Bridget Krage O’Connor '93
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Summer 2009
College Affordability and Economy: How You Can Help Share the Good News
Bridget Krage O'Connor '93, Vice President for Enrollment Management and Communications
In times of economic uncertainty it is critical that America goes to college. An educated workforce is the key to our economic health as we pursue an ethical Wall Street, a revamped auto industry, strong international relations and green technologies. Yet families with high-school-aged children tell me they fear the cost of higher education is beyond their reach.
Because I grew up on a farm that was lost during the farming crisis of the 1980s—I know how hard it is to dream about college when money is tight. But I did pursue that dream and it paid off. With the help of scholarships, loans, grants and work study I attended a private college—St. Norbert. Today I work here and try to help families understand that higher education should not be ruled out due to perceived cost. Financial aid is available, even if you just lost the farm.
Since you, too, are a believer of private education and are helping your child (sometimes multiple children!) attend St. Norbert College, you know first hand of the financial sacrifice necessary. But you also know the availability of financial aid, our scholarships and work study. You certainly know of the value of a St. Norbert degree. Because of your experience, I would invite you to help spread the word to your friends, neighbors, even the students in your parish that private college can be affordable and, given this economy, families should take a look at the advantages and value offered.
You might encourage them to visit any and all institutions that spark an interest—regardless of the posted tuition price—and ask questions. You might share that, along the way, they should keep the following in mind.
The sticker price isn’t generally the actual cost. A good rule of thumb is to find out the average financial aid package at each institution and subtract that amount from the posted tuition cost. Every student’s situation (financial need, academic performance, talent or other factors) will impact what kind of scholarships or grants are offered. If you can, please let families know that they should not assume they won’t qualify for need-based aid—the cut-off can be set at a surprisingly high level, depending on family circumstances. Remember, too, that while private colleges at first glance might look unattainable, they often can give away bigger scholarships and more need-based aid than many public intuitions.
The time it takes to get a degree varies and impacts cost. Unfortunately, it has become quite common for a student to take five or more years to earn a bachelor’s degree. St. Norbert College guarantees students will finish in four years. Think of multiplying tuition by four years rather than five. Then consider earning a salary one year earlier. This is an important variable in the overall cost and should not be overlooked.
Student loans are available. Borrow a modest amount now for your education and it will pay you back in opportunity and perspective. Despite the recent loan scare, the federal government has made it clear that colleges that participate in federal direct loan programs will not see a disruption of student loans. Families should ask if the institution they are visiting is a direct lender because it can be to your advantage. If an institution isn’t, then a third-party lender is generally the option and those loans could be harder to get in this economy. Also the average student loan debt upon graduation varies with each school. You might be surprised to learn that private college graduates can have less student indebtedness than their public counterparts. Again, encourage your friends to ask and compare.
It is important to consider all aspects surrounding the educational investment—not just the posted tuition price—including scholarships, work study, need-based aid, how soon students will complete their degree, how many loans they’ll have when done and, most importantly, the lasting cost to our country if students choose not to invest in education because of fear of the economy.
Finally, please let your friends know that if it feels like it is too much to figure out, have them give me a call so we can work out a plan.
Bridget Krage O’Connor is vice president for enrollment management and communications at St. Norbert College. She can be reached at 920-403-3975.
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