Financial aid offices not feeling heat of economic crisis yet

By Rachel Small

Economic concerns have guided Allie Mooney’s college search.

“(The cost of tuition is) actually a big role now, especially with the economy the way it is,” said Mooney, a senior at Neuqua Valley High School in Naperville, Ill. “Also, I have a younger brother, so I have to think about that as well for my family.”

Mooney said finances are a part of what is guiding her toward the University.

“The in-state tuition helps so much, and the fact that it’s a state university,” she said.

But despite these concerns about expensive tuition and fees among prospective students and their families in light of the current economic downturn, administrators at the Office of Student Financial Aid have yet to feel the effects.

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Students considering colleges for the 2009-10 school year are faced with a much less stable economy than prospective students have dealt with in the past.

The cost of college and the role of financial aid have become increasingly important for many students in the midst of financial hardships.

Daniel Mann, director of the Office of Student Financial Aid, said the office has not noticed a change in the volume or type of questions being asked or the way families deal with the office.

He added that financial aid offices at other large public universities have not noticed significant changes either.

Smaller, private universities also have concerns about providing funding for students who may not be able to afford high tuition rates.

Scott Seibring, director of financial aid at Illinois Wesleyan University, said he was surprised at the lack of change in the office’s interactions with students and families so far.

“I think there’s obviously concerns, and as a private school, we are going to have to be prepared to step up our financial aid budget,” Seibring said.

Seibring said he had anticipated fielding tougher-than-usual questions at Wesleyan’s financial aid open houses but did not see any difference.

“We’ve been pleasantly surprised, but I’m not so sure we’re not just a little bit unique in that area,” Seibring said. “All the stories you hear is that students are struggling to get alternative loans.”

Attitudes toward financial aid may begin to change when students begin hearing back from colleges and universities.

“Now that I’ve had a taste of what it’s like to win scholarship money, it’s definitely going to be a big factor,” Mooney said.