Thursday, September 22, 2011

College Financial Crisis...

Student loans, Financial Aid, Bright Futures, and Parent Plus loans... How do you choose to put yourself in debt?
In 2009, the New York Times reported that college students on average have $24,000 worth of debt by the time they graduate. With the job market plunging, a recession still in affect, and loan interest rates rising, what are college graduates going to do with this huge chunk of change missing from their wallets.
Nick Anderson, a senior at Flagler College, was all set up for his final semester, or at least he thought. Two days before classes start for Nick, Flagler financial aid calls to inform him he hasn't qualified for financial aid, and will not be starting classes this semester. In fact, if he was to even walk in a classroom on the first day of school, he would be charged the full amount ($7,000 give or take) and be forced to pay it. Nick's life went from preparing for a final semester, to dealing with a financial crisis. Why didn't the financial aid office informe him on the matter earlier? "It would of been nice to know that my financial aid wasn't set up in the summertime, but instead they call me 2 days before my first class, informing me that I can't attend, and if I did I would be charged the full amount, without aid, whether I decided to stay or not. So now, I'm working and staying in town, waiting for the spring semester. I'll make sure my finances are set up correctly this time around."
Who's fault is it really? Nick should of been more organized for his final semester, but then again the school should be calling and informing Nick of the problems at hand. "They already have about $46,000 from me," said Anderson, "the least they could of done was called me in August to help set up my account, an account I had no idea wasn't already set to go."

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