that was my first thought as well.</p>
<p>Today Tom Friedman said on "This Week with George Stephanopoulos" that he had been visiting with several northeast college presidents this past week and they were worried they would be hearing from lots of parents saying they were now unable to pay tuition bills just sent out. I'm curious what schools these were.</p>
<p>My S has attended 3 colleges due to Katrina. Obviously been through the tough times at one of them.</p>
<p>I have considered myself part of the "community" of each of those colleges. So, when a school does as mamabear has reported, I think of it as their administrations feeling, as well, that the students, parents, faculty, staff and alumni are all part of a community. And feel for each other's needs. And wish all to thrive.</p>
<p>The university cannot thrive without the students and, yes, their tuition. The students benefit from the university.</p>
<p>I think it was a kind gesture.</p>
<p>Count me among the non-cynics.</p>
<p>"he had been visiting with several northeast college presidents this past week and they were worried they would be hearing from lots of parents saying they were now unable to pay tuition bills just sent out. I'm curious what schools these were."</p>
<p>Probably all of them. Every college has got to be worried about that. The fact is, lots of parents just saw their children's college funds melt away in front of their eyes.</p>
<p>It would have been even nicer if there were grants and scholarships available for students whose circumstances changed....instead of more debt.</p>
<p>Back in 1997-1998? lots of families went bankrupt because of the economic downturn, and lots of students had to drop out of schools because their universities did nothing to keep them. The wealthier universities (eg. HYP) did bail out many of the students who had been admitted without financial aid but whose families suddenly went bankrupt and could no longer afford the tuition for their students.</p>
<p>This time around, the universities seem more willing to step in and help the students. Let's note that the universities themselves are hurting, too. A lot of their endowments have melted away; some had funds that were in Wachovia and for a time, it was touch and go if they could meet their payroll obligations.</p>
<p>It would have been even nicer if there were grants and scholarships available for students whose circumstances changed....instead of more debt.</p>
<p>Seven years ago- this was the case for my daughter.
She started @ Reed as a freshman, less than a month before 9/11.
We were already having to juggle funds to pay the EFC ( rest of need was met), but after 9/11 we were notified that her dad's employer, was hard hit & would be laying off lots of people. We notified the school, & they let us know as soon as we had paper to back up new figures they would reassess her aid.
When he did receive the layoff notice & subsequently was rehired at a lower pay scale, they reassessed the EFC to the current income & gave her a larger grant.</p>
<p>However, this current economic market is much broader & I expect that many of the people who donate to schools specifically for financial aid scholarships as well as the scholarship funds themselves have been hard hit.</p>
<p>You can't get blood out of a rock.</p>
<p>I agree with the non-cynics on this thread. Like several others on this board, I have expected ( perhaps hoped) to receive some type of communication from president of our kids' college ( both attend same $$$LAC). No communication from anyone.....</p>
<p>Most families are worried, and regardless of an individual family's circumstance, college administrations would do well to communicate with their current students and families. We know a number of families in our area (of significant financial means) who have closed the options for private colleges to their seniors or even juniors. </p>
<p>When the US economy begins to recover, I believe those colleges who have been the most effective with their "customers" will find themselves in a better position.</p>
<p>I was grateful for the letter sent by my DD's University President. It made me feel even better about the school she is attending knowing they were making themselves available to assist in crafting financial aid that would allow her continuation of her studies.</p>
<p>APOL, I would have appreciated a letter that spoke about crafting financial aid that would allow my child to continue her studies. To me, that is much different than the letter that was described by the OP. Perhaps in the end, the package would be no different btn. the school your D attends, and the school that that the OP's child attends if your efcs were equal. Perhaps the package the OP would get could even be better (we do not know). The wording in the letter you describe is much more caring to me because "being available to craft financial aid" can mean grants for some needy students. It does not just talk about self help, and loans. The words might mean just that for many students, but it sounds better to me.</p>
<p>My OP did say they had waived the financial aid deadline for the current year students. This is from the campus newspaper - University</a> to boost financial aid in response to economy - News They are boosting financial aid for current students.</p>
<p>"The University plans to add millions of dollars to financial aid for continuing students and provide extra accommodations for families having trouble paying for GW during the economic crisis, senior administrators said last week."</p>
<p>"Students could be eligible to receive need-based financial aid even if they did not qualify for need-based funds when they applied to the University. Those already receiving aid may also be considered for additional help."</p>