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Financial Pressure on Today’s College Students

Financial Pressure on Today’s College Students. Sarah Boeckmann Andrew Nash Heather Stitely. Financial Pressure on College Students. Need based vs. merit based financial aid Higher enrollment Aid as leverage. Current Research. Perceptions Reality Students working Florida’s ranking

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Financial Pressure on Today’s College Students

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  1. Financial Pressure on Today’s College Students Sarah Boeckmann Andrew Nash Heather Stitely

  2. Financial Pressure on College Students • Need based vs. merit based financial aid • Higher enrollment • Aid as leverage

  3. Current Research • Perceptions • Reality • Students working • Florida’s ranking • Tuition prices

  4. Student Aid and Nonfederal Loans per FTE Undergraduate Student over Time Source: CollegeBoard Trends in Pricing Report, 2013

  5. Effects of Employment on Full-Time College Students’ Grades by number of Hours Worked per Week Source: The State PIRGs’ Higher Education Project, http://www.pirg.org/highered

  6. Why is this an issue? • Students choosing work over loans • Affects all aspects of student life and wellness • Influences retention and academic success • Limits co-curricular involvement • Impacts overall college experience

  7. Interview • David Kenton, Associate Director Care Office • Abundance of financial aid • CARE students Residence Hall • Collaboration between HS guidance counselors and university staff

  8. Best Practices • Increasing accountability regarding money awarded to students • Financial aid counselors, success coaches • Need based financial aid

  9. Suggestions • Need based financial aid • 30 more spots in CARE • Allowing CARE benefits for all students • Success coaching for all students, trained success coaches in different departments across campus • Overall awareness for Student Affairs professionals • Living Learning Communities that do not require meal plan • Connections between HS guidance counselors and parents

  10. References • CollegeBoard. (2012). Trends in college pricing 2012. Retrieved from http://trends.collegeboard.org/sites/default/files/college-pricing-2012-full-report.pdf • CollegeBoard. (2013). Trends in college pricing 2013. Retrieved from http://trends.collegeboard.org/sites/default/files/college-pricing-2013-full-report.pdf • CollegeBoard. (2013). Trends in student aid 2013. Retrieved from http://trends.collegeboard.org/sites/default/files/student-aid-2013-full-report.pdf • Diaz, M., Guo, Y.-J., Johnson, V., & Wang, S.-C. (2011). College students' stress under current economic downturn. College Student Journal, 45(3), 536-543. • Gillin, Joshua. (2012 February). Florida ranks 45th in the nation for tuition costs, Denise Grimsley says. Retrieved from • http://www.politifact.com/florida/statements/2012/feb/27/denise-grimsley/florida-ranks-45th-nation-tuition-costs-denise-gri/ • King, T., Bannon, E. (2002 April). At What Cost? The Price That Working Students Pay For A • College Education. Retrieved from http://www.pirg.org/highered/atwhatcost4_16_02.pdf • Lipka, S. (2012, August). As typical student changes, so do worries about costs. The Chronicle of Higher Education. Retrieved from www.chronicle.com

  11. References continued • Marcus, J. (2013, August 3). States tightening college aid rules. The Charleston Gazette. Retrieved from http://www.wvgazette.com • Marklein, M. B. (2013, August 20). Students get financial aid at highest rate since WWII. USA Today. Retrieved from http://www.usatoday.com • Murray, C. (2013). Social support: main and moderating effects on the relation between financial stress and adjustment among college students with disabilities. Social psychology of education, 16(2), 277-295.doi:10.1007/s11218-012-9204-4 • Vogel, M. (2013, June). Partnership friction: Private and community colleges offer four-year degrees. Florida Trend. Retrieved from http://www.floridatrend.com/article/15702/partnership-friction • Wang, M. (2013, September). Public colleges’ quest for revenue and prestige squeezes needy students. The Chronicle of Higher Education. Retrieved from www.chronicle.com

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